# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0002071691-26-001818
**Filing Date:** 2026-1
**Character Count:** 1317747
**Document Hash:** 303d762c63b28287753253eceb2a2c36
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-001818.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0002071691-26-001818

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**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:** 26571339

**BUSINESS ADDRESS:**
- **STREET 1:** 390 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** (800) 480-4111

**MAIL ADDRESS:**
- **STREET 1:** 390 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

## 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 November 30, 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 November 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — 91.5% (a)** | **Municipal Bonds — 91.5% (a)** | **Municipal Bonds — 91.5% (a)** |
| **Alabama — 2.9%** | **Alabama — 2.9%** | **Alabama — 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baldwin County Industrial Development Authority, Novelis Corp., Project Series 2025A, Rev., AMT, 5.00%, <br> 6/1/2032 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17000000 | &nbsp;&nbsp;&nbsp;&nbsp; 17377238 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B-1, Rev., 4.00%, 10/1/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8455000 | &nbsp;&nbsp;&nbsp;&nbsp; 8536572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.25%, 10/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2152044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B-2, Rev., LIQ : Royal Bank of Canada, 5.25%, 12/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1010000 | &nbsp;&nbsp;&nbsp;&nbsp; 1093582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 9/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5830000 | &nbsp;&nbsp;&nbsp;&nbsp; 6301070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 11/1/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 31180000 | &nbsp;&nbsp;&nbsp;&nbsp; 33817766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025E, Rev., 5.00%, 5/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 16350000 | &nbsp;&nbsp;&nbsp;&nbsp; 17659159 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project No. 8 Series 2022A, Rev., 4.00%, 12/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2820000 | &nbsp;&nbsp;&nbsp;&nbsp; 2895467 |
| &nbsp;&nbsp;&nbsp; County of Jefferson sewer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6608034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 10/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2152389 |
| &nbsp;&nbsp;&nbsp; Energy Southeast A Cooperative District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A-1, Rev., 5.50%, 1/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5464536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4545000 | &nbsp;&nbsp;&nbsp;&nbsp; 4906168 |
| &nbsp;&nbsp;&nbsp; Lower Alabama Gas District (The), Gas Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1340943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 22895000 | &nbsp;&nbsp;&nbsp;&nbsp; 24136919 |
| &nbsp;&nbsp;&nbsp; Mobile County Industrial Development Authority, Calvert LLC Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., AMT, 5.00%, 6/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2326833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., AMT, 4.75%, 12/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9327671 |
| &nbsp;&nbsp;&nbsp; Selma Industrial Development Board, International Paper Co. Series 2020A, Rev., 4.20%, 5/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5167647 |
| &nbsp;&nbsp;&nbsp; Selma Industrial Development Board, International Paper Co. Projects Series 2019A, Rev., 3.45%, 10/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp;&nbsp; 2802053 |
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District (The), Project No. 2 Series 2024B, Rev., 5.00%, 5/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1608753 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 2/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8530000 | &nbsp;&nbsp;&nbsp;&nbsp; 9156883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025D, Rev., 5.00%, 9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2739591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No. 6 Series 2023B, Rev., LIQ : Royal Bank of Canada, <br> 5.00%, 6/1/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5870000 | &nbsp;&nbsp;&nbsp;&nbsp; 6240757 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project No. 2 Series 2021B, Rev., 4.00%, 12/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8820000 | &nbsp;&nbsp;&nbsp;&nbsp; 8994244 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project No. 3 Series 2022A-1, Rev., 5.50%, 12/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1074541 |
| &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; 101046 |
| &nbsp;&nbsp;&nbsp; Total Alabama |  | &nbsp;&nbsp;&nbsp;&nbsp; 183981906 |
| **Alaska — 0.3%** | **Alaska — 0.3%** | **Alaska — 0.3%** |
| &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; 1045414 |
| &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; 1585101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2110000 | &nbsp;&nbsp;&nbsp;&nbsp; 2139234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2455000 | &nbsp;&nbsp;&nbsp;&nbsp; 2465142 |
| &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; 2059906 |
| &nbsp;&nbsp;&nbsp; Borough of North Slope |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1220000 | &nbsp;&nbsp;&nbsp;&nbsp; 1263925 |
| &nbsp;&nbsp;&nbsp; Municipality of Anchorage Series 2024A, Rev., AMT, 5.50%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1961094 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Alaska — continued** | **Alaska — continued** | **Alaska — continued** |
| &nbsp;&nbsp;&nbsp; Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital Appreciation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-1, Rev., 4.00%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1720000 | &nbsp;&nbsp;&nbsp;&nbsp; 1680298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 41385000 | &nbsp;&nbsp;&nbsp;&nbsp; 4726064 |
| &nbsp;&nbsp;&nbsp; Total Alaska |  | &nbsp;&nbsp;&nbsp;&nbsp; 19939494 |
| **Arizona — 2.2%** | **Arizona — 2.2%** | **Arizona — 2.2%** |
| &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; 116037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4043256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2735000 | &nbsp;&nbsp;&nbsp;&nbsp; 3193823 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Academies of Math and Science Projects, Rev., 4.50%, 7/1/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 466681 |
| &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; 1631256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1691951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 11/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1775000 | &nbsp;&nbsp;&nbsp;&nbsp; 1910877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 11/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1090000 | &nbsp;&nbsp;&nbsp;&nbsp; 1156857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 11/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1027737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.25%, 11/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1020853 |
| &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; 3415000 | &nbsp;&nbsp;&nbsp;&nbsp; 3170700 |
| &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; 232016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 244818 |
| &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; 1316016 |
| &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; 920291 |
| &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 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2580000 | &nbsp;&nbsp;&nbsp;&nbsp; 2625314 |
| &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; 4325000 | &nbsp;&nbsp;&nbsp;&nbsp; 4513062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 11/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 196031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 11/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1061088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 11/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp;&nbsp; 2046457 |
| &nbsp;&nbsp;&nbsp; City of Buckeye |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1080000 | &nbsp;&nbsp;&nbsp;&nbsp; 1190961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1091702 |
| &nbsp;&nbsp;&nbsp; City of Buckeye, Excise Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1572735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1847539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1431474 |
| &nbsp;&nbsp;&nbsp; City of Glendale Water and Sewer, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 532740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 317135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 526627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 448286 |
| &nbsp;&nbsp;&nbsp; City of Lake Havasu City Wastewater System, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1487308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 558947 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; 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; 1890767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp;&nbsp; 1543019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2277632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1152330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2329048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1173247 |
| &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; 1680000 | &nbsp;&nbsp;&nbsp;&nbsp; 1835831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 3020000 | &nbsp;&nbsp;&nbsp;&nbsp; 3243766 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., Subordinate Excise Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2405000 | &nbsp;&nbsp;&nbsp;&nbsp; 2783557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 6750000 | &nbsp;&nbsp;&nbsp;&nbsp; 7812478 |
| &nbsp;&nbsp;&nbsp; City of Scottsdale, Project of 2019, GO, 4.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1095000 | &nbsp;&nbsp;&nbsp;&nbsp; 1136387 |
| &nbsp;&nbsp;&nbsp; City of Yuma Water and Sewer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 5.00%, 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 686041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 5.00%, 7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 326006 |
| &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; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 373900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State <br> University Project<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 718163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1333063 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Banner Health Series 2023A-1, Rev., 5.00%, 5/15/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1385000 | &nbsp;&nbsp;&nbsp;&nbsp; 1395564 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Honorhealth |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 9/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1300034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 12/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2850000 | &nbsp;&nbsp;&nbsp;&nbsp; 3030912 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, HonorHealth Series 2019A, Rev., 5.00%, 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1051937 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Ottawa University, Rev., 5.13%, 10/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 205373 |
| &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 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1885000 | &nbsp;&nbsp;&nbsp;&nbsp; 1883391 |
| &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; 31120 |
| &nbsp;&nbsp;&nbsp; Maricopa County Unified School District No. 60 Higley, COP, A.G., 5.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 110557 |
| &nbsp;&nbsp;&nbsp; Maricopa County Unified School District No. 69 Paradise Valley, Project of 2023 Series 2025B, GO, 5.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1141428 |
| &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%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1443499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1431859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1354363 |
| &nbsp;&nbsp;&nbsp; Pima County Unified School District No. 1 Tucson, Project of 2023 Series 2024A, GO, A.G., 5.00%, 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1190000 | &nbsp;&nbsp;&nbsp;&nbsp; 1317327 |
| &nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement and Power District Series 2023A, Rev., 5.00%, 1/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 2770000 | &nbsp;&nbsp;&nbsp;&nbsp; 2913967 |
| &nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement and Power District, Arizona Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3143170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6276547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6839655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 1/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2157493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 1/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 2460000 | &nbsp;&nbsp;&nbsp;&nbsp; 2637782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 1/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 13500000 | &nbsp;&nbsp;&nbsp;&nbsp; 14299447 |
| &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; 101672 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; Scottsdale Municipal Property Corp., Excise Tax, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1570000 | &nbsp;&nbsp;&nbsp;&nbsp; 1591188 |
| &nbsp;&nbsp;&nbsp; Town of Queen Creek Excise Tax, Rev., 5.00%, 8/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5244365 |
| &nbsp;&nbsp;&nbsp; Total Arizona |  | &nbsp;&nbsp;&nbsp;&nbsp; 135108460 |
| **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 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1076313 |
| &nbsp;&nbsp;&nbsp; City of Springdale Water and Sewer, Rev., 5.00%, 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1099138 |
| &nbsp;&nbsp;&nbsp; University of Arkansas, Various Facilities Fayetteville Campus Series 2024B, Rev., 5.00%, 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1055000 | &nbsp;&nbsp;&nbsp;&nbsp; 1192149 |
| &nbsp;&nbsp;&nbsp; Total Arkansas |  | &nbsp;&nbsp;&nbsp;&nbsp; 3367600 |
| **California — 6.0%** | **California — 6.0%** | **California — 6.0%** |
| &nbsp;&nbsp;&nbsp; Alvord Unified School District, 2007 Election Series 2011B, GO, A.G., Zero Coupon, 8/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4372105 |
| &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; 479953 |
| &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 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2565000 | &nbsp;&nbsp;&nbsp;&nbsp; 2693761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023G-1, Rev., 5.25%, 4/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3910000 | &nbsp;&nbsp;&nbsp;&nbsp; 4182050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-1, Rev., 4.00%, 8/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 26665000 | &nbsp;&nbsp;&nbsp;&nbsp; 27150596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5353528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024E, Rev., 5.00%, 9/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3226107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024H, Rev., 5.00%, 8/1/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6370000 | &nbsp;&nbsp;&nbsp;&nbsp; 7027662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025F, Rev., 5.00%, 11/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 21500000 | &nbsp;&nbsp;&nbsp;&nbsp; 23547275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025E, Rev., 5.00%, 5/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 42475000 | &nbsp;&nbsp;&nbsp;&nbsp; 46575430 |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency Series 2006A, Rev., Zero Coupon, 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 17000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3917115 |
| &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; 2381955 |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, Los Angeles County Securitization Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 411869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-2, Rev., Zero Coupon, 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 25260000 | &nbsp;&nbsp;&nbsp;&nbsp; 4840288 |
| &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; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1196840 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority Series 2025A, Rev., 5.00%, 2/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072114 |
| &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; 4900000 | &nbsp;&nbsp;&nbsp;&nbsp; 5516248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 3355000 | &nbsp;&nbsp;&nbsp;&nbsp; 3716544 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Cedars-Sinai Medical Center Series 2021A, Rev., 4.00%, 8/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2420000 | &nbsp;&nbsp;&nbsp;&nbsp; 2240399 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, PIH Health Series 2020A, Rev., 4.00%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3528373 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Sutter Health Series 2018A, Rev., 4.00%, 11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3902547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project Series 2025 B, Rev., <br> 12.00%, 11/2/2026 ‡ (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24485000 | &nbsp;&nbsp;&nbsp;&nbsp; 19588000 |
| &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; 5044530 |
| &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; 2137362 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Class 1, Rev., 4.33%, 11/20/2040 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2998103 | &nbsp;&nbsp;&nbsp;&nbsp; 3005489 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Community Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 2/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 871691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., A.G. - CR, 3.00%, 2/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4005566 |
| &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; 1489553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1055066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1105000 | &nbsp;&nbsp;&nbsp;&nbsp; 1193250 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Humangood California Obligated Group Series 2025A, Rev., 5.00%, <br> 10/1/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1675000 | &nbsp;&nbsp;&nbsp;&nbsp; 1734137 |
| &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 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1846807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Waste Management, Inc., Project Series 2020, Rev., AMT, VRDO, 3.80%, <br> 3/2/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 |
| &nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 7/1/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1865000 | &nbsp;&nbsp;&nbsp;&nbsp; 2012818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 7/1/2037 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1181322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 11/21/2045 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1027630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, Solid Waste Disposal, Republic Services, Inc., Project Series 2017A-1, <br> Rev., AMT, 3.45%, 1/15/2026 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000073 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, Senior Living The James Series 2024A, Rev., 6.50%, 6/1/2054 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3921715 |
| &nbsp;&nbsp;&nbsp; California School Finance Authority, Kipp SoCal Public Schools Series 2019A, Rev., 5.00%, 7/1/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 850072 |
| &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; 936357 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Loma Linda University Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.25%, 12/1/2048 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1390000 | &nbsp;&nbsp;&nbsp;&nbsp; 1395760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.25%, 12/1/2056 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9250000 | &nbsp;&nbsp;&nbsp;&nbsp; 9250441 |
| &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; 2463719 |
| &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; 1524623 |
| &nbsp;&nbsp;&nbsp; City and County of San Francisco, Multiple Capital Improvement Projects Series 2025R-1, COP, 5.00%, 4/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5630150 |
| &nbsp;&nbsp;&nbsp; City of Aliso Viejo, COP, 4.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 182990 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles, Rev., TRAN, 5.00%, 6/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13192786 |
| &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; 1240000 | &nbsp;&nbsp;&nbsp;&nbsp; 1323569 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles, Wastewater System, Subordinate Series 2025A, Rev., 5.00%, 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3204974 |
| &nbsp;&nbsp;&nbsp; Colton Joint Unified School District, Election of 2014 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, Zero Coupon, 8/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 635285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, Zero Coupon, 8/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 687895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, Zero Coupon, 8/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 407450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, Zero Coupon, 8/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 463098 |
| &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; 3830315 |
| &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; 2425714 |
| &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 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 266757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 97200000 | &nbsp;&nbsp;&nbsp;&nbsp; 10421201 |
| &nbsp;&nbsp;&nbsp; Grossmont-Cuyamaca Community College District, Election of 2002 Series 2008C, GO, A.G., Zero Coupon, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 19585000 | &nbsp;&nbsp;&nbsp;&nbsp; 19240800 |
| &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; 295736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 357626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 450355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 230879 |
| &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 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3002296 |
| &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; 6328451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7115000 | &nbsp;&nbsp;&nbsp;&nbsp; 7219741 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power Water System Series 2020C, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1091109 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; Los Angeles Department of Water and Power, Power System Series 2025A, Rev., 5.00%, 7/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3124425 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power, Water System Series 2017A, Rev., 4.00%, 7/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1903776 |
| &nbsp;&nbsp;&nbsp; Menlo Park City School District, Capital Appreciation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Zero Coupon, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 739393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Zero Coupon, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp;&nbsp; 1196976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Zero Coupon, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 641224 |
| &nbsp;&nbsp;&nbsp; Mountain View-Los Altos Union High School District, Election of 2010 Series C, GO, Zero Coupon, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 958380 |
| &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; 1219959 |
| &nbsp;&nbsp;&nbsp; Mt San Antonio Community College District, Election of 2016 Series 2025A, GO, 5.00%, 8/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1619926 |
| &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; 3011620 |
| &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; 1518295 |
| &nbsp;&nbsp;&nbsp; Ontario Public Financing Authority Series 2025A, Rev., 4.50%, 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4043452 |
| &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; 163244 |
| &nbsp;&nbsp;&nbsp; Petaluma Public Financing Authority, Road Improvement Projects, Rev., 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 121253 |
| &nbsp;&nbsp;&nbsp; Redding Joint Powers Financing Authority Series 2019A, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100826 |
| &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; 1027546 |
| &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; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 107979 |
| &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; 366087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A-1, A.G., 5.00%, 9/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1073921 |
| &nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority Series 2021B, Rev., AMT, 5.00%, 7/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 5180000 | &nbsp;&nbsp;&nbsp;&nbsp; 5263045 |
| &nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority, Senior Private Activity |  |  |
| &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; 2231936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., AMT, 5.25%, 7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp;&nbsp; 4777364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., AMT, 5.25%, 7/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 8080367 |
| &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; 5647227 |
| &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; 1200981 |
| &nbsp;&nbsp;&nbsp; San Joaquin Valley Clean Energy Authority Series 2025A, Rev., 5.50%, 7/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2045000 | &nbsp;&nbsp;&nbsp;&nbsp; 2330808 |
| &nbsp;&nbsp;&nbsp; San Jose Evergreen Community College District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 4.00%, 9/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2030203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 4.00%, 9/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1990000 | &nbsp;&nbsp;&nbsp;&nbsp; 2004107 |
| &nbsp;&nbsp;&nbsp; Solano Irrigation District, Water, COP, 4.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 299914 |
| &nbsp;&nbsp;&nbsp; Southern California Logistics Airport Authority, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 5.00%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1155337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 5.00%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1143907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 5.00%, 12/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1106442 |
| &nbsp;&nbsp;&nbsp; State of California, Various Purpose, GO, 5.00%, 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 374180 |
| &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; 118434 |
| &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; 3004737 |
| &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; 1184503 |
| &nbsp;&nbsp;&nbsp; Ventura Unified School District, Election of 2022 Series 2022B, GO, 4.25%, 8/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000375 |
| &nbsp;&nbsp;&nbsp; Vista Joint Powers Financing Authority Series 2025A, Rev., 5.00%, 5/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1445894 |
| &nbsp;&nbsp;&nbsp; West Hills Community College District School Facilities Improvement District 1, GO, A.G., 4.00%, 8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp;&nbsp; 1711135 |
| &nbsp;&nbsp;&nbsp; Total California |  | &nbsp;&nbsp;&nbsp;&nbsp; 377057095 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — 3.1%** | **Colorado — 3.1%** | **Colorado — 3.1%** |
| &nbsp;&nbsp;&nbsp; Adams and Arapahoe Counties Joint School District 28J Aurora, GO, 5.50%, 12/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 3375000 | &nbsp;&nbsp;&nbsp;&nbsp; 3846696 |
| &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 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp;&nbsp; 3323302 |
| &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; 300000 |
| &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; 510349 |
| &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; 1042473 |
| &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; 616680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, A.G., 5.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1656312 |
| &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; 1110038 |
| &nbsp;&nbsp;&nbsp; Board of Governors of Colorado State University System Series 2017C, Rev., 5.00%, 3/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 4770000 | &nbsp;&nbsp;&nbsp;&nbsp; 4889472 |
| &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; 239618 |
| &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; 3007513 |
| &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; 1115441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., AMT, 5.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 10505000 | &nbsp;&nbsp;&nbsp;&nbsp; 10932463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., AMT, 5.00%, 11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 8750000 | &nbsp;&nbsp;&nbsp;&nbsp; 9485786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., AMT, 5.50%, 11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5578706 |
| &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; 3155013 |
| &nbsp;&nbsp;&nbsp; City of Colorado Springs Utilities System Series 2025A, Rev., 5.00%, 11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 5900000 | &nbsp;&nbsp;&nbsp;&nbsp; 6874603 |
| &nbsp;&nbsp;&nbsp; City of Colorado Springs, Multi Family Housing Bradley Apartments Project, Rev., 3.15%, 12/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4993674 |
| &nbsp;&nbsp;&nbsp; Clear Creek Transit Metropolitan District No. 2, Limited Tax Series 2021A, GO, 5.00%, 12/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 574000 | &nbsp;&nbsp;&nbsp;&nbsp; 465008 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority Series 2025A, Rev., 5.25%, 5/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012867 |
| &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 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4750000 | &nbsp;&nbsp;&nbsp;&nbsp; 5101444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 11/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5444486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 11/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 5750000 | &nbsp;&nbsp;&nbsp;&nbsp; 5168615 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Children's Hospital Colorado Project Series 2019A-2, Rev., 5.00%, 8/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1225000 | &nbsp;&nbsp;&nbsp;&nbsp; 1266881 |
| &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; 8168316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-2, Rev., 5.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1068103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-2, Rev., 5.00%, 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2131494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 8300000 | &nbsp;&nbsp;&nbsp;&nbsp; 9217539 |
| &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; 1515214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-2, Rev., 5.00%, 8/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 12650000 | &nbsp;&nbsp;&nbsp;&nbsp; 12770045 |
| &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; 1042168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1115000 | &nbsp;&nbsp;&nbsp;&nbsp; 1203752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1092670 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, School Health System Series 2019A, Rev., 4.00%, 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2605000 | &nbsp;&nbsp;&nbsp;&nbsp; 2647617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado Housing and Finance Authority, Multi Family Mortgage Housing, Albion Apartments Project, Rev., 3.38%, <br> 7/1/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5026930 |
| &nbsp;&nbsp;&nbsp; Colorado Housing and Finance Authority, Single Family Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023L, Rev., GNMA COLL, 5.75%, 11/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 2440000 | &nbsp;&nbsp;&nbsp;&nbsp; 2597899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025M, Rev., GNMA / FNMA / FHLMC, 6.25%, 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 11250000 | &nbsp;&nbsp;&nbsp;&nbsp; 12575724 |
| &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; 357391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 613729 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 665477 |
| &nbsp;&nbsp;&nbsp; County of Adams, COP, 4.00%, 12/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1374520 |
| &nbsp;&nbsp;&nbsp; Denver City and County School District No. 1 Series 2025A, GO, 5.25%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4040000 | &nbsp;&nbsp;&nbsp;&nbsp; 4830115 |
| &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; 1014023 |
| &nbsp;&nbsp;&nbsp; Dominion Water and Sanitation District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 501928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1905000 | &nbsp;&nbsp;&nbsp;&nbsp; 1959351 |
| &nbsp;&nbsp;&nbsp; Fort Collins-Loveland Water District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1323965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1486363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1875000 | &nbsp;&nbsp;&nbsp;&nbsp; 2122627 |
| &nbsp;&nbsp;&nbsp; Park Creek Metropolitan District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 816818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1480000 | &nbsp;&nbsp;&nbsp;&nbsp; 1667063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1620927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 12/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp;&nbsp; 1473612 |
| &nbsp;&nbsp;&nbsp; Raindance Metropolitan District No. 1, Non-Potable Water System, Rev., 5.00%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 734000 | &nbsp;&nbsp;&nbsp;&nbsp; 732302 |
| &nbsp;&nbsp;&nbsp; Rocky Mountain Rail Park Metropolitan District, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 12/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 754230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 12/1/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 731436 |
| &nbsp;&nbsp;&nbsp; Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado Series 2025A, GO, 5.00%, 4/1/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 14500000 | &nbsp;&nbsp;&nbsp;&nbsp; 15874256 |
| &nbsp;&nbsp;&nbsp; State of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, COP, 4.00%, 12/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1445000 | &nbsp;&nbsp;&nbsp;&nbsp; 1462067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, COP, 4.00%, 12/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3133076 |
| &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; 1023810 |
| &nbsp;&nbsp;&nbsp; Third Creek Metropolitan District No. 1, Limited Tax Series 2022A-1, GO, 4.75%, 12/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1515000 | &nbsp;&nbsp;&nbsp;&nbsp; 1196827 |
| &nbsp;&nbsp;&nbsp; University of Colorado, Enterprise System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A-2, Rev., 5.00%, 6/1/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5061 |
| &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; 35427 |
| &nbsp;&nbsp;&nbsp; Vail Home Partners Corp., Colorado Housing Facilities, Rev., 5.88%, 10/1/2055 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2038024 |
| &nbsp;&nbsp;&nbsp; Verve Metropolitan District No. 1, GO, 5.75%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2039221 |
| &nbsp;&nbsp;&nbsp; Total Colorado |  | &nbsp;&nbsp;&nbsp;&nbsp; 193048557 |
| **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; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 728353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1080000 | &nbsp;&nbsp;&nbsp;&nbsp; 1087455 |
| &nbsp;&nbsp;&nbsp; City of New Haven, GO, A.G., 5.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3423256 |
| &nbsp;&nbsp;&nbsp; City of Norwalk Series 2023, GO, 4.00%, 8/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 121699 |
| &nbsp;&nbsp;&nbsp; City of Stamford, Water Pollution Control System and Facility Series 2013A, Rev., 5.00%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 300525 |
| &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 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp;&nbsp; 3987556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health and Educational Facilities Authority, Yale University Series 2024C-1, Rev., VRDO, 2.70%, <br> 12/10/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40000000 | &nbsp;&nbsp;&nbsp;&nbsp; 40000000 |
| &nbsp;&nbsp;&nbsp; Stamford Housing Authority, Mozaic Concierge Living Project Series 2025A, Rev., 6.50%, 10/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1515000 | &nbsp;&nbsp;&nbsp;&nbsp; 1545639 |
| &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; 4674479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, GO, 5.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1115936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022E, GO, 5.00%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2815000 | &nbsp;&nbsp;&nbsp;&nbsp; 3185005 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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 2023A, Rev., 5.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2265000 | &nbsp;&nbsp;&nbsp;&nbsp; 2571518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1126732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1305000 | &nbsp;&nbsp;&nbsp;&nbsp; 1337869 |
| &nbsp;&nbsp;&nbsp; State of Connecticut Special Tax, Transportation Infrastructure Purpose Series 2024B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10500000 | &nbsp;&nbsp;&nbsp;&nbsp; 10647459 |
| &nbsp;&nbsp;&nbsp; Total Connecticut |  | &nbsp;&nbsp;&nbsp;&nbsp; 75853481 |
| **Delaware — 0.1%** | **Delaware — 0.1%** | **Delaware — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware State Economic Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group Series <br> 2018B, Rev., 5.00%, 11/15/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 989262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware State Economic Development Authority, Delmarva Power and Light Co. Project Series 2020A, Rev., 3.60%, <br> 1/1/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp;&nbsp; 4381785 |
| &nbsp;&nbsp;&nbsp; Delaware State Economic Development Authority, Newark Charter School, Inc., Project, Rev., 5.00%, 9/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1586780 |
| &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; 1192355 |
| &nbsp;&nbsp;&nbsp; Total Delaware |  | &nbsp;&nbsp;&nbsp;&nbsp; 8150182 |
| **District of Columbia — 1.1%** | **District of Columbia — 1.1%** | **District of Columbia — 1.1%** |
| &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; 3642508 |
| &nbsp;&nbsp;&nbsp; District of Columbia Water and Sewer Authority, Subordinate Lien Series 2025B, Rev., 5.25%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp;&nbsp; 5670175 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Georgetown University Issue Series 2025A, Rev., 5.00%, 4/3/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 21500000 | &nbsp;&nbsp;&nbsp;&nbsp; 24303136 |
| &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; 107661 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Kipp DC Project, Rev., 4.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 96947 |
| &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; 2035621 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation |  |  |
| &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; 1293954 |
| &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; 1501517 |
| &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; 1781496 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority Series 2017B, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5750000 | &nbsp;&nbsp;&nbsp;&nbsp; 5943628 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority Dedicated Series 2024A, Rev., 4.38%, 7/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 10690000 | &nbsp;&nbsp;&nbsp;&nbsp; 10357288 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority Dedicated, Second Lien Series 2025A, Rev., 5.25%, 7/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 12500000 | &nbsp;&nbsp;&nbsp;&nbsp; 13210574 |
| &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; 1679341 |
| &nbsp;&nbsp;&nbsp; Total District of Columbia |  | &nbsp;&nbsp;&nbsp;&nbsp; 71623846 |
| **Florida — 3.7%** | **Florida — 3.7%** | **Florida — 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Projects Finance Authority, Student Housing, Program Unionwest Properties LLC Project Series 2024B, Rev., <br> 0.00%, 6/1/2062 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1823408 |
| &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 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1682983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 6.00%, 6/15/2043 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2060000 | &nbsp;&nbsp;&nbsp;&nbsp; 2111405 |
| &nbsp;&nbsp;&nbsp; Central Florida Expressway Authority, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 3150000 | &nbsp;&nbsp;&nbsp;&nbsp; 3589478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 2850000 | &nbsp;&nbsp;&nbsp;&nbsp; 3226996 |
| &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; 50570 |
| &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; 1724101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1491075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1305000 | &nbsp;&nbsp;&nbsp;&nbsp; 1418786 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; City of Jacksonville, Health Care Facilities, Brooks Rehabilitation Project, Rev., 4.00%, 11/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5928676 |
| &nbsp;&nbsp;&nbsp; City of South Miami Health Facilities Authority, Inc., Baptist Health South Series 2025B, Rev., 5.00%, 8/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11600000 | &nbsp;&nbsp;&nbsp;&nbsp; 12569146 |
| &nbsp;&nbsp;&nbsp; City of West Palm Beach Utility System Series 2017A, Rev., 5.00%, 10/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 5095000 | &nbsp;&nbsp;&nbsp;&nbsp; 5194072 |
| &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; 1953527 |
| &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; 439379 |
| &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; 2021143 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Rev., Zero Coupon, 10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2747777 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Water and Sewer System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 4.00%, 10/1/2042 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 14000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13935198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 4.50%, 10/1/2051 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7816881 |
| &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; 5340588 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Building Better Communities Program Series 2016A, GO, 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 5355000 | &nbsp;&nbsp;&nbsp;&nbsp; 5416043 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Jackson Health System, Rev., 5.50%, 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3265759 |
| &nbsp;&nbsp;&nbsp; County of Palm Beach Series 2021A, Rev., 4.00%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2070000 | &nbsp;&nbsp;&nbsp;&nbsp; 2195333 |
| &nbsp;&nbsp;&nbsp; Florida Atlantic University Finance Corp., Student Housing Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 266975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2100795 |
| &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; 224017 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Brightline Florida Passenger Rail Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 7/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1245000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 7/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 6250000 | &nbsp;&nbsp;&nbsp;&nbsp; 5187500 |
| &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; 1014075 |
| &nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., Culmer Apartments Series 2023C, Rev., VRDO, 3.08%, 6/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1410000 | &nbsp;&nbsp;&nbsp;&nbsp; 1410000 |
| &nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., Homeowner Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 1, Rev., GNMA / FNMA / FHLMC, 3.50%, 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1105000 | &nbsp;&nbsp;&nbsp;&nbsp; 1100093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3225000 | &nbsp;&nbsp;&nbsp;&nbsp; 3530139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 5, Rev., GNMA / FNMA / FHLMC, 6.25%, 7/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5589871 |
| &nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., Northside Transit Village III Series 2023B, Rev., GNMA COLL, 5.00%, 2/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida Local Government Finance Commission, Bridgeprep Academy Project Series 2025A, Rev., 6.25%, <br> 6/15/2055 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8187574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida Local Government Finance Commission, Fleet Landing at Nocatee Project Series 2025A, Rev., 6.63%, <br> 11/15/2045 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3168395 |
| &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; 77574 |
| &nbsp;&nbsp;&nbsp; Florida Municipal Power Agency, All-Requirements Power Supply Project Series 2025A, Rev., 5.00%, 10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 3770000 | &nbsp;&nbsp;&nbsp;&nbsp; 4311185 |
| &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; 2394071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 11/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2675000 | &nbsp;&nbsp;&nbsp;&nbsp; 2874797 |
| &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; 106404 |
| &nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority, United Airlines, Inc., Project, Rev., AMT, 5.50%, 11/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2560000 | &nbsp;&nbsp;&nbsp;&nbsp; 2775774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Housing Finance Authority, Multi- Family Tampa 47th Street Apartments Series 2025A, Rev., <br> FNMA COLL, 5.00%, 12/1/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3260000 | &nbsp;&nbsp;&nbsp;&nbsp; 3431048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority, Baycare Health System Series 2024E, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 2.85%, 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp;&nbsp; 2900000 |
| &nbsp;&nbsp;&nbsp; Jacksonville Housing Finance Authority, Multi- Family Egret Landing, Rev., 3.40%, 7/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3259665 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; JEA Electric System |  |  |
| &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; 2232543 |
| &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; 2850569 |
| &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; 5401110 |
| &nbsp;&nbsp;&nbsp; Lee County School Board (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, COP, 5.00%, 8/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 6725000 | &nbsp;&nbsp;&nbsp;&nbsp; 7237714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, COP, 4.00%, 8/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1395801 |
| &nbsp;&nbsp;&nbsp; Marion County School Board, COP, A.G., 5.25%, 6/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1465000 | &nbsp;&nbsp;&nbsp;&nbsp; 1573196 |
| &nbsp;&nbsp;&nbsp; Miami Beach Redevelopment Agency, City Center Historic Convention Village, Rev., A.G., 5.00%, 2/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3400471 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Housing Finance Authority, Amber Station Series 2025A, Rev., 3.25%, 8/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7750000 | &nbsp;&nbsp;&nbsp;&nbsp; 7787317 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Housing Finance Authority, Running Brook Apartments Series 202, Rev., 3.55%, 1/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1525000 | &nbsp;&nbsp;&nbsp;&nbsp; 1525405 |
| &nbsp;&nbsp;&nbsp; Middleton Community Development District A, City of Wildwood, Florida Special Assessment, 5.85%, 5/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp; 1044561 |
| &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; 837332 |
| &nbsp;&nbsp;&nbsp; Orlando Utilities Commission Series 2024B, Rev., 5.00%, 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1215000 | &nbsp;&nbsp;&nbsp;&nbsp; 1403520 |
| &nbsp;&nbsp;&nbsp; Orlando Utilities Commission, Utility System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1161872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1095000 | &nbsp;&nbsp;&nbsp;&nbsp; 1287349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1260000 | &nbsp;&nbsp;&nbsp;&nbsp; 1466426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1155160 |
| &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; 242968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 11/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 3485000 | &nbsp;&nbsp;&nbsp;&nbsp; 3439473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 11/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4857135 |
| &nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, Jupiter Medical Center, Rev., 5.25%, 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp;&nbsp; 4342027 |
| &nbsp;&nbsp;&nbsp; Peace River Manasota Regional Water Supply Authority, Utility System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.25%, 10/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 6780000 | &nbsp;&nbsp;&nbsp;&nbsp; 7392387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.25%, 10/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2161772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.25%, 10/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 5055000 | &nbsp;&nbsp;&nbsp;&nbsp; 5448858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.25%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp;&nbsp; 5622193 |
| &nbsp;&nbsp;&nbsp; Polk County Housing Finance Authority, Episcopal Catholic Apartments Series 2023, Rev., 4.15%, 6/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 753544 |
| &nbsp;&nbsp;&nbsp; Seminole County Industrial Development Authority, Legacy Pointe at UCF Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.25%, 11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1492663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.50%, 11/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 3225000 | &nbsp;&nbsp;&nbsp;&nbsp; 2969638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.75%, 11/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1887529 |
| &nbsp;&nbsp;&nbsp; Southeast Overtown Park West Community Redevelopment Agency, Flag Tax Increment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 5.00%, 3/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2812221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 5.00%, 3/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3398090 |
| &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; 77611 |
| &nbsp;&nbsp;&nbsp; State of Florida Department of Transportation Turnpike System Series 2024D, Rev., 4.00%, 7/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1390000 | &nbsp;&nbsp;&nbsp;&nbsp; 1305973 |
| &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; 76075 |
| &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; 42364 |
| &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; 126618 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 15 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 202128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 5/1/2038 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1033335 |
| &nbsp;&nbsp;&nbsp; Total Florida |  | &nbsp;&nbsp;&nbsp;&nbsp; 233545376 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Georgia — 4.2%** | **Georgia — 4.2%** | **Georgia — 4.2%** |
| &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 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1512416 |
| &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; 4009469 |
| &nbsp;&nbsp;&nbsp; Bartow County Development Authority, Georgia Power Co. Plant Series 2009-1, Rev., 3.95%, 3/8/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4060733 |
| &nbsp;&nbsp;&nbsp; Brookhaven Development Authority, Children's Healthcare of Atlan Series 2019A, Rev., 4.00%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 11090000 | &nbsp;&nbsp;&nbsp;&nbsp; 10104600 |
| &nbsp;&nbsp;&nbsp; City of Atlanta Department of Aviation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025BB-1, Rev., AMT, 5.25%, 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1082882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025BB-1, Rev., AMT, 5.25%, 7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1287698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025BB-1, Rev., AMT, 5.25%, 7/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1491704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025BB-1, Rev., AMT, 5.25%, 7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1591950 |
| &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; 2360185 |
| &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; 1936469 |
| &nbsp;&nbsp;&nbsp; Cobb-Marietta Coliseum and Exhibit Hall Authority, Galleria Center Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1919076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 10/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2186958 |
| &nbsp;&nbsp;&nbsp; College Park Housing Authority, Rev., 3.45%, 4/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1509525 |
| &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; 2141722 |
| &nbsp;&nbsp;&nbsp; County of DeKalb, Water and Sewerage Series 2006B, Rev., 5.25%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5525000 | &nbsp;&nbsp;&nbsp;&nbsp; 5648717 |
| &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 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1015000 | &nbsp;&nbsp;&nbsp;&nbsp; 1018325 |
| &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 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1415000 | &nbsp;&nbsp;&nbsp;&nbsp; 1418173 |
| &nbsp;&nbsp;&nbsp; Douglasville-Douglas County Water and Sewer Authority, Rev., 5.00%, 6/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 7375000 | &nbsp;&nbsp;&nbsp;&nbsp; 8113189 |
| &nbsp;&nbsp;&nbsp; Fayette County Development Authority, United States Soccer Federation, Inc. Project, Rev., 5.25%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2640000 | &nbsp;&nbsp;&nbsp;&nbsp; 2733680 |
| &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; 3605000 | &nbsp;&nbsp;&nbsp;&nbsp; 3967786 |
| &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; 4055000 | &nbsp;&nbsp;&nbsp;&nbsp; 3402695 |
| &nbsp;&nbsp;&nbsp; Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp;&nbsp; 1138186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 6/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1516927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 6/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1425000 | &nbsp;&nbsp;&nbsp;&nbsp; 1436960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 6/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1785000 | &nbsp;&nbsp;&nbsp;&nbsp; 1799214 |
| &nbsp;&nbsp;&nbsp; Georgia Housing and Finance Authority Series 2025C, Rev., 6.25%, 12/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5573248 |
| &nbsp;&nbsp;&nbsp; Georgia State Road and Tollway Authority, Managed Lane System Series 2021A, Rev., GTD, 4.00%, 7/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2380000 | &nbsp;&nbsp;&nbsp;&nbsp; 2458049 |
| &nbsp;&nbsp;&nbsp; Henry County, Water and Sewerage Authority, Rev., A.G. - CR, BHAC - CR, NATL - RE, 5.25%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5286845 |
| &nbsp;&nbsp;&nbsp; Lawrenceville Housing Authority, Applewood Towers Project Series 2024B, Rev., 5.00%, 10/1/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1615000 | &nbsp;&nbsp;&nbsp;&nbsp; 1671626 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas Supply |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, Rev., 4.00%, 12/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2549550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 6/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 30240000 | &nbsp;&nbsp;&nbsp;&nbsp; 31730784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., 5.00%, 3/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 14215000 | &nbsp;&nbsp;&nbsp;&nbsp; 15075798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 6/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5390000 | &nbsp;&nbsp;&nbsp;&nbsp; 5702417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023C, Rev., 5.00%, 9/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2667811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023D, Rev., 5.00%, 12/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3718517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 4/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18190000 | &nbsp;&nbsp;&nbsp;&nbsp; 19632321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023E, Subseries E-1, Rev., 5.00%, 6/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4230000 | &nbsp;&nbsp;&nbsp;&nbsp; 4536606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 9/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 14690000 | &nbsp;&nbsp;&nbsp;&nbsp; 15810660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024E, Rev., 5.00%, 12/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18310000 | &nbsp;&nbsp;&nbsp;&nbsp; 19755042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 12/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17500000 | &nbsp;&nbsp;&nbsp;&nbsp; 19209605 |
| &nbsp;&nbsp;&nbsp; Metropolitan Atlanta Rapid Transit Authority, Sales Tax Series 2023A, Rev., 5.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008758 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Georgia — continued** | **Georgia — continued** | **Georgia — continued** |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia Project Series 2024B, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1046053 |
| &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; 8500000 | &nbsp;&nbsp;&nbsp;&nbsp; 8521456 |
| &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; 3349118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1957860 |
| &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; 1134180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roswell Development Authority, Wellsatar Healthcare, Inc. Series 2025A, Rev., VRDO, LOC : Truist Bank, 2.90%, <br> 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9500000 | &nbsp;&nbsp;&nbsp;&nbsp; 9500000 |
| &nbsp;&nbsp;&nbsp; Savannah Georgia Convention Center Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., A.G., 5.00%, 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 369309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., A.G., 5.00%, 6/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 278504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., A.G., 5.00%, 6/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 304167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., A.G., 5.00%, 6/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 327897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.25%, 6/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp;&nbsp; 944396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., A.G., 5.25%, 6/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 495231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., A.G., 5.25%, 6/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 506424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., A.G., 5.25%, 6/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 577031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., A.G., 5.50%, 6/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 544633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., A.G., 5.50%, 6/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 411944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.13%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2255135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., A.G., 5.50%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1502291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.25%, 6/1/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2004314 |
| &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; 115284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 2/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 154766 |
| &nbsp;&nbsp;&nbsp; Total Georgia |  | &nbsp;&nbsp;&nbsp;&nbsp; 262076869 |
| **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; 1934418 |
| &nbsp;&nbsp;&nbsp; Territory of Guam Series 2025G, Rev., 5.00%, 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2920178 |
| &nbsp;&nbsp;&nbsp; Total Guam |  | &nbsp;&nbsp;&nbsp;&nbsp; 4854596 |
| **Hawaii — 0.3%** | **Hawaii — 0.3%** | **Hawaii — 0.3%** |
| &nbsp;&nbsp;&nbsp; City and County of Honolulu |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025F, GO, 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 9590000 | &nbsp;&nbsp;&nbsp;&nbsp; 11086341 |
| &nbsp;&nbsp;&nbsp; State of Hawaii Series FK, GO, 5.00%, 5/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30920 |
| &nbsp;&nbsp;&nbsp; State of Hawaii Airports System Series 2025C, Rev., AMT, 5.00%, 7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 3150000 | &nbsp;&nbsp;&nbsp;&nbsp; 3317672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Hawaii Department of Budget and Finance, The Queen's Health Systems Series 2025B, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.45%, 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5125000 | &nbsp;&nbsp;&nbsp;&nbsp; 5125000 |
| &nbsp;&nbsp;&nbsp; Total Hawaii |  | &nbsp;&nbsp;&nbsp;&nbsp; 19606589 |
| **Idaho — 0.5%** | **Idaho — 0.5%** | **Idaho — 0.5%** |
| &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; 37436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 3/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10295000 | &nbsp;&nbsp;&nbsp;&nbsp; 11232819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 3/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp;&nbsp; 4693179 |
| &nbsp;&nbsp;&nbsp; Idaho Housing and Finance Association, Federal Highway Trust Series 2015A, Rev., 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp;&nbsp; 4866837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Idaho Housing and Finance Association, Single Family Mortgage Series 2025C, Rev., GNMA / FNMA / FHLMC, 6.25%, <br> 1/1/2056<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5300000 | &nbsp;&nbsp;&nbsp;&nbsp; 6002268 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Idaho — continued** | **Idaho — continued** | **Idaho — continued** |
| &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; 2334242 |
| &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; 565898 |
| &nbsp;&nbsp;&nbsp; Total Idaho |  | &nbsp;&nbsp;&nbsp;&nbsp; 29732679 |
| **Illinois — 5.4%** | **Illinois — 5.4%** | **Illinois — 5.4%** |
| &nbsp;&nbsp;&nbsp; Board of Trustees of the University of Illinois (The) Series 2021A, Rev., 5.00%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 482248 |
| &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; 45082 |
| &nbsp;&nbsp;&nbsp; Chicago Board of Education Series 2016A, GO, 7.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 26875000 | &nbsp;&nbsp;&nbsp;&nbsp; 26875000 |
| &nbsp;&nbsp;&nbsp; Chicago Midway International Airport, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., AMT, 5.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3210278 |
| &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; 3872827 |
| &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; 2701354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., AMT, 5.75%, 1/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2335000 | &nbsp;&nbsp;&nbsp;&nbsp; 2504199 |
| &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; 1153174 |
| &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; 1411026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 913941 |
| &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; 2800000 | &nbsp;&nbsp;&nbsp;&nbsp; 2805027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 215846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40847 |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund Series 2024A, Rev., 5.00%, 12/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 13750000 | &nbsp;&nbsp;&nbsp;&nbsp; 14171391 |
| &nbsp;&nbsp;&nbsp; City of Chicago |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, GO, 5.50%, 1/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6767282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.50%, 1/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4933139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 6.00%, 1/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2110000 | &nbsp;&nbsp;&nbsp;&nbsp; 2215945 |
| &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; 9285000 | &nbsp;&nbsp;&nbsp;&nbsp; 9987311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., A.G., 5.00%, 11/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 3160000 | &nbsp;&nbsp;&nbsp;&nbsp; 3398180 |
| &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; 379696 |
| &nbsp;&nbsp;&nbsp; City of Decatur, GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 130734 |
| &nbsp;&nbsp;&nbsp; City of Highland Park, GO, 4.00%, 12/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36327 |
| &nbsp;&nbsp;&nbsp; Cook County Community Consolidated School District No. 15 Palatine, GO, 4.00%, 12/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 757650 |
| &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; 36804 |
| &nbsp;&nbsp;&nbsp; County of Cook, Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp;&nbsp; 3754106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2077996 |
| &nbsp;&nbsp;&nbsp; County of Lake, Sales Tax, GO, 4.00%, 11/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102365 |
| &nbsp;&nbsp;&nbsp; DuPage and Cook Counties, Community Unit School District No. 205 Elmhurst Series 2022, GO, 4.00%, 9/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041981 |
| &nbsp;&nbsp;&nbsp; Illinois Development Finance Authority, Solid waste Management, Inc. Project, Rev., AMT, 3.45%, 11/2/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2251905 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Centerpointjoliet Terminal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., AMT, 4.13%, 12/31/2034 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13130000 | &nbsp;&nbsp;&nbsp;&nbsp; 13102477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.80%, 7/2/2035 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3609676 |
| &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; 335066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 216809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 250250 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Northwestern Memorial Healthcare Series 2021B, Rev., VRDO, LIQ : Royal Bank of Canada, <br> 2.80%, 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 |
| &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 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3749250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B-2, Rev., 5.00%, 8/15/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8500000 | &nbsp;&nbsp;&nbsp;&nbsp; 9475939 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Uchicago Medicine Series 2022B-2, Rev., 5.00%, 8/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1028114 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, University of Chicago Medical Center (The) Series 2025A-2, Rev., 5.00%, 8/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4408310 |
| &nbsp;&nbsp;&nbsp; Illinois Housing Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., GNMA / FNMA / FHLMC, 6.00%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 905000 | &nbsp;&nbsp;&nbsp;&nbsp; 978170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024E, Rev., GNMA / FNMA / FHLMC, 6.25%, 10/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3190000 | &nbsp;&nbsp;&nbsp;&nbsp; 3492657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.25%, 10/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 4995000 | &nbsp;&nbsp;&nbsp;&nbsp; 5634880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025D, Rev., GNMA / FNMA / FHLMC, 6.25%, 10/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 7750000 | &nbsp;&nbsp;&nbsp;&nbsp; 8760984 |
| &nbsp;&nbsp;&nbsp; Illinois Municipal Electric Agency, Power Supply System Series 2025A, Rev., A.G., 5.00%, 2/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 8569930 |
| &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; 2667237 |
| &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; 180055 |
| &nbsp;&nbsp;&nbsp; Park Ridge Park District Series 2023B, GO, 4.00%, 12/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1030000 | &nbsp;&nbsp;&nbsp;&nbsp; 1028799 |
| &nbsp;&nbsp;&nbsp; Sales Tax Securitization Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.50%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10718780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.50%, 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 22820000 | &nbsp;&nbsp;&nbsp;&nbsp; 24415625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.25%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 13520000 | &nbsp;&nbsp;&nbsp;&nbsp; 14307022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.25%, 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9479559 |
| &nbsp;&nbsp;&nbsp; Sales Tax Securitization Corp., Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023C, Rev., 5.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2340000 | &nbsp;&nbsp;&nbsp;&nbsp; 2575327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 1/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1729373 |
| &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; 1066712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1695726 |
| &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; 715624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 860774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 628163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 563790 |
| &nbsp;&nbsp;&nbsp; State of Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4900000 | &nbsp;&nbsp;&nbsp;&nbsp; 4916270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5175000 | &nbsp;&nbsp;&nbsp;&nbsp; 5271119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1020464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1028661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2590000 | &nbsp;&nbsp;&nbsp;&nbsp; 2685500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.50%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5380739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, GO, 5.00%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 532297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2111233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, GO, 5.00%, 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11195679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 4.00%, 10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2451934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1047555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, GO, 5.00%, 3/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 5765000 | &nbsp;&nbsp;&nbsp;&nbsp; 6350034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, GO, 5.00%, 3/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13133281 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3316674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 5.00%, 5/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5501824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025D, GO, 5.00%, 9/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 18000000 | &nbsp;&nbsp;&nbsp;&nbsp; 19474985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 5.00%, 5/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1933794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, GO, 4.00%, 11/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 5880000 | &nbsp;&nbsp;&nbsp;&nbsp; 5509313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, GO, 5.50%, 5/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1577632 |
| &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; 129925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Village of Bolingbrook, Will and Dupage Counties, Special Service Areas Numbers 2001-1, 2001-2, 2001-3, and <br> 2002-1, Rev., A.G., 4.00%, 3/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 995000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008068 |
| &nbsp;&nbsp;&nbsp; Village of Wilmette Series 2020B, GO, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 143270 |
| &nbsp;&nbsp;&nbsp; Will County Community Unit School District No. 365-U Valley View, GO, 3.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1656171 |
| &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; 1047905 |
| &nbsp;&nbsp;&nbsp; Total Illinois |  | &nbsp;&nbsp;&nbsp;&nbsp; 336218989 |
| **Indiana — 1.1%** | **Indiana — 1.1%** | **Indiana — 1.1%** |
| &nbsp;&nbsp;&nbsp; City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 995000 | &nbsp;&nbsp;&nbsp;&nbsp; 857910 |
| &nbsp;&nbsp;&nbsp; City of Jeffersonville, Vivera Senior Living of Jeffersonville Project Series 2020A, Rev., 5.25%, 11/1/2040 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4560000 | &nbsp;&nbsp;&nbsp;&nbsp; 4126127 |
| &nbsp;&nbsp;&nbsp; City of Rockport, Indiana Michigan Power Co. Project Series 2025A, Rev., 3.70%, 6/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5117812 |
| &nbsp;&nbsp;&nbsp; City of Valparaiso, Green Oaks of Valparaiso Project, Rev., 5.38%, 12/1/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1591833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fishers Redevelopment Authority, Lease Rental, Geist Park Improvement Project Series 2024B, Rev., 5.00%, <br> 7/15/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp; 865000 | &nbsp;&nbsp;&nbsp;&nbsp; 964609 |
| &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; 1827382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 7/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1274768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 7/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp;&nbsp; 1546579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 7/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1096898 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority Series 2016C, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, CHF- Tippecanoe LLC- Student Housing Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 6/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 840869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 6/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 435991 |
| &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; 116425 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Indiana University Health Obligated Group Series 2023B1, Rev., 5.00%, 7/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8393364 |
| &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; 469887 |
| &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; 1122125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1139192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 2/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2311169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana Housing and Community Development Authority, Single Family Mortgage Series 2025C-1, Rev., GNMA / FNMA <br> / FHLMC, 6.50%, 7/1/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3958019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana Housing and Community Development Authority, Vita of Marion Project Series 2021A, Rev., 5.25%, <br> 4/1/2041 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1875000 | &nbsp;&nbsp;&nbsp;&nbsp; 1642506 |
| &nbsp;&nbsp;&nbsp; Indiana Housing and Community Development Authority, Vita of New Whiteland Project, Rev., 6.75%, 1/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5765990 |
| &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; 1282826 |
| &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; 1048190 |
| &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; 1204674 |
| &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; 754132 |
| &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; 1114858 |
| &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; 1535190 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Indiana — continued** | **Indiana — continued** | **Indiana — continued** |
| &nbsp;&nbsp;&nbsp; Indiana State University, Housing and Dining System, Rev., 5.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76868 |
| &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; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 250931 |
| &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; 5133146 |
| &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; 509787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 436710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 665108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 504707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 1/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 257060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1130062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 881626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp;&nbsp; 1780021 |
| &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; 404969 |
| &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; 403260 |
| &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; 428422 |
| &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; 566463 |
| &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; 562266 |
| &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; 254231 |
| &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; 1370218 |
| &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; 1221826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1260955 |
| &nbsp;&nbsp;&nbsp; Total Indiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 69672961 |
| **Iowa — 0.4%** | **Iowa — 0.4%** | **Iowa — 0.4%** |
| &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; 1141816 |
| &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; 1151609 |
| &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; 390278 |
| &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 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5350000 | &nbsp;&nbsp;&nbsp;&nbsp; 5808989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3447909 |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 84567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 197032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 107502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 97272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 408480 |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, State Revolving Fund, Rev., 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31190 |
| &nbsp;&nbsp;&nbsp; Iowa Great Lakes Sanitation District, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1145000 | &nbsp;&nbsp;&nbsp;&nbsp; 1157759 |
| &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; 609105 |
| &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; 925868 |
| &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; 58935000 | &nbsp;&nbsp;&nbsp;&nbsp; 8809515 |
| &nbsp;&nbsp;&nbsp; Total Iowa |  | &nbsp;&nbsp;&nbsp;&nbsp; 24368891 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Kansas — 0.5%** | **Kansas — 0.5%** | **Kansas — 0.5%** |
| &nbsp;&nbsp;&nbsp; City of St. Marys, Evergy Kansan Central, Inc., Rev., 3.50%, 4/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7978983 |
| &nbsp;&nbsp;&nbsp; Johnson and Miami Counties Unified School District No. 230 Spring Hills Series 2018A, GO, 4.00%, 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2965000 | &nbsp;&nbsp;&nbsp;&nbsp; 2987836 |
| &nbsp;&nbsp;&nbsp; Kansas Development Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 4.00%, 5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 6765000 | &nbsp;&nbsp;&nbsp;&nbsp; 6900496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 4.00%, 5/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 6415000 | &nbsp;&nbsp;&nbsp;&nbsp; 6479371 |
| &nbsp;&nbsp;&nbsp; Kansas Development Finance Authority, AdventHealth Series 2021B, Rev., 5.00%, 11/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 221132 |
| &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; 1151512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 9/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2010000 | &nbsp;&nbsp;&nbsp;&nbsp; 2226935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 9/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2315000 | &nbsp;&nbsp;&nbsp;&nbsp; 2517710 |
| &nbsp;&nbsp;&nbsp; Total Kansas |  | &nbsp;&nbsp;&nbsp;&nbsp; 30463975 |
| **Kentucky — 1.4%** | **Kentucky — 1.4%** | **Kentucky — 1.4%** |
| &nbsp;&nbsp;&nbsp; County of Boone, Duke Energy Kentucky, Inc. Series 2008A, Rev., 3.70%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5720000 | &nbsp;&nbsp;&nbsp;&nbsp; 5753613 |
| &nbsp;&nbsp;&nbsp; County of Carroll, Kentucky Environmental Facilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008A, Rev., AMT, 2.00%, 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 11025000 | &nbsp;&nbsp;&nbsp;&nbsp; 9868859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006B, Rev., AMT, 2.13%, 10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 7440000 | &nbsp;&nbsp;&nbsp;&nbsp; 6372193 |
| &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; 170273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority, CommonSpirit Health Obligated Group Series 2019A-1, Rev., <br> 5.00%, 8/1/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1331549 |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, Gas Supply |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A-1, Rev., 5.25%, 2/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3330000 | &nbsp;&nbsp;&nbsp;&nbsp; 3612118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 8/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6825000 | &nbsp;&nbsp;&nbsp;&nbsp; 7338702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 34600000 | &nbsp;&nbsp;&nbsp;&nbsp; 36190725 |
| &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; 1106743 |
| &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; 1065053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1546894 |
| &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; 4135056 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 133 Series A, Rev., 5.00%, 9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4695294 |
| &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; 64479 |
| &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; 5001071 |
| &nbsp;&nbsp;&nbsp; University of Kentucky, Healthcare Cancer Center Parking Projects, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 341148 |
| &nbsp;&nbsp;&nbsp; Total Kentucky |  | &nbsp;&nbsp;&nbsp;&nbsp; 88593770 |
| **Louisiana — 1.2%** | **Louisiana — 1.2%** | **Louisiana — 1.2%** |
| &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; 2193302 |
| &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; 1488117 |
| &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; 268241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities and Community Development Authority, City of Bossier City, <br> Louisiana Project, Rev., 5.00%, 6/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1090000 | &nbsp;&nbsp;&nbsp;&nbsp; 1239206 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Mentorship Steam Academy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/1/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp; 366962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/1/2042 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 390194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/1/2051 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp;&nbsp; 572594 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Louisiana — continued** | **Louisiana — continued** | **Louisiana — continued** |
| &nbsp;&nbsp;&nbsp; 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; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8654667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.25%, 5/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 10500000 | &nbsp;&nbsp;&nbsp;&nbsp; 11008825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.50%, 5/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7461054 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, South Quad L3C Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1112263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1104164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1091261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1115000 | &nbsp;&nbsp;&nbsp;&nbsp; 1203766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1067489 |
| &nbsp;&nbsp;&nbsp; Parish of St. James, Nustar Logistics L.P Project, Rev., 3.70%, 6/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7073285 |
| &nbsp;&nbsp;&nbsp; Parish of St. John the Baptist, Marathon Oil Corp., Project Series 2017A-1, Rev., 4.05%, 7/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7533705 |
| &nbsp;&nbsp;&nbsp; State of Louisiana Series 2016-B, GO, 4.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30285 |
| &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, 2.85%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 14900000 | &nbsp;&nbsp;&nbsp;&nbsp; 14900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2258800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 5/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2055000 | &nbsp;&nbsp;&nbsp;&nbsp; 2288583 |
| &nbsp;&nbsp;&nbsp; Total Louisiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 73306763 |
| **Maine — 0.2%** | **Maine — 0.2%** | **Maine — 0.2%** |
| &nbsp;&nbsp;&nbsp; Finance Authority of Maine, Casella Waste System, Inc., Project Series 2015R-3, Rev., AMT, 5.00%, 8/1/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2067858 |
| &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; 1201076 |
| &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; 277534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., A.G., 5.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1360000 | &nbsp;&nbsp;&nbsp;&nbsp; 1484534 |
| &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; 2216922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1090197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 250443 |
| &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; 1774616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2142904 |
| &nbsp;&nbsp;&nbsp; Total Maine |  | &nbsp;&nbsp;&nbsp;&nbsp; 12506084 |
| **Maryland — 1.1%** | **Maryland — 1.1%** | **Maryland — 1.1%** |
| &nbsp;&nbsp;&nbsp; City of Baltimore, Consolidated Public Improvement Series 2017B, GO, 5.00%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2089816 |
| &nbsp;&nbsp;&nbsp; County of Anne Arundel Series 2022, GO, 5.00%, 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2565000 | &nbsp;&nbsp;&nbsp;&nbsp; 2891243 |
| &nbsp;&nbsp;&nbsp; County of Prince George's, Consolidated Public Improvement Series 2025A, GO, 5.00%, 8/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 4355000 | &nbsp;&nbsp;&nbsp;&nbsp; 4778168 |
| &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; 71575 |
| &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; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3528651 |
| &nbsp;&nbsp;&nbsp; Maryland Health and Higher Educational Facilities Authority, Lifebridge Health Issue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland Health and Higher Educational Facilities Authority, The Johns Hopkins Health System Series 2024B, Rev., <br> VRDO, LOC : TD Bank NA, 2.80%, 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp; Maryland Stadium Authority, Built to Learn, Rev., 5.00%, 6/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3626398 |
| &nbsp;&nbsp;&nbsp; State of Maryland Department of Transportation Series 2025A, Rev., 4.00%, 4/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5071976 |
| &nbsp;&nbsp;&nbsp; State of Maryland, Department of Transportation, Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76384 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Maryland — continued** | **Maryland — continued** | **Maryland — continued** |
| &nbsp;&nbsp;&nbsp; State of Maryland, State and Local Facilities Loan of 2022 Series 2022A, GO, 5.00%, 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1141013 |
| &nbsp;&nbsp;&nbsp; Town of Ocean City Series 2023, GO, 4.00%, 1/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999997 |
| &nbsp;&nbsp;&nbsp; Washington Suburban Sanitary Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GTD, 4.00%, 6/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 12540000 | &nbsp;&nbsp;&nbsp;&nbsp; 12408054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GTD, 4.00%, 6/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 5430000 | &nbsp;&nbsp;&nbsp;&nbsp; 5191451 |
| &nbsp;&nbsp;&nbsp; Total Maryland |  | &nbsp;&nbsp;&nbsp;&nbsp; 68880163 |
| **Massachusetts — 1.1%** | **Massachusetts — 1.1%** | **Massachusetts — 1.1%** |
| &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; 2509436 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Consolidated Loan of 2020 Series 2020E, GO, 5.00%, 11/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2860000 | &nbsp;&nbsp;&nbsp;&nbsp; 2944682 |
| &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; 2099516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, GO, 5.00%, 5/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13634945 |
| &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; 1270868 |
| &nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority, Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006A, Rev., 5.25%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5490849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.25%, 7/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 2325000 | &nbsp;&nbsp;&nbsp;&nbsp; 2550585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-1, Rev., 5.00%, 7/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4057446 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Amherst College Issue Series 2025A, Rev., 5.00%, 11/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5896061 |
| &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; 788815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025W, Rev., 4.25%, 7/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1921287 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Lasell Village, Inc. Issue, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3151591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, PRG Medford Properties, Inc. Issue Tufts University Student Housing <br> Program<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1505000 | &nbsp;&nbsp;&nbsp;&nbsp; 1668964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 6/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1505000 | &nbsp;&nbsp;&nbsp;&nbsp; 1641685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1618232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2125000 | &nbsp;&nbsp;&nbsp;&nbsp; 2224926 |
| &nbsp;&nbsp;&nbsp; Massachusetts School Building Authority, Dedicated Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 2/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1190524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 2/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp; 751737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 2/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 835263 |
| &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; 46583 |
| &nbsp;&nbsp;&nbsp; Massachusetts Water Resources Authority, Green Bond Series 2016C, Rev., 4.00%, 8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 4470000 | &nbsp;&nbsp;&nbsp;&nbsp; 4474421 |
| &nbsp;&nbsp;&nbsp; Town of Brookline, Purpose Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 5/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 2855000 | &nbsp;&nbsp;&nbsp;&nbsp; 2831506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 5/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 5050000 | &nbsp;&nbsp;&nbsp;&nbsp; 4995523 |
| &nbsp;&nbsp;&nbsp; Total Massachusetts |  | &nbsp;&nbsp;&nbsp;&nbsp; 68595445 |
| **Michigan — 1.4%** | **Michigan — 1.4%** | **Michigan — 1.4%** |
| &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; 225612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Q-SBLF, 4.00%, 5/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 241786 |
| &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; 107845 |
| &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; 1525652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 4/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1395000 | &nbsp;&nbsp;&nbsp;&nbsp; 1355049 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; City of Detroit, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 4/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 504441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023C, GO, 6.00%, 5/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1325367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 4/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1015000 | &nbsp;&nbsp;&nbsp;&nbsp; 1028219 |
| &nbsp;&nbsp;&nbsp; City of Grand Rapids Sanitary Sewer System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2037 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1154166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2038 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1199927 |
| &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; 1164456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, GO, 5.00%, 5/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1077304 |
| &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; 177020 |
| &nbsp;&nbsp;&nbsp; Great Lakes Water Authority Sewage Disposal System, Second Lien Series 2023A, Rev., 5.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1123098 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Henry Ford Health System, Rev., 4.00%, 11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1903177 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Public Lighting Authority Refunding Local Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1134538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1141357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1145958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1137048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1125838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1177320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1115525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1108251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 1454536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1630295 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Tobacco Settlement Asset Backed Series 2020A, Class 1, Rev., 4.00%, 6/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3469104 |
| &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 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050917 |
| &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; 5046933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016MI, Rev., 5.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4600000 | &nbsp;&nbsp;&nbsp;&nbsp; 4640065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013MI-4, Rev., 4.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1011073 |
| &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; 1271912 |
| &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 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3160000 | &nbsp;&nbsp;&nbsp;&nbsp; 3514647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B-2, Rev., 5.00%, 6/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2267004 |
| &nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., 5.75%, 6/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3188168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 C, Rev., 6.00%, 6/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6653021 |
| &nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Consumers Co. Project Series 2019, Rev., AMT, 3.35%, 10/1/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 14030000 | &nbsp;&nbsp;&nbsp;&nbsp; 13997090 |
| &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 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3555000 | &nbsp;&nbsp;&nbsp;&nbsp; 3552227 |
| &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; 5004481 |
| &nbsp;&nbsp;&nbsp; State of Michigan Trunk Line |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 140363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 4.00%, 11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 5150000 | &nbsp;&nbsp;&nbsp;&nbsp; 5298067 |
| &nbsp;&nbsp;&nbsp; Wayne County Airport Authority, Detroit Metropolitan Wayne Series 2025B, Rev., AMT, 5.75%, 12/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1647101 |
| &nbsp;&nbsp;&nbsp; West Ottawa Public Schools, Unlimited Tax, GO, A.G., 4.00%, 11/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1055000 | &nbsp;&nbsp;&nbsp;&nbsp; 1076559 |
| &nbsp;&nbsp;&nbsp; Total Michigan |  | &nbsp;&nbsp;&nbsp;&nbsp; 89112517 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Minnesota — 0.4%** | **Minnesota — 0.4%** | **Minnesota — 0.4%** |
| &nbsp;&nbsp;&nbsp; City of Center City, Health Care Facilities, Hazelden Betty Ford Foundation Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, Rev., 5.00%, 11/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1160000 | &nbsp;&nbsp;&nbsp;&nbsp; 1197088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, Rev., 5.00%, 11/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1021409 |
| &nbsp;&nbsp;&nbsp; City of Lakeville Series 2024A, GO, 5.00%, 2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1455000 | &nbsp;&nbsp;&nbsp;&nbsp; 1644689 |
| &nbsp;&nbsp;&nbsp; City of Mankato Series 2022B, GO, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 153958 |
| &nbsp;&nbsp;&nbsp; City of Minneapolis, Health Care System, Fairview Health Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 187216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.00%, 11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 6230000 | &nbsp;&nbsp;&nbsp;&nbsp; 6101529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.00%, 11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 731195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 11/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 984047 |
| &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; 1317413 |
| &nbsp;&nbsp;&nbsp; County of Hennepin Series 2023A, GO, 5.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2328078 |
| &nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency Series 2023F, Rev., GNMA / FNMA / FHLMC, 5.75%, 7/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 2155000 | &nbsp;&nbsp;&nbsp;&nbsp; 2279012 |
| &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; 4180000 | &nbsp;&nbsp;&nbsp;&nbsp; 4664263 |
| &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; 1012486 |
| &nbsp;&nbsp;&nbsp; State of Minnesota Series 2021A, GO, 4.00%, 9/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1017959 |
| &nbsp;&nbsp;&nbsp; Total Minnesota |  | &nbsp;&nbsp;&nbsp;&nbsp; 24640342 |
| **Mississippi — 0.4%** | **Mississippi — 0.4%** | **Mississippi — 0.4%** |
| &nbsp;&nbsp;&nbsp; Jackson State University Educational Building Corp. Series 2021A, Rev., 1.40%, 3/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5179200 |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, Ranking County Project, Rev., 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 204774 |
| &nbsp;&nbsp;&nbsp; State of Mississippi |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 4.00%, 11/1/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5030000 | &nbsp;&nbsp;&nbsp;&nbsp; 5102834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 4.00%, 11/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 14500000 | &nbsp;&nbsp;&nbsp;&nbsp; 14538048 |
| &nbsp;&nbsp;&nbsp; Total Mississippi |  | &nbsp;&nbsp;&nbsp;&nbsp; 25044856 |
| **Missouri — 0.8%** | **Missouri — 0.8%** | **Missouri — 0.8%** |
| &nbsp;&nbsp;&nbsp; City of Excelsior Springs Series 2020B, COP, 4.00%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 119750 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri Series 2021C, Rev., 5.00%, 5/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2335000 | &nbsp;&nbsp;&nbsp;&nbsp; 2451618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, Coxhealth Obligated Group Series 2025A, Rev., <br> 5.00%, 11/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3982710 |
| &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; 1003161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., 4.00%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1508765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 2/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 2/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 2/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003313 |
| &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; 189125 |
| &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 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5231184 |
| &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, 2.80%, 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1310000 | &nbsp;&nbsp;&nbsp;&nbsp; 1310000 |
| &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%, 12/10/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 165156 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, Wright Memorial Hospital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1355000 | &nbsp;&nbsp;&nbsp;&nbsp; 1384618 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; Kansas City Industrial Development Authority, Airport Terminal Modernization Project Series 2019B, Rev., AMT, <br> 5.00%, 3/1/2039<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4710000 | &nbsp;&nbsp;&nbsp;&nbsp; 4857842 |
| &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 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 978727 |
| &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; 51694 |
| &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; 1781909 |
| &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; 2720000 | &nbsp;&nbsp;&nbsp;&nbsp; 2964139 |
| &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; 1439162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1217168 |
| &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; 7750000 | &nbsp;&nbsp;&nbsp;&nbsp; 7233388 |
| &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; 6176193 |
| &nbsp;&nbsp;&nbsp; Springfield School District No. R-12, GO, 4.00%, 3/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1307174 |
| &nbsp;&nbsp;&nbsp; Total Missouri |  | &nbsp;&nbsp;&nbsp;&nbsp; 48560587 |
| **Montana — 0.2%** | **Montana — 0.2%** | **Montana — 0.2%** |
| &nbsp;&nbsp;&nbsp; City of Forsyth, Northwestern Corp, Colstrip Projects, Rev., 3.88%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7770000 | &nbsp;&nbsp;&nbsp;&nbsp; 7888965 |
| &nbsp;&nbsp;&nbsp; County of Gallatin, Bozeman Fiber Project Series 2021A, Rev., 4.00%, 10/15/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1665797 |
| &nbsp;&nbsp;&nbsp; Montana Board of Housing Series 2025B, Rev., 6.00%, 12/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3590971 |
| &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; 1843163 |
| &nbsp;&nbsp;&nbsp; Total Montana |  | &nbsp;&nbsp;&nbsp;&nbsp; 14988896 |
| **Nebraska — 0.7%** | **Nebraska — 0.7%** | **Nebraska — 0.7%** |
| &nbsp;&nbsp;&nbsp; Central Plains Energy Project Series 2025A, Subseries A-1, Rev., 5.00%, 8/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9840000 | &nbsp;&nbsp;&nbsp;&nbsp; 10583216 |
| &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; 339971 |
| &nbsp;&nbsp;&nbsp; Central Plains Energy Project, Gas Project No. 5 Series 2022-1, Rev., 5.00%, 10/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1420201 |
| &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; 86491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51407 |
| &nbsp;&nbsp;&nbsp; Douglas County School District No. 001, Omaha Public, GO, 4.00%, 12/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10048191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nebraska Educational Health Cultural and Social Services Finance Authority, Immanuel Retirement Communities <br> Obligated Group<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2007883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nebraska Investment Finance Authority, Single Family Housing Series 2024G, Rev., GNMA / FNMA / FHLMC, 6.00%, <br> 9/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp; 990000 | &nbsp;&nbsp;&nbsp;&nbsp; 1098706 |
| &nbsp;&nbsp;&nbsp; Omaha Public Power District Series 2025A, Rev., 5.00%, 2/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1425000 | &nbsp;&nbsp;&nbsp;&nbsp; 1545741 |
| &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; 40159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp;&nbsp; 1079058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 4.00%, 2/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp;&nbsp; 3758513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.00%, 2/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2150000 | &nbsp;&nbsp;&nbsp;&nbsp; 2337587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 2/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2910733 |
| &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; 1499031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1873078 |
| &nbsp;&nbsp;&nbsp; Total Nebraska |  | &nbsp;&nbsp;&nbsp;&nbsp; 41682665 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Nevada — 0.3%** | **Nevada — 0.3%** | **Nevada — 0.3%** |
| &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; 1131217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 5.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1145188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 5.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1870000 | &nbsp;&nbsp;&nbsp;&nbsp; 2126719 |
| &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; 100252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, A.G., 4.00%, 6/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1065000 | &nbsp;&nbsp;&nbsp;&nbsp; 1077659 |
| &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; 4800907 |
| &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; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 404851 |
| &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; 125799 |
| &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; 166116 |
| &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 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2023129 |
| &nbsp;&nbsp;&nbsp; Nye County School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, GO, PSF-GTD, 5.00%, 5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1360000 | &nbsp;&nbsp;&nbsp;&nbsp; 1540192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, GO, PSF-GTD, 5.00%, 5/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1120823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Nevada Department of Business and Industry, Brighline West Passenger Rail Project Series 2025 B, Rev., AMT, <br> 12.00%, 11/2/2026 ‡ (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4700000 | &nbsp;&nbsp;&nbsp;&nbsp; 3760000 |
| &nbsp;&nbsp;&nbsp; Total Nevada |  | &nbsp;&nbsp;&nbsp;&nbsp; 19522852 |
| **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 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2451000 | &nbsp;&nbsp;&nbsp;&nbsp; 2441470 |
| &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%, 12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 860000 | &nbsp;&nbsp;&nbsp;&nbsp; 952337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 665000 | &nbsp;&nbsp;&nbsp;&nbsp; 731234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.25%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp;&nbsp; 876884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.25%, 6/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 6400000 | &nbsp;&nbsp;&nbsp;&nbsp; 6722757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 4.50%, 6/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp;&nbsp; 1049891 |
| &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 | &nbsp;&nbsp;&nbsp;&nbsp; 2910000 | &nbsp;&nbsp;&nbsp;&nbsp; 3262223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.50%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6327862 |
| &nbsp;&nbsp;&nbsp; New Hampshire Health and Education Facilities Authority Act, Rev., 5.25%, 8/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 5400000 | &nbsp;&nbsp;&nbsp;&nbsp; 5650348 |
| &nbsp;&nbsp;&nbsp; Total New Hampshire |  | &nbsp;&nbsp;&nbsp;&nbsp; 28015006 |
| **New Jersey — 2.7%** | **New Jersey — 2.7%** | **New Jersey — 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bergen County Improvement Authority (The), Guaranteed Government Pooled Project Series 2025A, Rev., GTD, <br> 4.00%, 5/21/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17000000 | &nbsp;&nbsp;&nbsp;&nbsp; 17108815 |
| &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; 5001739 |
| &nbsp;&nbsp;&nbsp; Casino Reinvestment Development Authority, Inc., Luxury Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., A.G., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1833730 |
| &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; 1018739 |
| &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; 741396 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Municipal Rehabilitation Series 2019A, Rev., 5.25%, 4/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1690096 |
| &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; 1012601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019GGG, Rev., 5.25%, 9/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2038786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019LLL, Rev., 5.00%, 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1076597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018EEE, Rev., 5.00%, 6/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1255000 | &nbsp;&nbsp;&nbsp;&nbsp; 1287185 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Transit Transportation Project Series 2020A, Rev., 4.00%, 11/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3280873 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9585000 | &nbsp;&nbsp;&nbsp;&nbsp; 9685088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 11500000 | &nbsp;&nbsp;&nbsp;&nbsp; 11616145 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019BB, Rev., 5.00%, 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2124801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024CC, Rev., 5.00%, 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4613956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020AA, Rev., 4.00%, 6/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2818980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 4.00%, 6/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2903496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024CC, Rev., 5.00%, 6/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3191953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023BB, Rev., 5.00%, 6/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2354187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024CC, Rev., 4.13%, 6/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2345058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023BB, Rev., 5.25%, 6/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3688250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024CC, Rev., 5.25%, 6/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2636303 |
| &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; 257556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2117867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 6/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13478166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024AA, Rev., 5.00%, 6/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1378724 |
| &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; 1854967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 4.00%, 11/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1736106 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6300000 | &nbsp;&nbsp;&nbsp;&nbsp; 6363229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 8005000 | &nbsp;&nbsp;&nbsp;&nbsp; 8255617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 6255000 | &nbsp;&nbsp;&nbsp;&nbsp; 6503135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8280410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6165419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 3865000 | &nbsp;&nbsp;&nbsp;&nbsp; 3844934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 16830000 | &nbsp;&nbsp;&nbsp;&nbsp; 16724393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 8825000 | &nbsp;&nbsp;&nbsp;&nbsp; 8567034 |
| &nbsp;&nbsp;&nbsp; Total New Jersey |  | &nbsp;&nbsp;&nbsp;&nbsp; 169596331 |
| **New Mexico — 0.3%** | **New Mexico — 0.3%** | **New Mexico — 0.3%** |
| &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; 665684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, 5.00%, 8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1102264 |
| &nbsp;&nbsp;&nbsp; City of Albuquerque Series 2015A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 240399 |
| &nbsp;&nbsp;&nbsp; City of Farmington, San Juan Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010D, Rev., 3.90%, 6/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1112137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010C, Rev., 3.88%, 6/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1517599 |
| &nbsp;&nbsp;&nbsp; County of Bernalillo Gross Receipts Tax Series 1996B, Rev., NATL - RE - IBC, 5.70%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp; 359453 |
| &nbsp;&nbsp;&nbsp; County of Santa Fe, Cresta Ranch Apartments Series 2024, Rev., 3.29%, 6/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8022085 |
| &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; 103805 |
| &nbsp;&nbsp;&nbsp; New Mexico Mortgage Finance Authority, Mountain View II & III Apartments Project, Rev., 2.97%, 3/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5095000 | &nbsp;&nbsp;&nbsp;&nbsp; 5090726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mexico Mortgage Finance Authority, Santee Apartments and Sangre De Cristo Project, Rev., VRDO, 3.73%, <br> 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 |
| &nbsp;&nbsp;&nbsp; Total New Mexico |  | &nbsp;&nbsp;&nbsp;&nbsp; 20314152 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — 14.5%** | **New York — 14.5%** | **New York — 14.5%** |
| &nbsp;&nbsp;&nbsp; Albany Capital Resource Corp., Medical Center Hospital Series 2025A, Rev., 5.25%, 5/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2101034 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., ERE425 LLC ZETA Charter Schools, Inc. Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 10/15/2040 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2720000 | &nbsp;&nbsp;&nbsp;&nbsp; 2768930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.13%, 10/15/2045 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3510000 | &nbsp;&nbsp;&nbsp;&nbsp; 3478087 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Grand Concourse Academy Charter School Series 2022A, Rev., 5.00%, 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 340914 |
| &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; 1135000 | &nbsp;&nbsp;&nbsp;&nbsp; 1228777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 247775 |
| &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; 1677752 |
| &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; 2605538 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Urban Resource Institute Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.38%, 12/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1081193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.50%, 12/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1171966 |
| &nbsp;&nbsp;&nbsp; Canisteo-Greenwood Central School District, GO, BAN, 4.25%, 6/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3019689 |
| &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; 2330160 |
| &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, 2.85%, 12/1/2025 (c) | &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, 2.85%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4360000 | &nbsp;&nbsp;&nbsp;&nbsp; 4360000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-5, GO, VRDO, LIQ : Barclays Bank plc, 2.85%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13185000 | &nbsp;&nbsp;&nbsp;&nbsp; 13185000 |
| &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; 109569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B-1, GO, 4.00%, 10/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 6450000 | &nbsp;&nbsp;&nbsp;&nbsp; 6352706 |
| &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; 106312 |
| &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; 203476 |
| &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; 260173 |
| &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; 1085125 |
| &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; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1468710 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2023 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Subseries A-1, GO, 4.00%, 9/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4695045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023E, Subseries E-1, GO, 4.00%, 4/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1290000 | &nbsp;&nbsp;&nbsp;&nbsp; 1190973 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, Subseries C-1, GO, 5.00%, 9/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1198010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, GO, 5.50%, 4/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3224822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, GO, 5.50%, 4/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 5455000 | &nbsp;&nbsp;&nbsp;&nbsp; 5861750 |
| &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; 4191502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025F, GO, 5.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5725371 |
| &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; 4058013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025G, Subseries G-1, GO, 5.00%, 2/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2530000 | &nbsp;&nbsp;&nbsp;&nbsp; 2737902 |
| &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; 5356533 |
| &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; 1041106 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2026 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026B, Subseries B-1, GO, 5.00%, 8/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 6300000 | &nbsp;&nbsp;&nbsp;&nbsp; 7274080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026D, GO, 5.00%, 10/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3753079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026D, GO, 5.00%, 10/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5310669 |
| &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; 7916964 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 4.00%, 4/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 5780000 | &nbsp;&nbsp;&nbsp;&nbsp; 5523784 |
| &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; 470867 |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., State Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 3/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 10080000 | &nbsp;&nbsp;&nbsp;&nbsp; 9924872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 3/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2870000 | &nbsp;&nbsp;&nbsp;&nbsp; 3052359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 3/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2355917 |
| &nbsp;&nbsp;&nbsp; Geneseo Central School District, GO, BAN, 4.25%, 6/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3019576 |
| &nbsp;&nbsp;&nbsp; Gouverneur Central School District, GO, BAN, 4.25%, 7/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10067709 |
| &nbsp;&nbsp;&nbsp; Long Island Power Authority, Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 3.00%, 9/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10900861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 3.00%, 9/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 33775000 | &nbsp;&nbsp;&nbsp;&nbsp; 34341647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2035869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., 5.00%, 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5302895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., 5.00%, 9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3174788 |
| &nbsp;&nbsp;&nbsp; Lyons Central School District, GO, BAN, 4.25%, 6/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3020550 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015E-1, Rev., VRDO, LOC : Barclays Bank plc, 2.85%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 11/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2780000 | &nbsp;&nbsp;&nbsp;&nbsp; 3008653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2157019 |
| &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; 15048222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4050000 | &nbsp;&nbsp;&nbsp;&nbsp; 4649962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1722469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.25%, 11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2169201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.25%, 11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2675305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 4.00%, 11/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 892401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C-1, Rev., 5.00%, 11/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1524906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.25%, 11/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2103033 |
| &nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., Academy of Health Sciences Charter School Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 7/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 257461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.63%, 7/1/2042 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1385000 | &nbsp;&nbsp;&nbsp;&nbsp; 1390533 |
| &nbsp;&nbsp;&nbsp; New York City Health and Hospitals Corp., Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 2/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2862326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 2/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 3116312 |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp. Series 2025A, Rev., FHLMC COLL, 5.20%, 2/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 14765000 | &nbsp;&nbsp;&nbsp;&nbsp; 15126917 |
| &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, Rev., 4.38%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1277420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 6600000 | &nbsp;&nbsp;&nbsp;&nbsp; 6796669 |
| &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; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3567077 |
| &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, 2.85%, 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp;&nbsp; 4400000 |
| &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, 2.85%, 12/1/2025 (c)<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> 2017 Series 2017EE, Rev., 5.00%, 6/15/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5150628 |
| &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<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020CC-1, Rev., 4.00%, 6/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10091581 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022FF, Rev., 4.00%, 6/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1760000 | &nbsp;&nbsp;&nbsp;&nbsp; 1760224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020CC-2, Rev., 4.00%, 6/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4902143 |
| &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, 2.85%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2105000 | &nbsp;&nbsp;&nbsp;&nbsp; 2105000 |
| &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; 3179481 |
| &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; 2854515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year <br> 2025 Series 2025AA,Subseries2AA1, Rev., 5.00%, 6/15/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6238043 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid Series 2026, S-1, Rev., 5.00%, 7/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 13405000 | &nbsp;&nbsp;&nbsp;&nbsp; 14874000 |
| &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; 1482700 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Series 2018B-1, Rev., 4.00%, 8/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2703224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2016 Series 2026B, Rev., 5.00%, <br> 5/1/2043<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp;&nbsp; 4042445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2026 Series 2026B, Rev., 5.00%, <br> 5/1/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2662922 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured Series C, Rev., 5.00%, 11/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6675441 |
| &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., 2.85%, 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15700000 | &nbsp;&nbsp;&nbsp;&nbsp; 15700000 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017E1, Rev., 5.00%, 2/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3066786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 8/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 6445000 | &nbsp;&nbsp;&nbsp;&nbsp; 6503235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 Series 2019A-1, Rev., 5.00%, <br> 8/1/2040<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2179481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2020 Series 2020B-1, Rev., 4.00%, <br> 11/1/2038<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3770000 | &nbsp;&nbsp;&nbsp;&nbsp; 3795651 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, Subseries C-1, Rev., 4.00%, 5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 463103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 11/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 10575000 | &nbsp;&nbsp;&nbsp;&nbsp; 10696876 |
| &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; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2749159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Subseries B-1, Rev., 4.00%, 8/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 3370000 | &nbsp;&nbsp;&nbsp;&nbsp; 3211489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022C, Subseries C-1, Rev., 4.00%, 2/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 7750000 | &nbsp;&nbsp;&nbsp;&nbsp; 7223922 |
| &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; 1150479 |
| &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; 2111359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.00%, 5/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2573040 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Subseries A-1, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3269771 |
| &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; 5295854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2024 Series 2025, <br> Subseries G-1, Rev., 5.00%, 5/1/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3098535 |
| &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; 2344418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026H, Subseries H-1, Rev., 5.00%, 11/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5373738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025E, Rev., 5.00%, 11/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4173015 |
| &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; 5335138 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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 Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., Zero Coupon, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1563831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., Zero Coupon, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1608928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., A.G. - CR, Zero Coupon, 11/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 9315000 | &nbsp;&nbsp;&nbsp;&nbsp; 2993245 |
| &nbsp;&nbsp;&nbsp; New York Liberty Development Corp. Series 1WTC-2021, Rev., 4.00%, 2/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 973556 |
| &nbsp;&nbsp;&nbsp; New York Liberty Development Corp., Secured by Port Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1WTC-2021, Rev., A.G. - CR, 3.00%, 2/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 3345000 | &nbsp;&nbsp;&nbsp;&nbsp; 2903630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1WTC-2021, Rev., 2.75%, 2/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1519605 |
| &nbsp;&nbsp;&nbsp; New York Liberty Development Corp., World Trade Centre |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1WTC-2021, Rev., 2.25%, 2/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3503779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2044 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4150000 | &nbsp;&nbsp;&nbsp;&nbsp; 4149989 |
| &nbsp;&nbsp;&nbsp; New York Power Authority Series 2024A, Rev., 4.00%, 11/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 3200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2977521 |
| &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; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4183378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., A.G., 5.13%, 11/15/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6304223 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority |  |  |
| &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; 3290370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1469611 |
| &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; 2015799 |
| &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 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5596028 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Mount Sinai Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 12205000 | &nbsp;&nbsp;&nbsp;&nbsp; 12395175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 7/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 15250000 | &nbsp;&nbsp;&nbsp;&nbsp; 15374774 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, New York University Series 2025A, Rev., 5.00%, 7/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4197542 |
| &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; 74996 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Pace University Series 2024A, Rev., 5.25%, 5/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1360000 | &nbsp;&nbsp;&nbsp;&nbsp; 1503304 |
| &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; 2170159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 3/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 5615000 | &nbsp;&nbsp;&nbsp;&nbsp; 5737522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019D, Rev., 4.00%, 2/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1389152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Rosewell Park Cancer Institute Obligated Group Series 2025A, Rev., A.G., 5.25%, <br> 7/1/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1192675 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., A.G., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp;&nbsp; 3763651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 3/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2908145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 3/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4962310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 3/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp;&nbsp; 5640801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 3/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 3700000 | &nbsp;&nbsp;&nbsp;&nbsp; 3948593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 4.25%, 3/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 6830000 | &nbsp;&nbsp;&nbsp;&nbsp; 6682828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.25%, 3/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3215103 |
| &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 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4072729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 5.00%, 10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2160000 | &nbsp;&nbsp;&nbsp;&nbsp; 2551130 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax Series 2021E, Rev., 4.00%, 3/15/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5416 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax, General Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 3/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4684066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 4.00%, 3/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 4680000 | &nbsp;&nbsp;&nbsp;&nbsp; 4751747 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021E, Rev., 4.00%, 3/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2820000 | &nbsp;&nbsp;&nbsp;&nbsp; 2829345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021E, Rev., 4.00%, 3/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7858254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 3/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2198583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 3/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 18070000 | &nbsp;&nbsp;&nbsp;&nbsp; 16724679 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.00%, 3/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 8020000 | &nbsp;&nbsp;&nbsp;&nbsp; 8382230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 3/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3145488 |
| &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; 929004 |
| &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; 1074140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.50%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2148829 |
| &nbsp;&nbsp;&nbsp; New York State Energy Research and Development Authority, Rochester Gas and Electric Corp., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1997A, Rev., 3.80%, 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2062521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1997B, Rev., 3.80%, 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1031261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1997C, Rev., 3.80%, 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5125000 | &nbsp;&nbsp;&nbsp;&nbsp; 5285211 |
| &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<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 7515000 | &nbsp;&nbsp;&nbsp;&nbsp; 7745157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.25%, 6/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8664902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., State Revolving Funds, Master Financing Program Series 2025A, Rev., <br> 5.00%, 9/15/2038<br>| &nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 595967 |
| &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, 2.90%, 12/1/2025 (c)<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 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1521646 |
| &nbsp;&nbsp;&nbsp; New York State Thruway Authority Series O, Rev., 4.00%, 1/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp;&nbsp; 3833681 |
| &nbsp;&nbsp;&nbsp; New York State Thruway Authority, Personal Income Tax Series 2022A, Rev., 5.00%, 3/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 12844037 |
| &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; Rev., AMT, 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1444715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., AMT, 5.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 11725000 | &nbsp;&nbsp;&nbsp;&nbsp; 12090734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., AMT, 5.00%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5155000 | &nbsp;&nbsp;&nbsp;&nbsp; 5317199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 18755000 | &nbsp;&nbsp;&nbsp;&nbsp; 19163358 |
| &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; 3310779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 11920000 | &nbsp;&nbsp;&nbsp;&nbsp; 12442357 |
| &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; 3151189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 5350000 | &nbsp;&nbsp;&nbsp;&nbsp; 5427549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.38%, 10/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1690000 | &nbsp;&nbsp;&nbsp;&nbsp; 1592481 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., JFK International Airport New Terminal One Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., AMT, A.G., 5.50%, 6/30/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1852706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., AMT, A.G., 5.50%, 6/30/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2367130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., AMT, A.G., 5.50%, 6/30/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2355557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., AMT, A.G., 5.00%, 6/30/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2014720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., AMT, A.G., 5.25%, 12/31/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5082628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., AMT, 5.50%, 12/31/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 7935000 | &nbsp;&nbsp;&nbsp;&nbsp; 8139526 |
| &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; 2910486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, A.G., 5.50%, 6/30/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2256833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, A.G., 6.00%, 6/30/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1650208 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; Rev., AMT, 5.50%, 6/30/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3800000 | &nbsp;&nbsp;&nbsp;&nbsp; 3853731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, A.G., 5.50%, 6/30/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 1990000 | &nbsp;&nbsp;&nbsp;&nbsp; 2086858 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Laguardia Airport Terminal Redevelopment Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., AMT, 4.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1765000 | &nbsp;&nbsp;&nbsp;&nbsp; 1663502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., AMT, 5.25%, 1/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1499976 |
| &nbsp;&nbsp;&nbsp; Onondaga Civic Development Corp., Syracuse University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1420363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1675000 | &nbsp;&nbsp;&nbsp;&nbsp; 1976048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 12/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1263061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.50%, 12/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4961701 |
| &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; 1944478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 248, Rev., 5.00%, 1/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1741739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 249, Rev., AMT, 5.00%, 10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1701608 |
| &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; 2067503 |
| &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; 513618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 223, Rev., AMT, 4.00%, 7/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 2975000 | &nbsp;&nbsp;&nbsp;&nbsp; 2976837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 248, Rev., 5.00%, 1/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1635000 | &nbsp;&nbsp;&nbsp;&nbsp; 1800020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 248, Rev., 5.00%, 1/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp;&nbsp; 5564422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 93, Rev., 6.13%, 6/1/2094 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6010052 |
| &nbsp;&nbsp;&nbsp; Saratoga County Capital Resource Corp., WSWHE Boces Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 440276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp;&nbsp; 886701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 577311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 800322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 885000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 782437 |
| &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; 2598108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2125000 | &nbsp;&nbsp;&nbsp;&nbsp; 2223223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2079657 |
| &nbsp;&nbsp;&nbsp; State of New York Mortgage Agency Homeowner Mortgage Series 227, Rev., 3.25%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2530000 | &nbsp;&nbsp;&nbsp;&nbsp; 2510153 |
| &nbsp;&nbsp;&nbsp; Suffolk Regional Off-Track Betting Co., Rev., 6.00%, 12/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1928630 |
| &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; 2989368 |
| &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; 1302339 |
| &nbsp;&nbsp;&nbsp; Town of Hempstead, GO, 4.00%, 5/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2008138 |
| &nbsp;&nbsp;&nbsp; Town of Stony Point, GO, 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 77890 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority Series 2018D, Rev., 4.00%, 11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4067453 |
| &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; 2113860 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012B, Rev., Zero Coupon, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 8860000 | &nbsp;&nbsp;&nbsp;&nbsp; 7154157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A-2, Rev., 5.00%, 11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 3275000 | &nbsp;&nbsp;&nbsp;&nbsp; 3832253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A-1, Rev., 5.00%, 11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2666870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A-2, Rev., 5.00%, 11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5217789 |
| &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., 5.25%, 12/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2648913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 4.50%, 12/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1979055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 4.25%, 5/15/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 942639 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; 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; 10812190 |
| &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; 1111877 |
| &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; 1015833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 8065000 | &nbsp;&nbsp;&nbsp;&nbsp; 8173899 |
| &nbsp;&nbsp;&nbsp; Utility Debt Securitization Authority, Rev., 5.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp;&nbsp; 5254614 |
| &nbsp;&nbsp;&nbsp; Village of Scotia, GO, BAN, 4.25%, 6/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3020550 |
| &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; 253506 |
| &nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 7/1/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5450000 | &nbsp;&nbsp;&nbsp;&nbsp; 5431547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 7/1/2056 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7940156 |
| &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; 1544409 |
| &nbsp;&nbsp;&nbsp; Total New York |  | &nbsp;&nbsp;&nbsp;&nbsp; 911648797 |
| **North Carolina — 1.6%** | **North Carolina — 1.6%** | **North Carolina — 1.6%** |
| &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; 404517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, COP, 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 475614 |
| &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; 1519975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1171455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp; 795051 |
| &nbsp;&nbsp;&nbsp; County of Davidson, GO, 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36282 |
| &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; 201886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1210000 | &nbsp;&nbsp;&nbsp;&nbsp; 1367866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1161217 |
| &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; 1172802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 5/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 726618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1716875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumberland County Industrial Facilities and Pollution Control Financing Authority, Solid Waste Disposal Project Hero, <br> Rev., AMT, 3.13%, 12/1/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16440000 | &nbsp;&nbsp;&nbsp;&nbsp; 16437840 |
| &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; 4554035 |
| &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, 2.85%, 12/1/2025 (c) | &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 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7685000 | &nbsp;&nbsp;&nbsp;&nbsp; 7681516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 53-A, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2685000 | &nbsp;&nbsp;&nbsp;&nbsp; 2902924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 55-A, Rev., GNMA / FNMA / FHLMC, 6.25%, 7/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 6980000 | &nbsp;&nbsp;&nbsp;&nbsp; 7636970 |
| &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; 8430789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 58-A, Rev., GNMA / FNMA / FHLMC, 6.50%, 1/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 11000000 | &nbsp;&nbsp;&nbsp;&nbsp; 12574599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 59-A, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2279979 |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Twin Lakes Community Series 2025A, Rev., 5.25%, 1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2257947 |
| &nbsp;&nbsp;&nbsp; State of North Carolina, Rev., 5.00%, 3/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 15345000 | &nbsp;&nbsp;&nbsp;&nbsp; 16417649 |
| &nbsp;&nbsp;&nbsp; Town of Cary Series 2021, GO, 4.00%, 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5338301 |
| &nbsp;&nbsp;&nbsp; Total North Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 100662707 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **North Dakota — 0.1%** | **North Dakota — 0.1%** | **North Dakota — 0.1%** |
| &nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, Home Mortgage Finance Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.75%, 7/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1925000 | &nbsp;&nbsp;&nbsp;&nbsp; 2031945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 6.00%, 1/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1925711 |
| &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; 2376295 |
| &nbsp;&nbsp;&nbsp; Total North Dakota |  | &nbsp;&nbsp;&nbsp;&nbsp; 6333951 |
| **Ohio — 3.4%** | **Ohio — 3.4%** | **Ohio — 3.4%** |
| &nbsp;&nbsp;&nbsp; American Municipal Power, Inc., GreenUp Hydroelectric Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 2/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1535000 | &nbsp;&nbsp;&nbsp;&nbsp; 1693169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 2/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1091677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 2/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1079601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 2/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1620000 | &nbsp;&nbsp;&nbsp;&nbsp; 1726535 |
| &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; 11404117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A-2, Rev., 4.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 6600000 | &nbsp;&nbsp;&nbsp;&nbsp; 6525116 |
| &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; 3658746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-2, Rev., 5.00%, 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 36200000 | &nbsp;&nbsp;&nbsp;&nbsp; 30482648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-3, Rev., Zero Coupon, 6/1/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 83110000 | &nbsp;&nbsp;&nbsp;&nbsp; 7280004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbus Regional Airport Authority, John Glenn Columbus International Airport Series 2025A, Rev., AMT, 5.00%, <br> 1/1/2038<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp;&nbsp; 3717812 |
| &nbsp;&nbsp;&nbsp; Columbus-Franklin County Finance Authority, The Landmark on Scioto, Rev., 3.19%, 6/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3001029 |
| &nbsp;&nbsp;&nbsp; County of Allen, Hospital Facilities, Bon Secours Mercy Health, Inc. Series 2025A, Rev., 5.00%, 11/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1960000 | &nbsp;&nbsp;&nbsp;&nbsp; 2174923 |
| &nbsp;&nbsp;&nbsp; County of Hamilton Sales Tax, Rev., BAN, 5.00%, 12/1/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15331909 |
| &nbsp;&nbsp;&nbsp; County of Hamilton, Life Enriching Communities Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1115000 | &nbsp;&nbsp;&nbsp;&nbsp; 1129516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 1/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 1/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1786432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1525653 |
| &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; 113546 |
| &nbsp;&nbsp;&nbsp; Dublin City School District, Ohio School Facilities Unlimited Tax Series 2024B, GO, 4.00%, 12/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 760936 |
| &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; 12900000 | &nbsp;&nbsp;&nbsp;&nbsp; 13218667 |
| &nbsp;&nbsp;&nbsp; Northeast Ohio Medical University Series 2022, Rev., 5.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1088599 |
| &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; 4000470 |
| &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 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2026057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., AMT, 4.25%, 6/1/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5035000 | &nbsp;&nbsp;&nbsp;&nbsp; 5115208 |
| &nbsp;&nbsp;&nbsp; Ohio State University (The), General Receipts Series 2023A-2, Rev., VRDO, 2.85%, 12/10/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| &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; 138845 |
| &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; 35422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1335000 | &nbsp;&nbsp;&nbsp;&nbsp; 1531019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1540000 | &nbsp;&nbsp;&nbsp;&nbsp; 1738493 |
| &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> 2.85%, 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp;&nbsp; 2350000 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority, Drinking Water Assistance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 5100000 | &nbsp;&nbsp;&nbsp;&nbsp; 5970871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1476700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2241834 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 10425000 | &nbsp;&nbsp;&nbsp;&nbsp; 11554663 |
| &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; 46087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 16390000 | &nbsp;&nbsp;&nbsp;&nbsp; 17669889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 12/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1033062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port of Greater Cincinnati Development Authority, 3CDC Obligated Group Parking Facilities Series 2025A, Rev., A.G., <br> 5.00%, 12/1/2055 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2032666 |
| &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; 1117891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp; 623795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 12/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 12/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 948770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 12/1/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4059386 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Adult Correctional Capital Facilities Lease Appropriation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3524155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3547881 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Children's Hospital Medical Center of Akron Series 2024B, Rev., 5.00%, 8/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1935000 | &nbsp;&nbsp;&nbsp;&nbsp; 2147701 |
| &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; 238442 |
| &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; 1318616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1347277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1100504 |
| &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; 36578 |
| &nbsp;&nbsp;&nbsp; State of Ohio, University Hospitals Health System, Inc. Series 2021E, Rev., 4.00%, 1/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1703310 |
| &nbsp;&nbsp;&nbsp; Total Ohio |  | &nbsp;&nbsp;&nbsp;&nbsp; 211551112 |
| **Oklahoma — 0.8%** | **Oklahoma — 0.8%** | **Oklahoma — 0.8%** |
| &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; 1407308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp;&nbsp; 1341612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1223272 |
| &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; 2583974 |
| &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; 5534297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, Health System, OU Medicine Project Series 2018B, Rev., 5.50%, <br> 8/15/2057<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9595000 | &nbsp;&nbsp;&nbsp;&nbsp; 9613174 |
| &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; 3995000 | &nbsp;&nbsp;&nbsp;&nbsp; 4496662 |
| &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; 9654017 |
| &nbsp;&nbsp;&nbsp; Oklahoma Water Resources Board, Clean Water Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 4/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1291696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 4/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp;&nbsp; 3524271 |
| &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; 1098284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1317940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 10/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1088706 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 4.00%, 10/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 3720000 | &nbsp;&nbsp;&nbsp;&nbsp; 3715261 |
| &nbsp;&nbsp;&nbsp; University of Oklahoma (The) Series 2024A, Rev., 5.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1182670 |
| &nbsp;&nbsp;&nbsp; Total Oklahoma |  | &nbsp;&nbsp;&nbsp;&nbsp; 49073144 |
| **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; 15500000 | &nbsp;&nbsp;&nbsp;&nbsp; 10323113 |
| &nbsp;&nbsp;&nbsp; Multnomah County School District No. 40 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, Zero Coupon, 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 929858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, Zero Coupon, 6/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 666638 |
| &nbsp;&nbsp;&nbsp; Oregon State Facilities Authority, Peacehealth Series 2018A, Rev., VRDO, LOC : US Bank NA, 2.80%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9875000 | &nbsp;&nbsp;&nbsp;&nbsp; 9875000 |
| &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; 1601083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025F, GO, 5.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1134990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025F, GO, 5.00%, 8/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 502504 |
| &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; 302267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 414380 |
| &nbsp;&nbsp;&nbsp; Total Oregon |  | &nbsp;&nbsp;&nbsp;&nbsp; 25749833 |
| **Other — 0.0% ^** | **Other — 0.0% ^** | **Other — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; FHLMC Multifamily VRD Certificates, Rev., 4.50%, 6/25/2042 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2698180 | &nbsp;&nbsp;&nbsp;&nbsp; 2764264 |
| **Pennsylvania — 3.4%** | **Pennsylvania — 3.4%** | **Pennsylvania — 3.4%** |
| &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; 1581554 |
| &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; 1045276 |
| &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), 3.00%, 12/1/2025 (c)<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; 2748101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 3/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1063673 |
| &nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5214147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3800000 | &nbsp;&nbsp;&nbsp;&nbsp; 3962766 |
| &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; 1915305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4234826 |
| &nbsp;&nbsp;&nbsp; Allegheny County Sanitary Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1128136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 558138 |
| &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; 1306246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1199803 |
| &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; 130293 |
| &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; 119537 |
| &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; 425680 |
| &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; 2043785 |
| &nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, Tobacco Master Settlement Payment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp;&nbsp; 1133106 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2620000 | &nbsp;&nbsp;&nbsp;&nbsp; 2755929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp;&nbsp; 1177826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 208492 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Pennsylvania Series 2024B, GO, 4.00%, 8/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 4870000 | &nbsp;&nbsp;&nbsp;&nbsp; 4939063 |
| &nbsp;&nbsp;&nbsp; County of Delaware |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp;&nbsp; 781577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1123326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1095000 | &nbsp;&nbsp;&nbsp;&nbsp; 1221375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1108462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1610000 | &nbsp;&nbsp;&nbsp;&nbsp; 1766035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1385000 | &nbsp;&nbsp;&nbsp;&nbsp; 1510565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1240000 | &nbsp;&nbsp;&nbsp;&nbsp; 1336739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 2038386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1510000 | &nbsp;&nbsp;&nbsp;&nbsp; 1608934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2040000 | &nbsp;&nbsp;&nbsp;&nbsp; 2157288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 2075000 | &nbsp;&nbsp;&nbsp;&nbsp; 2190588 |
| &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; 174397 |
| &nbsp;&nbsp;&nbsp; Delaware River Port Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4029602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 6250000 | &nbsp;&nbsp;&nbsp;&nbsp; 7135592 |
| &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; 1037017 |
| &nbsp;&nbsp;&nbsp; Erie City Water Authority Series 2019B, Rev., A.G., 5.00%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1235000 | &nbsp;&nbsp;&nbsp;&nbsp; 1343573 |
| &nbsp;&nbsp;&nbsp; Geisinger Authority, Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 2/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 461663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 4/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4574993 |
| &nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health Authority Series 2022B, Rev., 5.00%, 5/1/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4025665 |
| &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; 477079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.00%, 9/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 3085000 | &nbsp;&nbsp;&nbsp;&nbsp; 3071308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group Series <br> 2020C, Rev., 4.00%, 11/15/2043<br>| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 270336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, Constellation Energy Generation Series 2023A, Rev., 4.10%, <br> 4/3/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25355000 | &nbsp;&nbsp;&nbsp;&nbsp; 26017250 |
| &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; 2017323 |
| &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; 1422350 |
| &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; 1247624 |
| &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; 6070000 | &nbsp;&nbsp;&nbsp;&nbsp; 6173792 |
| &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 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5020887 |
| &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; 1399628 |
| &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; 8290000 | &nbsp;&nbsp;&nbsp;&nbsp; 8776698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-145A, Rev., 6.00%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1925000 | &nbsp;&nbsp;&nbsp;&nbsp; 2083884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 -147A, Rev., 6.25%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 988361 | &nbsp;&nbsp;&nbsp;&nbsp; 1086461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-146A, Rev., 6.25%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 980000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072025 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-150A, Rev., 6.25%, 10/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14726263 |
| &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; 109808 |
| &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; 62680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 4.00%, 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 577624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1145966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.25%, 12/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1103602 |
| &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; 1303295 |
| &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; 838969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 4.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1530198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 4.00%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2283632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1100623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 12/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 968498 |
| &nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, City Service Agreement Rebuild Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2885324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2859048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4566535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 3540000 | &nbsp;&nbsp;&nbsp;&nbsp; 4023252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2257601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2175000 | &nbsp;&nbsp;&nbsp;&nbsp; 2435679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2210097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2183787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2373420 |
| &nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, Thomas Jefferson University Series 2017A, Rev., 5.00%, 9/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 3290000 | &nbsp;&nbsp;&nbsp;&nbsp; 3319575 |
| &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; 938531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 11/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2185000 | &nbsp;&nbsp;&nbsp;&nbsp; 2399644 |
| &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; 1440684 |
| &nbsp;&nbsp;&nbsp; Redevelopment Authority of the City of Philadelphia, Service Agreement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 9/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1179633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 9/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp; 772534 |
| &nbsp;&nbsp;&nbsp; School District of the City of Erie (The), Limited Tax Series 2019A, GO, A.G., 4.00%, 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1174262 |
| &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; 166859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 1/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp;&nbsp; 973829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 1/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 666460 |
| &nbsp;&nbsp;&nbsp; Wilkes-Barre Area School District, GO, 3.75%, 4/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1349741 |
| &nbsp;&nbsp;&nbsp; Total Pennsylvania |  | &nbsp;&nbsp;&nbsp;&nbsp; 210581757 |
| **Puerto Rico — 1.3%** | **Puerto Rico — 1.3%** | **Puerto Rico — 1.3%** |
| &nbsp;&nbsp;&nbsp; Children's Trust Fund, Tobacco Settlement Asset-Backed Series 2005A, Rev., Zero Coupon, 5/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 41470000 | &nbsp;&nbsp;&nbsp;&nbsp; 8534074 |
| &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; 6648220 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Public Finance Corp. Series 2001E, Rev., A.G. - CR, 6.00%, 8/1/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10206613 |
| &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; 2338337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Rev., 4.33%, 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9736145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., Zero Coupon, 7/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 27500000 | &nbsp;&nbsp;&nbsp;&nbsp; 9329369 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; 1182676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 7/1/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 34691000 | &nbsp;&nbsp;&nbsp;&nbsp; 33740952 |
| &nbsp;&nbsp;&nbsp; Total Puerto Rico |  | &nbsp;&nbsp;&nbsp;&nbsp; 81716386 |
| **Rhode Island — 0.4%** | **Rhode Island — 0.4%** | **Rhode Island — 0.4%** |
| &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; 2519057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 6/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp;&nbsp; 1831277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2030000 | &nbsp;&nbsp;&nbsp;&nbsp; 2172112 |
| &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; 1057945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 5/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1251363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 5/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1039491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 5/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1028058 |
| &nbsp;&nbsp;&nbsp; Rhode Island Housing and Mortgage Finance Corp., Homeowenership |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 84-A, Rev., GNMA COLL, 5.00%, 4/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp;&nbsp; 730464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 84-A, Rev., GNMA COLL, 5.00%, 4/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1034504 |
| &nbsp;&nbsp;&nbsp; State of Rhode Island Series 2025A, GO, 5.00%, 5/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 4035000 | &nbsp;&nbsp;&nbsp;&nbsp; 4357867 |
| &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; 79109 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp. Series B, Rev., 5.00%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9967791 |
| &nbsp;&nbsp;&nbsp; Total Rhode Island |  | &nbsp;&nbsp;&nbsp;&nbsp; 27069038 |
| **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; 266304 |
| &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; 1022859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1047987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 1419815 |
| &nbsp;&nbsp;&nbsp; Clemson University Series 2025A, Rev., 5.00%, 5/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1084588 |
| &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; 1978147 |
| &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; 1433521 |
| &nbsp;&nbsp;&nbsp; Horry County School District Series 2015A, GO, SCSDE, 4.00%, 12/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5002341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medical University Hospital Authority, An Agency of The State of south Carolina FHA Insured Hospital Mortgage, Indian <br> Land Project<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 5/15/2045 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 11/15/2050 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5166056 |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency Series 2023 Subseries B-1, Rev., 5.25%, 3/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2670000 | &nbsp;&nbsp;&nbsp;&nbsp; 2895828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Foothill Affordable Housing Series 2025, Rev., 4.00%, <br> 3/1/2035 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9177921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Novant Health Obligated Group Series 2024A, Rev., 5.50%, <br> 11/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1064284 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1600750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3142745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 12/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2867501 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Santee Cooper Series 2024A, Rev., 5.25%, 12/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2114716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina State Housing Finance and Development Authority Series 2025B, Rev., GNMA / FNMA / FHLMC, 6.50%, <br> 7/1/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5701062 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **South Carolina — continued** | **South Carolina — continued** | **South Carolina — continued** |
| &nbsp;&nbsp;&nbsp; Town of Mount Pleasant Series 2025, Rev., 5.00%, 6/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1110000 | &nbsp;&nbsp;&nbsp;&nbsp; 1273973 |
| &nbsp;&nbsp;&nbsp; Town of Mount Pleasant Water and Sewer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, Rev., 5.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1115000 | &nbsp;&nbsp;&nbsp;&nbsp; 1299757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, Rev., 5.00%, 6/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1190000 | &nbsp;&nbsp;&nbsp;&nbsp; 1375684 |
| &nbsp;&nbsp;&nbsp; Total South Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 51981060 |
| **South Dakota — 0.1%** | **South Dakota — 0.1%** | **South Dakota — 0.1%** |
| &nbsp;&nbsp;&nbsp; South Dakota Health and Educational Facilities Authority, Sanford |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 11/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1129274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 11/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1236321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 11/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1337925 |
| &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; 1470000 | &nbsp;&nbsp;&nbsp;&nbsp; 1645664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2240000 | &nbsp;&nbsp;&nbsp;&nbsp; 2548094 |
| &nbsp;&nbsp;&nbsp; Total South Dakota |  | &nbsp;&nbsp;&nbsp;&nbsp; 7897278 |
| **Tennessee — 2.0%** | **Tennessee — 2.0%** | **Tennessee — 2.0%** |
| &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; 1204143 |
| &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; 3982638 |
| &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; 186687 |
| &nbsp;&nbsp;&nbsp; City of Memphis Memphis Light Gas and Water Division Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2021008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1925000 | &nbsp;&nbsp;&nbsp;&nbsp; 2205037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.25%, 12/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3006871 |
| &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; 132289 |
| &nbsp;&nbsp;&nbsp; County of Sullivan, GO, 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30297 |
| &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; 475647 |
| &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; 467000 |
| &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; 539852 |
| &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; 1299933 |
| &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; 1017256 |
| &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; 453749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 5/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 435302 |
| &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; 2117288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 11130000 | &nbsp;&nbsp;&nbsp;&nbsp; 11299236 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville and Davidson County Water and Sewer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2890486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3414634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2692895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2625476 |
| &nbsp;&nbsp;&nbsp; Metropolitan Nashville Airport Authority (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., AMT, 5.50%, 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2149958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., AMT, 5.25%, 7/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 10100000 | &nbsp;&nbsp;&nbsp;&nbsp; 10488842 |
| &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; 508964 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; Metropolitan Nashville Airport Authority (The), Subordinate Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1680000 | &nbsp;&nbsp;&nbsp;&nbsp; 1723704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., AMT, 5.00%, 7/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5042631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rutherford County Health and Educational Facilities Board, Ascension Senior Credit Group Series 2025B1, Rev., <br> 5.00%, 11/15/2030 (c) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2625000 | &nbsp;&nbsp;&nbsp;&nbsp; 2869355 |
| &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 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6555000 | &nbsp;&nbsp;&nbsp;&nbsp; 6926105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 9/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1129695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.25%, 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2960000 | &nbsp;&nbsp;&nbsp;&nbsp; 3322290 |
| &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; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 82003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.50%, 10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 104518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.75%, 10/1/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 7940000 | &nbsp;&nbsp;&nbsp;&nbsp; 5071942 |
| &nbsp;&nbsp;&nbsp; State of Tennessee Series 2023A, GO, 5.00%, 5/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5627695 |
| &nbsp;&nbsp;&nbsp; Tennergy Corp., Gas Supply Series 2021A, Rev., 4.00%, 9/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10330000 | &nbsp;&nbsp;&nbsp;&nbsp; 10523478 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., Gas Project Series 2023A-1, Rev., 5.00%, 5/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 15315000 | &nbsp;&nbsp;&nbsp;&nbsp; 15843753 |
| &nbsp;&nbsp;&nbsp; Tennessee Housing Development Agency Series 2025-1A, Rev., GNMA / FNMA / FHLMC, 6.00%, 1/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 7600000 | &nbsp;&nbsp;&nbsp;&nbsp; 8357221 |
| &nbsp;&nbsp;&nbsp; Total Tennessee |  | &nbsp;&nbsp;&nbsp;&nbsp; 122269878 |
| **Texas — 10.6%** | **Texas — 10.6%** | **Texas — 10.6%** |
| &nbsp;&nbsp;&nbsp; Alvin Independent School District, Unlimited Tax Series 2025A, GO, PSF-GTD, 5.00%, 2/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1040000 | &nbsp;&nbsp;&nbsp;&nbsp; 1193142 |
| &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; 160387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., PSF-GTD, 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 110711 |
| &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; 331051 |
| &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; 337735 |
| &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; 272413 |
| &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; 472828 |
| &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; 162501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 150728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 158158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.00%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 139589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.00%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 109520 |
| &nbsp;&nbsp;&nbsp; Austin Community College District, Unlimited Tax, GO, 5.00%, 8/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5701081 |
| &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; 2031527 |
| &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; 1094216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 7/10/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1085756 |
| &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; 86187 |
| &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; 2173483 |
| &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; 3725238 |
| &nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, Senior Lien Series 2021B, Rev., 4.00%, 1/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 996752 |
| &nbsp;&nbsp;&nbsp; Central Texas Turnpike System, First Tier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 5/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3768055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 8/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2270049 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; 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; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9137789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.00%, 8/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 6540000 | &nbsp;&nbsp;&nbsp;&nbsp; 7524595 |
| &nbsp;&nbsp;&nbsp; City of Austin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 9/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4466466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 9/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4425777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 9/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6023644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 9/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp;&nbsp; 5704281 |
| &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; 1087793 |
| &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; 1001360 |
| &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; 2709752 |
| &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; 367248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of Dallas Housing Finance Corp., Rosemont at Ash Creek Apartments Series 2023, Rev., VRDO, FHA, 5.00%, <br> 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2750000 |
| &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; 5778885 |
| &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; 1005711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1109464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1143941 |
| &nbsp;&nbsp;&nbsp; City of Georgetown Series 2022, GO, 4.00%, 8/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2410000 | &nbsp;&nbsp;&nbsp;&nbsp; 2395020 |
| &nbsp;&nbsp;&nbsp; City of Georgetown, Utilities System Series 2023, Rev., 5.00%, 8/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp;&nbsp; 1504030 |
| &nbsp;&nbsp;&nbsp; City of Grand Prairie Series 2023, GO, 4.00%, 2/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 619592 |
| &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; 2825000 | &nbsp;&nbsp;&nbsp;&nbsp; 2872503 |
| &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; 1988720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., AMT, 5.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3560368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., AMT, 5.25%, 7/15/2029 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2509982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., AMT, 5.25%, 7/15/2030 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5700000 | &nbsp;&nbsp;&nbsp;&nbsp; 6023458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., AMT, 5.25%, 7/15/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3725129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., AMT, 5.25%, 7/15/2032 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 6250000 | &nbsp;&nbsp;&nbsp;&nbsp; 6695812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., AMT, 5.25%, 7/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 6250000 | &nbsp;&nbsp;&nbsp;&nbsp; 6727092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., AMT, 5.25%, 7/15/2033 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5381558 |
| &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; 12235304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., AMT, 5.25%, 7/15/2034 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6459596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., AMT, 5.50%, 7/15/2035 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5260000 | &nbsp;&nbsp;&nbsp;&nbsp; 5722750 |
| &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; 48055 |
| &nbsp;&nbsp;&nbsp; City of Houston, Combined Utility System, Junior Lien Series 2002A, Rev., A.G., 5.75%, 12/1/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2398112 |
| &nbsp;&nbsp;&nbsp; City of Mansfield, Combination Tax, GO, 5.00%, 2/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2145445 |
| &nbsp;&nbsp;&nbsp; City of Mesquite, Combination tax, GO, 4.13%, 2/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1665000 | &nbsp;&nbsp;&nbsp;&nbsp; 1681771 |
| &nbsp;&nbsp;&nbsp; City of Pflugerville, Combination Tax Series 2023A, GO, 4.13%, 8/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 3260000 | &nbsp;&nbsp;&nbsp;&nbsp; 3087656 |
| &nbsp;&nbsp;&nbsp; City of Round Rock, GO, 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1180000 | &nbsp;&nbsp;&nbsp;&nbsp; 1199441 |
| &nbsp;&nbsp;&nbsp; City of San Antonio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1028801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 8736937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.50%, 2/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4340164 |
| &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; 1676520 |
| &nbsp;&nbsp;&nbsp; City of Waco Series 2024, GO, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1907391 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; City of Waco, Combination Tax Series 2024A, GO, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003890 |
| &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; 609377 |
| &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; 1037803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., PSF-GTD, 4.00%, 8/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1860000 | &nbsp;&nbsp;&nbsp;&nbsp; 1886681 |
| &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; 251829 |
| &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; 286877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 4.63%, 4/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 4600000 | &nbsp;&nbsp;&nbsp;&nbsp; 4517495 |
| &nbsp;&nbsp;&nbsp; Coastal Water Authority, City of Houston Projects, Rev., 5.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5115000 | &nbsp;&nbsp;&nbsp;&nbsp; 5120428 |
| &nbsp;&nbsp;&nbsp; Collin County Community College District, Rev., 4.00%, 8/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2170000 | &nbsp;&nbsp;&nbsp;&nbsp; 2172185 |
| &nbsp;&nbsp;&nbsp; County of Bexar, Combination Tax, GO, 5.00%, 6/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2115000 | &nbsp;&nbsp;&nbsp;&nbsp; 2285269 |
| &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; 1143257 |
| &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; 1132473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 3/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2647177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., A.G., 5.00%, 3/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2111926 |
| &nbsp;&nbsp;&nbsp; County of Harris Toll Road, First Lien Series 2025A, Rev., 4.50%, 8/15/2055 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4939726 |
| &nbsp;&nbsp;&nbsp; County of Harris, First Lien Series 2024A, Rev., 5.00%, 8/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1674152 |
| &nbsp;&nbsp;&nbsp; County of Harris, Unlimited Tax Series 2023A, GO, 4.25%, 9/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1965809 |
| &nbsp;&nbsp;&nbsp; County of Hays, Limited Tax, GO, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20096 |
| &nbsp;&nbsp;&nbsp; County of Williamson, Limited Tax, GO, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40196 |
| &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; 3092623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, GO, PSF-GTD, 5.00%, 2/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5436097 |
| &nbsp;&nbsp;&nbsp; Crowley Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/1/2040 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1110485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/1/2041 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1415000 | &nbsp;&nbsp;&nbsp;&nbsp; 1556858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/1/2042 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2180000 | &nbsp;&nbsp;&nbsp;&nbsp; 2373258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/1/2043 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1078543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/1/2044 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1338636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/1/2045 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1066218 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Unlimited Tax Series 2022A, GO, PSF-GTD, 5.00%, 2/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2114655 |
| &nbsp;&nbsp;&nbsp; Dallas Area Rapid Transit, Sales Tax, Senior Lien Series 2016A, Rev., 5.00%, 12/1/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 9905000 | &nbsp;&nbsp;&nbsp;&nbsp; 9905000 |
| &nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A-2, Rev., AMT, 5.00%, 11/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 26444025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A-2, Rev., AMT, 5.00%, 11/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10939509 |
| &nbsp;&nbsp;&nbsp; Denison Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 4.00%, 8/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2865000 | &nbsp;&nbsp;&nbsp;&nbsp; 2752310 |
| &nbsp;&nbsp;&nbsp; Frisco Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 2/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1105000 | &nbsp;&nbsp;&nbsp;&nbsp; 1245156 |
| &nbsp;&nbsp;&nbsp; Georgetown Independent School District, GO, PSF-GTD, 5.50%, 2/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp;&nbsp; 5079643 |
| &nbsp;&nbsp;&nbsp; Glen Rose Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, GO, PSF-GTD, 5.00%, 8/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1092679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, GO, PSF-GTD, 5.00%, 8/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1086041 |
| &nbsp;&nbsp;&nbsp; Grand Parkway Transportation Corp., Grand Parkway System Subordinate Tier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 8500000 | &nbsp;&nbsp;&nbsp;&nbsp; 8721303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., 4.00%, 10/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 5835000 | &nbsp;&nbsp;&nbsp;&nbsp; 5487371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., 4.00%, 10/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 3395000 | &nbsp;&nbsp;&nbsp;&nbsp; 3146752 |
| &nbsp;&nbsp;&nbsp; Harris County-Houston Sports Authority, Senior Lien Series 2024A, Rev., A.G., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3570807 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; Housing Options, Inc., The Culbreath, Rev., 3.75%, 11/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7092298 |
| &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; 4118547 |
| &nbsp;&nbsp;&nbsp; Irving Independent School District, GO, PSF-GTD, 5.00%, 2/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 5485000 | &nbsp;&nbsp;&nbsp;&nbsp; 6289662 |
| &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; 2284666 |
| &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; 1385709 |
| &nbsp;&nbsp;&nbsp; Legacy Denton Public Facility Corp., Multifamily Housing Roselawn Village, Rev., 3.15%, 5/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6483492 |
| &nbsp;&nbsp;&nbsp; Lewisville Independent School District, Unlimited Tax, GO, PSF-GTD, 4.00%, 8/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 12500000 | &nbsp;&nbsp;&nbsp;&nbsp; 12671566 |
| &nbsp;&nbsp;&nbsp; Little Elm Independent School District Series 2024, GO, PSF-GTD, 4.00%, 8/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6444732 |
| &nbsp;&nbsp;&nbsp; Lockhart Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1222208 |
| &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; 1010660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 5/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4464031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 4750000 | &nbsp;&nbsp;&nbsp;&nbsp; 5131763 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority, LCRA Transmission Services Corp., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2277661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2011785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 161906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1443762 |
| &nbsp;&nbsp;&nbsp; Mabank Independent School District, Unlimited Tax Series 2024, GO, PSF-GTD, 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 264192 |
| &nbsp;&nbsp;&nbsp; Mansfield Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2746892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3730267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, PSF-GTD, 4.00%, 2/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 6050000 | &nbsp;&nbsp;&nbsp;&nbsp; 5592605 |
| &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; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102577 |
| &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; 335231 |
| &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; 266869 |
| &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; 239544 |
| &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; 277392 |
| &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; 1088322 |
| &nbsp;&nbsp;&nbsp; Mission Economic Development Corp., Graphic Packaging International LLC Project, Rev., AMT, 5.00%, 6/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3636906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Economic Development Corp., Waste Management, Inc. Project Series 2020B, Rev., AMT, VRDO, 3.80%, <br> 3/2/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1875000 | &nbsp;&nbsp;&nbsp;&nbsp; 1875000 |
| &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; 3178191 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Brazos Presbyterian Homes, Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, Rev., 5.25%, 1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2520000 | &nbsp;&nbsp;&nbsp;&nbsp; 2746796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, Rev., 5.25%, 1/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, Rev., 5.38%, 1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 989060 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Legacy Midtown Park Project, Rev., 6.75%, 7/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023931 |
| &nbsp;&nbsp;&nbsp; North East Texas Regional Mobility Authority, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp; 590089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1230000 | &nbsp;&nbsp;&nbsp;&nbsp; 1393248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1131669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 785511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1112827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 1/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1104611 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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 2025A, Rev., 5.00%, 1/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1390000 | &nbsp;&nbsp;&nbsp;&nbsp; 1502792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 1/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1284385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 1/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1168683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.25%, 1/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1330000 | &nbsp;&nbsp;&nbsp;&nbsp; 1427335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.25%, 1/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1603127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.25%, 1/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1224154 |
| &nbsp;&nbsp;&nbsp; North East Texas Regional Mobility Authority, Subordinate Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 663010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 724885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1935000 | &nbsp;&nbsp;&nbsp;&nbsp; 2172714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 846045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1119177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 665875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 660350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 1/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 655485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 1/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 864211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 1/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp;&nbsp; 942378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 1/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 795718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 1/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 788139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.25%, 1/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 796184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.25%, 1/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp; 766472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.25%, 1/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 684442 |
| &nbsp;&nbsp;&nbsp; North Texas Municipal Water District, Rev., 5.00%, 6/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 11465000 | &nbsp;&nbsp;&nbsp;&nbsp; 12056663 |
| &nbsp;&nbsp;&nbsp; North Texas Municipal Water District Water System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 4555000 | &nbsp;&nbsp;&nbsp;&nbsp; 5319099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 8738165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1340000 | &nbsp;&nbsp;&nbsp;&nbsp; 1544557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11287012 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, First Tier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3740000 | &nbsp;&nbsp;&nbsp;&nbsp; 3747430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 1/2/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5047732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 1/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3374596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 1/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1645000 | &nbsp;&nbsp;&nbsp;&nbsp; 1598115 |
| &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; 2720383 |
| &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; 1041234 |
| &nbsp;&nbsp;&nbsp; Pasadena Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 2/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5218928 |
| &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; 2360977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 4.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 7985000 | &nbsp;&nbsp;&nbsp;&nbsp; 8000905 |
| &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; 2410051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3287756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 2/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1983123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 2/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3174672 |
| &nbsp;&nbsp;&nbsp; Round Rock Independent School District Series 2025B, GO, PSF-GTD, 5.00%, 8/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp;&nbsp; 1642279 |
| &nbsp;&nbsp;&nbsp; State of Texas Series 2025B, GO, 5.00%, 8/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2255000 | &nbsp;&nbsp;&nbsp;&nbsp; 2603006 |
| &nbsp;&nbsp;&nbsp; State of Texas, College Student Loan, GO, AMT, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2170000 | &nbsp;&nbsp;&nbsp;&nbsp; 2329400 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; Tarrant County College District Series 2022, GO, 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1060016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Ascension Senior Credit Series 2025C1, Rev., 5.00%, <br> 11/15/2032 (c) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7805477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health Project Series 2022F, Rev., <br> 5.00%, 11/15/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2215000 | &nbsp;&nbsp;&nbsp;&nbsp; 2399607 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Christus Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1110000 | &nbsp;&nbsp;&nbsp;&nbsp; 1124106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2360000 | &nbsp;&nbsp;&nbsp;&nbsp; 2441580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3148574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2485000 | &nbsp;&nbsp;&nbsp;&nbsp; 2651443 |
| &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; 2339872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Health Resources System Series 2025C, Rev., 5.00%, <br> 11/15/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18275000 | &nbsp;&nbsp;&nbsp;&nbsp; 20301772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project Series <br> 2020B-1, Rev., 4.00%, 11/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1795000 | &nbsp;&nbsp;&nbsp;&nbsp; 1773799 |
| &nbsp;&nbsp;&nbsp; Terrell Independent School District, Kaufman and Hunt Counties, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2875323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 8/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2849443 |
| &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; 160171 |
| &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 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5354665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., 5.50%, 1/1/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12825000 | &nbsp;&nbsp;&nbsp;&nbsp; 14565261 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition and Supply Corp. V, Gas Supply Series 2024, Rev., 5.00%, 1/1/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18520000 | &nbsp;&nbsp;&nbsp;&nbsp; 20419754 |
| &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; 1107749 |
| &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; 3001047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 6/30/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1952001 |
| &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; 503708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 641526 |
| &nbsp;&nbsp;&nbsp; Texas State Affordable Housing Corp., Juniper Creek Apartments Project Series 2023, Rev., 3.75%, 7/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3010516 |
| &nbsp;&nbsp;&nbsp; Texas Transportation Finance Corp. Subordinate Tier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 10/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7140006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 10/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5979871 |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1760714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 10/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1920530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5515627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 10/15/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 1725000 | &nbsp;&nbsp;&nbsp;&nbsp; 1778628 |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board, State Water Implementation Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 4/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7473489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 4.25%, 10/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1160000 | &nbsp;&nbsp;&nbsp;&nbsp; 1125315 |
| &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; 1252022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp;&nbsp; 1303064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 8/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1220000 | &nbsp;&nbsp;&nbsp;&nbsp; 1339493 |
| &nbsp;&nbsp;&nbsp; Trinity River Authority, Water Project, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60227 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; 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; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 762042 |
| &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; 1128760 |
| &nbsp;&nbsp;&nbsp; Wylie Independent School District, GO, PSF-GTD, 5.00%, 8/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 2695000 | &nbsp;&nbsp;&nbsp;&nbsp; 2984366 |
| &nbsp;&nbsp;&nbsp; Total Texas |  | &nbsp;&nbsp;&nbsp;&nbsp; 665530548 |
| **Utah — 1.3%** | **Utah — 1.3%** | **Utah — 1.3%** |
| &nbsp;&nbsp;&nbsp; City of Salt Lake City, Airport System Series 2021A, Rev., AMT, 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp;&nbsp; 2509215 |
| &nbsp;&nbsp;&nbsp; City of Salt Lake City, International Airport Series 2025A, Rev., AMT, 5.25%, 7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 3080000 | &nbsp;&nbsp;&nbsp;&nbsp; 3301357 |
| &nbsp;&nbsp;&nbsp; City of Salt Lake City, Sales and Excise Tax Series 2022A, Rev., 4.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 111551 |
| &nbsp;&nbsp;&nbsp; County of Utah, IHC Health Services, Inc. Series 2018C, Rev., VRDO, LIQ : TD Bank NA, 2.85%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 35000000 | &nbsp;&nbsp;&nbsp;&nbsp; 35000000 |
| &nbsp;&nbsp;&nbsp; Downtown Revitalization Public Infrastructure District, Second Lien Sales Tax SEG Redevelopment Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., A.G., 5.25%, 6/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1077028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., A.G., 5.50%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3252119 |
| &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; 1647792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1190000 | &nbsp;&nbsp;&nbsp;&nbsp; 1314323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 3855000 | &nbsp;&nbsp;&nbsp;&nbsp; 4171165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2305000 | &nbsp;&nbsp;&nbsp;&nbsp; 2530889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2898111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1610000 | &nbsp;&nbsp;&nbsp;&nbsp; 1754164 |
| &nbsp;&nbsp;&nbsp; Mida Cormont Public Infrastructure District, Limited Tax Series 2025A-1, GO, 6.25%, 6/1/2055 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1052965 |
| &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 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1993376 |
| &nbsp;&nbsp;&nbsp; Utah Housing Corp., Single Family Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 9/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2390212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, 7/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 6865000 | &nbsp;&nbsp;&nbsp;&nbsp; 7664464 |
| &nbsp;&nbsp;&nbsp; Utah Infrastructure Agency Series 2021, Rev., 4.00%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1210000 | &nbsp;&nbsp;&nbsp;&nbsp; 1219272 |
| &nbsp;&nbsp;&nbsp; Utah Infrastructure Agency, Clearfield City Project, Rev., 4.00%, 10/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp;&nbsp; 921930 |
| &nbsp;&nbsp;&nbsp; Utah Infrastructure Agency, Tax-Exempt Telecommunications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1025404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1560000 | &nbsp;&nbsp;&nbsp;&nbsp; 1583864 |
| &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; 370000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 657435 |
| &nbsp;&nbsp;&nbsp; Utah Transit Authority, Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1454580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1580000 | &nbsp;&nbsp;&nbsp;&nbsp; 1763173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 12/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1235000 | &nbsp;&nbsp;&nbsp;&nbsp; 1358768 |
| &nbsp;&nbsp;&nbsp; Total Utah |  | &nbsp;&nbsp;&nbsp;&nbsp; 83023157 |
| **Virginia — 1.0%** | **Virginia — 1.0%** | **Virginia — 1.0%** |
| &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; 181955 |
| &nbsp;&nbsp;&nbsp; County of Henrico Water and Sewer, Rev., 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 108251 |
| &nbsp;&nbsp;&nbsp; County of Spotsylvania Water and Sewer System Series 2024, Rev., 4.00%, 12/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1097757 |
| &nbsp;&nbsp;&nbsp; County of Spotsylvania, Public Improvement, GO, 5.00%, 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 90358 |
| &nbsp;&nbsp;&nbsp; Fairfax County Industrial Development Authority, Rev., 4.00%, 5/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 3675000 | &nbsp;&nbsp;&nbsp;&nbsp; 3638573 |
| &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 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2465000 | &nbsp;&nbsp;&nbsp;&nbsp; 2494110 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; 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; 1148995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1163761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1152188 |
| &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; 173104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 4.00%, 9/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1385000 | &nbsp;&nbsp;&nbsp;&nbsp; 1409789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia College Building Authority, Educational Facilities, Washington and Lee University Project, Rev., NATL - RE, <br> 5.25%, 1/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp;&nbsp; 1122432 |
| &nbsp;&nbsp;&nbsp; Virginia Housing Development Authority Series 2025G, Rev., 3.13%, 4/1/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7999910 |
| &nbsp;&nbsp;&nbsp; Virginia Port Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1710731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1957459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1365000 | &nbsp;&nbsp;&nbsp;&nbsp; 1465324 |
| &nbsp;&nbsp;&nbsp; Virginia Public Building Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 4.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5004125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 8/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 6660000 | &nbsp;&nbsp;&nbsp;&nbsp; 7217652 |
| &nbsp;&nbsp;&nbsp; Virginia Public School Authority, 1997 Resolution |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 3840000 | &nbsp;&nbsp;&nbsp;&nbsp; 4472441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 8/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2210000 | &nbsp;&nbsp;&nbsp;&nbsp; 2546777 |
| &nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority Series 2021, Rev., 4.00%, 12/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1145000 | &nbsp;&nbsp;&nbsp;&nbsp; 966275 |
| &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; 255742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2009670 |
| &nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Senior Lien, Transform 66 P3 Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/31/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 7030000 | &nbsp;&nbsp;&nbsp;&nbsp; 6824114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/31/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 5880000 | &nbsp;&nbsp;&nbsp;&nbsp; 5653489 |
| &nbsp;&nbsp;&nbsp; Total Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp; 61864982 |
| **Washington — 1.7%** | **Washington — 1.7%** | **Washington — 1.7%** |
| &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; 1030455 |
| &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; 1950000 | &nbsp;&nbsp;&nbsp;&nbsp; 1994379 |
| &nbsp;&nbsp;&nbsp; Chelan County Public Utility District No. 1 Series 2020A, Rev., 4.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1670000 | &nbsp;&nbsp;&nbsp;&nbsp; 1708848 |
| &nbsp;&nbsp;&nbsp; City of Seattle, Municipal Light and Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5839055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4633373 |
| &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; 1167215 |
| &nbsp;&nbsp;&nbsp; County of King Sewer Series 2016A, Rev., 4.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5001005 |
| &nbsp;&nbsp;&nbsp; County of Snohomish, Limited Tax, GO, 4.00%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1470000 | &nbsp;&nbsp;&nbsp;&nbsp; 1518522 |
| &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; 3769328 |
| &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; 57097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2293224 |
| &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; 5417300 |
| &nbsp;&nbsp;&nbsp; King and Pierce Counties Valley Regional Fire Authority, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, A.G., 5.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1166792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, A.G., 5.00%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1525000 | &nbsp;&nbsp;&nbsp;&nbsp; 1753246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, A.G., 5.00%, 12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1139213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, A.G., 5.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1468851 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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 2024, GO, A.G., 5.00%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1085000 | &nbsp;&nbsp;&nbsp;&nbsp; 1218198 |
| &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; 46574 |
| &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; 50000 |
| &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; 7464175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, GO, 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5040000 | &nbsp;&nbsp;&nbsp;&nbsp; 5583816 |
| &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; 3310112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R2025C, GO, 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4583840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, GO, 5.00%, 6/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4272239 |
| &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; 55095 |
| &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; 1436847 |
| &nbsp;&nbsp;&nbsp; Vancouver Housing Authority Series 2025, Rev., 4.25%, 2/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9234108 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Commonspirit Health Series 2025A, Rev., 5.25%, 9/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2090818 |
| &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; 1027914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 783916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1063192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1080293 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Bayview Manor II Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B-2, Rev., 4.20%, 7/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1130000 | &nbsp;&nbsp;&nbsp;&nbsp; 1130058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 6.00%, 7/1/2060 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022179 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Blakeley and Laurel Villages Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.50%, 7/1/2050 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4905000 | &nbsp;&nbsp;&nbsp;&nbsp; 4951473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.75%, 7/1/2060 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5102495 |
| &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; 2060843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 7/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2425363 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Rockwood Retirement Communities Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1920000 | &nbsp;&nbsp;&nbsp;&nbsp; 1956611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3070000 | &nbsp;&nbsp;&nbsp;&nbsp; 3002634 |
| &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 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1215000 | &nbsp;&nbsp;&nbsp;&nbsp; 1331255 |
| &nbsp;&nbsp;&nbsp; Total Washington |  | &nbsp;&nbsp;&nbsp;&nbsp; 106241951 |
| **West Virginia — 0.1%** | **West Virginia — 0.1%** | **West Virginia — 0.1%** |
| &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 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7105634 |
| &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; 1946118 |
| &nbsp;&nbsp;&nbsp; Total West Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp; 9051752 |
| **Wisconsin — 1.5%** | **Wisconsin — 1.5%** | **Wisconsin — 1.5%** |
| &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; 1852540 |
| &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; 169224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022D, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 188211 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Rev., AMT, 5.75%, 12/31/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6222171 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, AFCO Airport Real Estate Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., AMT, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 453328 |
| &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; 806003 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; Public Finance Authority, Ascend Leadership Academy Project Series 2021A, Rev., 5.00%, 6/15/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1035000 | &nbsp;&nbsp;&nbsp;&nbsp; 926878 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Astro Texas Land Projects, Rev., 5.00%, 12/15/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4245174 | &nbsp;&nbsp;&nbsp;&nbsp; 4195830 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Celanese Corp. Series 2016C, Rev., AMT, 4.30%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1196728 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Cone Health Series 2022A, Rev., 5.00%, 10/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 6530000 | &nbsp;&nbsp;&nbsp;&nbsp; 6642948 |
| &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; 555003 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Georgia SR 400 Express Lanes Project, Rev., AMT, 5.75%, 6/30/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 10035000 | &nbsp;&nbsp;&nbsp;&nbsp; 10429558 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Kahala Nui Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 278763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 298327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 396694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 317543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 257586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 477356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 502888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 746770 |
| &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; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 168916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.25%, 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 301227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 6/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1092259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 6/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 269738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.25%, 6/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 563838 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Senior Lien, Rev., AMT, 5.50%, 7/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 4745000 | &nbsp;&nbsp;&nbsp;&nbsp; 4907862 |
| &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; 50499 |
| &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; 5024879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, GO, 5.00%, 5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1280000 | &nbsp;&nbsp;&nbsp;&nbsp; 1449136 |
| &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; 4561402 |
| &nbsp;&nbsp;&nbsp; University of Wisconsin Hospitals and Clinics |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., VRDO, LIQ : US Bank NA, 2.85%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11500000 | &nbsp;&nbsp;&nbsp;&nbsp; 11500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 10/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2199986 |
| &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; 1607021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3205000 | &nbsp;&nbsp;&nbsp;&nbsp; 3432560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3365000 | &nbsp;&nbsp;&nbsp;&nbsp; 3673415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3525000 | &nbsp;&nbsp;&nbsp;&nbsp; 3918652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1515000 | &nbsp;&nbsp;&nbsp;&nbsp; 1761467 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 4.00%, 5/15/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 4.00%, 11/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1590000 | &nbsp;&nbsp;&nbsp;&nbsp; 1468445 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group, Rev., 5.25%, 8/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045398 |
| &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 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009486 |
| &nbsp;&nbsp;&nbsp; Wisconsin Housing and Economic Development Authority, Home Ownership |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., GNMA / FNMA / FHLMC, 6.00%, 9/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 4665000 | &nbsp;&nbsp;&nbsp;&nbsp; 5034076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., GNMA / FNMA / FHLMC, 6.00%, 3/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 985000 | &nbsp;&nbsp;&nbsp;&nbsp; 1074387 |
| &nbsp;&nbsp;&nbsp; Total Wisconsin |  | &nbsp;&nbsp;&nbsp;&nbsp; 93039064 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Wyoming — 0.6%** | **Wyoming — 0.6%** | **Wyoming — 0.6%** |
| &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; 26875000 | &nbsp;&nbsp;&nbsp;&nbsp; 25571635 |
| &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; 3950000 | &nbsp;&nbsp;&nbsp;&nbsp; 4149008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Rev., 6.00%, 12/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2450000 | &nbsp;&nbsp;&nbsp;&nbsp; 2651788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Rev., 6.25%, 12/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 4195000 | &nbsp;&nbsp;&nbsp;&nbsp; 4683803 |
| &nbsp;&nbsp;&nbsp; Total Wyoming |  | &nbsp;&nbsp;&nbsp;&nbsp; 37056234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $5,628,921,083)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 5737138868 |
|  | &nbsp;&nbsp;&nbsp; **NO. OF** <br> **CONTRACTS**<br>|  |
| **Options Purchased — 0.0% ^** | **Options Purchased — 0.0% ^** | **Options Purchased — 0.0% ^** |
| **Call Options Purchased — 0.0% ^** | **Call Options Purchased — 0.0% ^** | **Call Options Purchased — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury 30 Year Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/23/2026 at USD 130.00, American Style |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional Amount: USD 1,400,000,000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counterparty: Exchange-Traded \* | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 656250 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury 30 Year Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/23/2026 at USD 140.00, American Style |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional Amount: USD 1,400,000,000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counterparty: Exchange-Traded \* | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 158382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Call Options Purchased <br>(Cost $3,062,500)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 814632 |
|  | **SHARES** |  |
| **Short-Term Investments — 8.8%** | **Short-Term Investments — 8.8%** | **Short-Term Investments — 8.8%** |
| **Investment Companies — 8.8%** | **Investment Companies — 8.8%** | **Investment Companies — 8.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 2.71% (f) (g) <br>(Cost $548,762,986)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 548713917 | &nbsp;&nbsp;&nbsp;&nbsp; 548768789 |
| **Total Investments — 100.3%** <br>**(Cost $6,180,746,569)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **6286722289** |
| **Liabilities in Excess of Other Assets — (0.3)%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(19756511)**<br>|
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **6266965778** |

---

&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 |
| BHAC | Insured by Berkshire Hathaway Assurance Corp. |
| COLL | Collateral |
| COP | Certificate of Participation |
| CR | Custodial Receipts |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | |
|:---|:---|
| GO | General Obligation |
| GTD | Guaranteed |
| IBC | Insured Bond Certificates |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| MTA | Metropolitan Transportation Authority |
| NATL | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | Permanent School Fund Guaranteed |
| Q-SBLF | Qualified School Bond Loan Fund |
| RAN | Revenue Anticipation Note |
| RE | Reinsured |
| Rev. | Revenue |
| SCSDE | South Carolina School District Enhancement |
| TRAN | Tax & Revenue Anticipation Note |
| USD | United States Dollar |
| VRDO | Variable Rate Demand Obligation |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable inputs. |
| \* | Non-income producing security.  |
| (a) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
| (b) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (c) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments <br> on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2025. <br>|
| (d) | Security is prerefunded or escrowed to maturity. |
| (e) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (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 November 30, 2025. |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

**Futures contracts outstanding as of November 30, 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 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 1121 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 127058344 | &nbsp;&nbsp;&nbsp;&nbsp; 278496 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 444 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 52142250 | &nbsp;&nbsp;&nbsp;&nbsp; 318375 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 596871 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (337)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (39155188)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (156335)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (168)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (20317500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (151360)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (307695)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 289176 |

---

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

---

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

---

**Written Call Options Contracts as of November 30, 2025:**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| U.S. Treasury 30 Year Bond | Exchange-Traded | 28000 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 2,800,000,000<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 135.00<br>| 1/23/2026 | &nbsp;&nbsp; (656264)<br>|
| Total Written Options Contracts (Premiums Received $(2187500)) | Total Written Options Contracts (Premiums Received $(2187500)) | Total Written Options Contracts (Premiums Received $(2187500)) | Total Written Options Contracts (Premiums Received $(2187500)) | Total Written Options Contracts (Premiums Received $(2187500)) | Total Written Options Contracts (Premiums Received $(2187500)) | &nbsp;&nbsp; (656264)<br>|

---

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

---

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

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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 and options 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>observable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Alabama | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $183981906 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $183981906 |
| &nbsp;&nbsp;&nbsp; Alaska | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19939494 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19939494 |
| &nbsp;&nbsp;&nbsp; Arizona | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 135108460 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 135108460 |
| &nbsp;&nbsp;&nbsp; Arkansas | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3367600 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3367600 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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> observable inputs<br>| **Total** |
| &nbsp;&nbsp;&nbsp; California | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $357469095 | &nbsp;&nbsp;&nbsp;&nbsp; $19588000 | &nbsp;&nbsp;&nbsp;&nbsp; $377057095 |
| &nbsp;&nbsp;&nbsp; Colorado | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 193048557 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 193048557 |
| &nbsp;&nbsp;&nbsp; Connecticut | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 75853481 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 75853481 |
| &nbsp;&nbsp;&nbsp; Delaware | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8150182 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8150182 |
| &nbsp;&nbsp;&nbsp; District of Columbia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71623846 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71623846 |
| &nbsp;&nbsp;&nbsp; Florida | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 233545376 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 233545376 |
| &nbsp;&nbsp;&nbsp; Georgia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 262076869 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 262076869 |
| &nbsp;&nbsp;&nbsp; Guam | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4854596 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4854596 |
| &nbsp;&nbsp;&nbsp; Hawaii | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19606589 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19606589 |
| &nbsp;&nbsp;&nbsp; Idaho | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29732679 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29732679 |
| &nbsp;&nbsp;&nbsp; Illinois | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 336218989 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 336218989 |
| &nbsp;&nbsp;&nbsp; Indiana | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69672961 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69672961 |
| &nbsp;&nbsp;&nbsp; Iowa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24368891 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24368891 |
| &nbsp;&nbsp;&nbsp; Kansas | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30463975 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30463975 |
| &nbsp;&nbsp;&nbsp; Kentucky | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 88593770 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 88593770 |
| &nbsp;&nbsp;&nbsp; Louisiana | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 73306763 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 73306763 |
| &nbsp;&nbsp;&nbsp; Maine | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12506084 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12506084 |
| &nbsp;&nbsp;&nbsp; Maryland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68880163 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68880163 |
| &nbsp;&nbsp;&nbsp; Massachusetts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68595445 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68595445 |
| &nbsp;&nbsp;&nbsp; Michigan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89112517 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89112517 |
| &nbsp;&nbsp;&nbsp; Minnesota | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24640342 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24640342 |
| &nbsp;&nbsp;&nbsp; Mississippi | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25044856 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25044856 |
| &nbsp;&nbsp;&nbsp; Missouri | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48560587 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48560587 |
| &nbsp;&nbsp;&nbsp; Montana | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14988896 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14988896 |
| &nbsp;&nbsp;&nbsp; Nebraska | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41682665 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41682665 |
| &nbsp;&nbsp;&nbsp; Nevada | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15762852 | &nbsp;&nbsp;&nbsp;&nbsp; 3760000 | &nbsp;&nbsp;&nbsp;&nbsp; 19522852 |
| &nbsp;&nbsp;&nbsp; New Hampshire | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28015006 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28015006 |
| &nbsp;&nbsp;&nbsp; New Jersey | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 169596331 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 169596331 |
| &nbsp;&nbsp;&nbsp; New Mexico | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20314152 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20314152 |
| &nbsp;&nbsp;&nbsp; New York | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 911648797 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 911648797 |
| &nbsp;&nbsp;&nbsp; North Carolina | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100662707 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100662707 |
| &nbsp;&nbsp;&nbsp; North Dakota | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6333951 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6333951 |
| &nbsp;&nbsp;&nbsp; Ohio | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 211551112 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 211551112 |
| &nbsp;&nbsp;&nbsp; Oklahoma | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49073144 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49073144 |
| &nbsp;&nbsp;&nbsp; Oregon | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25749833 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25749833 |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2764264 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2764264 |
| &nbsp;&nbsp;&nbsp; Pennsylvania | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 210581757 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 210581757 |
| &nbsp;&nbsp;&nbsp; Puerto Rico | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 81716386 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 81716386 |
| &nbsp;&nbsp;&nbsp; Rhode Island | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27069038 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27069038 |
| &nbsp;&nbsp;&nbsp; South Carolina | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51981060 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51981060 |
| &nbsp;&nbsp;&nbsp; South Dakota | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7897278 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7897278 |
| &nbsp;&nbsp;&nbsp; Tennessee | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 122269878 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 122269878 |
| &nbsp;&nbsp;&nbsp; Texas | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 665530548 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 665530548 |
| &nbsp;&nbsp;&nbsp; Utah | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 83023157 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 83023157 |
| &nbsp;&nbsp;&nbsp; Virginia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 61864982 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 61864982 |
| &nbsp;&nbsp;&nbsp; Washington | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 106241951 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 106241951 |
| &nbsp;&nbsp;&nbsp; West Virginia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9051752 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9051752 |

---

------

**JPMorgan Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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> observable inputs<br>| **Total** |
| &nbsp;&nbsp;&nbsp; Wisconsin | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $93039064 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $93039064 |
| &nbsp;&nbsp;&nbsp; Wyoming | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37056234 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37056234 |
| Total Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5713790868 | &nbsp;&nbsp;&nbsp;&nbsp; 23348000 | &nbsp;&nbsp;&nbsp;&nbsp; 5737138868 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 814632 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 814632 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 548768789 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 548768789 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $549583421 | &nbsp;&nbsp;&nbsp;&nbsp; $5713790868 | &nbsp;&nbsp;&nbsp;&nbsp; $23348000 | &nbsp;&nbsp;&nbsp;&nbsp; $6286722289 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $596871 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $596871 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(307695)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(307695)<br>|
| Options Written |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (656264)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (656264)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(367088)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(367088)<br>|

---

**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 November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 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>**November 30,** <br>**2025**<br>| **Shares at** <br>**November 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Institutional <br> Tax Free Money <br> Market Fund <br> Class IM Shares, <br> 2.71% (a) (b)<br>| $282312368 | $1970908583 | $1704452162 | $— | $— | $548768789 | 548713917 | $7356168 | $— |

---

&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 November 30, 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:** 390 Madison Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

  - **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:** 2025-11-30

**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:** $6376484308.10

**Total Liabilities:** $109716294.77

**Net Assets:** $6266768013.33

**Cash Not Reported:** $12948071.65

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 4094.09810000 | **1-Year:** 168084.16603000 | **5-Year:** 917323.80157000 | **10-Year:** 1855980.57449000 | **30-Year:** 261332.11847000

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

- **3-Month:** 509.64078000 | **1-Year:** 22336.68826000 | **5-Year:** 44996.85637000 | **10-Year:** 112454.14530000 | **30-Year:** 233771.19814000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000205215 | 2.06%                | 0.90%                | 0.30%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-304906.09              | $61065147.62                               |
| Month 2  | $1483072.03              | $61612184.48                               |
| Month 3  | $2407099.30              | $-2401809.05                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Adams and Arapahoe Counties Joint School District 28J Aurora                          | Adams and Arapahoe Counties Joint School District 28J Aurora                                                                                           | CUSIP: 0054824T8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3375000 | PA      | $3846695.74   | 0.06%             | 2043-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Adams CO                                                                    | County of Adams                                                                                                                                        | CUSIP: 005596FG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1374519.75   | 0.02%             | 2054-12-01      | Fixed         | 4.00%                 | 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      | $1045414.50   | 0.02%             | 2027-12-01      | 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      | $1585101.15   | 0.03%             | 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      | $2139233.84   | 0.03%             | 2034-10-01      | Fixed         | 4.00%                 | 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      | $2465141.85   | 0.04%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Albany Capital Resource Corp.                                                         | Albany Capital Resource Corp., Medical Center Hospital, Series 2025A                                                                                   | CUSIP: 012432ET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2101034.20   | 0.03%             | 2050-05-01      | Fixed         | 5.25%                 | 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      | $240398.88    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | 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      | $665684.04    | 0.01%             | 2036-08-01      | 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      | $1102264.40   | 0.02%             | 2037-08-01      | Fixed         | 5.00%                 | 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      | $182990.41    | 0.00%             | 2028-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                       | Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group, Series 2018A                                                | CUSIP: 01728A3Q7<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5214147.00   | 0.08%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                       | Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group, Series 2018A                                                | CUSIP: 01728A3R5<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3962765.78   | 0.06%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                       | Allegheny County Hospital Development Authority, Pittsburgh Medical Center, Series 2019A                                                               | CUSIP: 01728A4S2<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1915304.58   | 0.03%             | 2032-07-15      | Fixed         | 5.00%                 | 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      | $4234826.40   | 0.07%             | 2034-07-15      | Fixed         | 5.00%                 | 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      | $1581553.95   | 0.03%             | 2048-01-01      | Fixed         | 5.50%                 | 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      | $1045275.80   | 0.02%             | 2053-01-01      | Fixed         | 5.50%                 | 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   | 0.10%             | 2037-12-01      | Variable      | 3.00%                 | 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      | $2748100.58   | 0.04%             | 2042-03-01      | 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      | $1063672.90   | 0.02%             | 2043-03-01      | Fixed         | 5.00%                 | 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      | $1306245.50   | 0.02%             | 2027-12-01      | 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      | $1199803.29   | 0.02%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                                   | Allegheny County Sanitary Authority                                                                                                                    | CUSIP: 017357T95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1128135.90   | 0.02%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                                   | Allegheny County Sanitary Authority                                                                                                                    | CUSIP: 017357U28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $558137.85    | 0.01%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                                        | County of Allen, Hospital Facilities, Bon Secours Mercy Health, Inc., Series 2025A                                                                     | CUSIP: 01757LHG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1960000 | PA      | $2174922.62   | 0.03%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alvin Independent School District/TX                                                  | Alvin Independent School District, Unlimited Tax, Series 2025A                                                                                         | CUSIP: 0224473N4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1193141.66   | 0.02%             | 2033-02-15      | Fixed         | 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        |   6500000 | PA      | $4372105.40   | 0.07%             | 2036-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                        | American Municipal Power, Inc., GreenUp Hydroelectric Project, Series 2025A                                                                            | CUSIP: 02765UVE1<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1693169.16   | 0.03%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                        | American Municipal Power, Inc., GreenUp Hydroelectric Project, Series 2025A                                                                            | CUSIP: 02765UVF8<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091677.30   | 0.02%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                        | American Municipal Power, Inc., GreenUp Hydroelectric Project, Series 2025A                                                                            | CUSIP: 02765UVG6<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079600.80   | 0.02%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                        | American Municipal Power, Inc., GreenUp Hydroelectric Project, Series 2025A                                                                            | CUSIP: 02765UVJ0<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1726534.93   | 0.03%             | 2045-02-15      | Fixed         | 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      | $1961093.88   | 0.03%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| 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      | $1525651.51   | 0.02%             | 2042-04-01      | Fixed         | 4.00%                 | 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        |   1395000 | PA      | $1355048.87   | 0.02%             | 2045-04-01      | Fixed         | 4.00%                 | 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      | $2891243.12   | 0.05%             | 2035-10-01      | 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      | $920291.00    | 0.01%             | 2041-07-01      | Fixed         | 4.00%                 | 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      | $1316016.13   | 0.02%             | 2041-07-01      | Fixed         | 4.00%                 | 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      | $232015.91    | 0.00%             | 2028-07-01      | 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      | $244818.42    | 0.00%             | 2029-07-01      | 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        |    465000 | PA      | $466680.60    | 0.01%             | 2033-07-01      | Fixed         | 4.50%                 | Yes           |                  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      | $196030.44    | 0.00%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                              | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC, Series 2022A                                                            | CUSIP: 04052FDG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1691951.17   | 0.03%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                              | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC, Series 2022A                                                            | CUSIP: 04052FDJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1910877.14   | 0.03%             | 2036-11-01      | 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: 04052FDU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4325000 | PA      | $4513061.81   | 0.07%             | 2028-11-01      | 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      | $1631256.26   | 0.03%             | 2030-11-01      | 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: 04052FEE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061088.20   | 0.02%             | 2038-11-01      | 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      | $2046457.14   | 0.03%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                              | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC, Series 2023A                                                            | CUSIP: 04052FEM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020853.30   | 0.02%             | 2053-11-01      | Fixed         | 5.25%                 | 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      | $1156857.11   | 0.02%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                              | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC, Series 2024A                                                            | CUSIP: 04052FFC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027737.40   | 0.02%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  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        |   3415000 | PA      | $3170699.78   | 0.05%             | 2059-01-01      | Fixed         | 5.12%                 | 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      | $2625313.83   | 0.04%             | 2058-03-01      | Variable      | 5.00%                 | 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      | $116037.04    | 0.00%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                                              | Arizona Board of Regents, State University, Series 2025A                                                                                               | CUSIP: 040664NH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $4043255.65   | 0.06%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                                              | Arizona Board of Regents, State University, Series 2025A                                                                                               | CUSIP: 040664NJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2735000 | PA      | $3193823.33   | 0.05%             | 2034-07-01      | Fixed         | 5.00%                 | 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      | $1076313.20   | 0.02%             | 2048-07-01      | Fixed         | 6.88%                 | Yes           |                  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      | $162500.66    | 0.00%             | 2026-08-15      | 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      | $150727.91    | 0.00%             | 2027-08-15      | 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      | $158158.34    | 0.00%             | 2028-08-15      | 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      | $139589.23    | 0.00%             | 2029-08-15      | 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      | $109520.14    | 0.00%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                              | Arlington Higher Education Finance Corp., Lifeschool of Dallas, Series 2024                                                                            | CUSIP: 041807LA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $160386.56    | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                              | Arlington Higher Education Finance Corp., Lifeschool of Dallas, Series 2024                                                                            | CUSIP: 041807LB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $110710.83    | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                              | Arlington Higher Education Finance Corp., Lifeschool of Dallas, Series 2024                                                                            | CUSIP: 041807LG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $331051.47    | 0.01%             | 2033-08-15      | 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      | $337735.44    | 0.01%             | 2034-08-15      | 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      | $272412.91    | 0.00%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                              | Arlington Higher Education Finance Corp., Lifeschool of Dallas, Series 2024                                                                            | CUSIP: 041807LK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $472827.94    | 0.01%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                             | City of Atlanta Department of Aviation, Series 2025BB-1                                                                                                | CUSIP: 04780M2Y4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082882.10   | 0.02%             | 2042-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                             | City of Atlanta Department of Aviation, Series 2025BB-1                                                                                                | CUSIP: 04780M2Z1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1287697.80   | 0.02%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                             | City of Atlanta Department of Aviation, Series 2025BB-1                                                                                                | CUSIP: 04780M3A5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1491703.78   | 0.02%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                             | City of Atlanta Department of Aviation, Series 2025BB-1                                                                                                | CUSIP: 04780M3B3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1591950.00   | 0.03%             | 2045-07-01      | 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      | $1936469.04   | 0.03%             | 2031-07-01      | 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      | $2360184.90   | 0.04%             | 2037-07-01      | Fixed         | 4.00%                 | 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      | $1512416.40   | 0.02%             | 2029-02-01      | Variable      | 3.40%                 | 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      | $4009469.49   | 0.06%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX                                                                     | City of Austin                                                                                                                                         | CUSIP: 0523973V6<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2738020.25   | 0.04%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX                                                                     | City of Austin                                                                                                                                         | CUSIP: 0523973W4<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2444691.60   | 0.04%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX                                                                     | City of Austin                                                                                                                                         | CUSIP: 0523975D4<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4466466.40   | 0.07%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX                                                                     | City of Austin                                                                                                                                         | CUSIP: 0523975E2<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4425776.80   | 0.07%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX                                                                     | City of Austin                                                                                                                                         | CUSIP: 0523975F9<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3285624.30   | 0.05%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX                                                                     | City of Austin                                                                                                                                         | CUSIP: 0523975G7<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3259588.80   | 0.05%             | 2044-09-01      | 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      | $1001360.30   | 0.02%             | 2046-11-15      | 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      | $1087793.20   | 0.02%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Community College District                                                     | Austin Community College District, Unlimited Tax                                                                                                       | CUSIP: 052403KP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5701081.00   | 0.09%             | 2036-08-01      | Fixed         | 5.00%                 | 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      | $1143941.10   | 0.02%             | 2036-11-15      | Fixed         | 5.00%                 | 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      | $2031527.00   | 0.03%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Baldwin County Industrial Development Authority                                       | Baldwin County Industrial Development Authority, Novelis Corp., Project, Series 2025A                                                                  | CUSIP: 05786PAA1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  17000000 | PA      | $17377238.50  | 0.28%             | 2055-06-01      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Baltimore MD                                                                  | City of Baltimore, Consolidated Public Improvement, Series 2017B                                                                                       | CUSIP: 059189VN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2089815.80   | 0.03%             | 2027-10-15      | 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        |   4000000 | PA      | $4060733.20   | 0.06%             | 2032-12-01      | Variable      | 3.95%                 | 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      | $300000.00    | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | 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      | $510349.20    | 0.01%             | 2026-12-01      | 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      | $1042473.00   | 0.02%             | 2027-12-01      | Fixed         | 5.00%                 | 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      | $616680.48    | 0.01%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Baseline Metropolitan District No. 1                                                  | Baseline Metropolitan District No. 1, Series 2024A                                                                                                     | CUSIP: 069826AK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1656311.85   | 0.03%             | 2030-12-01      | 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      | $1110037.80   | 0.02%             | 2031-12-01      | 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      | $1094216.30   | 0.02%             | 2038-07-10      | 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      | $1085755.80   | 0.02%             | 2039-07-10      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bergen County Improvement Authority (The)                                             | Bergen County Improvement Authority (The), Guaranteed Government Pooled Project, Series 2025A                                                          | CUSIP: 083773EC1<br>LEI: 549300GA3U8F8Z1HOS09 | Long             | DBT              | MUN               | US        |  17000000 | PA      | $17108815.30  | 0.27%             | 2026-05-21      | 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      | $225611.63    | 0.00%             | 2033-05-01      | Fixed         | 4.00%                 | 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      | $241786.49    | 0.00%             | 2034-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Bernalillo NM Gross Receipts Tax Revenue                                    | County of Bernalillo Gross Receipts Tax, Series 1996B                                                                                                  | CUSIP: 08527NFL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $359452.88    | 0.01%             | 2027-04-01      | Fixed         | 5.70%                 | 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      | $107845.39    | 0.00%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Bexar TX                                                                    | County of Bexar, Combination Tax                                                                                                                       | CUSIP: 0882815L0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2285268.92   | 0.04%             | 2042-06-15      | Fixed         | 5.00%                 | 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      | $1093581.54   | 0.02%             | 2053-12-01      | Variable      | 5.25%                 | No            |                  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      | $2895466.87   | 0.05%             | 2052-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                        | Black Belt Energy Gas District, Gas Project, Series 2022B-1                                                                                            | CUSIP: 09182TBC0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   8455000 | PA      | $8536572.15   | 0.14%             | 2053-04-01      | Variable      | 4.00%                 | 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      | $2152044.00   | 0.03%             | 2054-01-01      | Variable      | 5.25%                 | 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        |   5830000 | PA      | $6301070.41   | 0.10%             | 2055-10-01      | Variable      | 5.00%                 | 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        |  31180000 | PA      | $33817765.64  | 0.54%             | 2055-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                        | Black Belt Energy Gas District, Gas Project, Series 2025E                                                                                              | CUSIP: 09182TGC5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  16350000 | PA      | $17659159.22  | 0.28%             | 2055-12-01      | Variable      | 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      | $129925.04    | 0.00%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Bolingbrook IL                                                             | Village of Bolingbrook, Will and Dupage Counties, Special Service Areas Numbers 2001-1, 2001-2, 2001-3, and 2002-1                                     | CUSIP: 09755VBC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $1008068.13   | 0.02%             | 2028-03-01      | Fixed         | 4.00%                 | 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        |   5720000 | PA      | $5753613.58   | 0.09%             | 2027-08-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Brookhaven Development Authority                                                      | Brookhaven Development Authority, Children's Healthcare of Atlan, Series 2019A                                                                         | CUSIP: 113073AY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11090000 | PA      | $10104600.27  | 0.16%             | 2049-07-01      | 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      | $2831505.92   | 0.05%             | 2044-05-15      | Fixed         | 4.00%                 | 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      | $4995523.13   | 0.08%             | 2045-05-15      | Fixed         | 4.00%                 | 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      | $86187.02     | 0.00%             | 2026-08-01      | 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      | $2709751.55   | 0.04%             | 2045-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Buckeye AZ                                                                    | City of Buckeye                                                                                                                                        | CUSIP: 118084CR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1190960.93   | 0.02%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Buckeye AZ                                                                    | City of Buckeye                                                                                                                                        | CUSIP: 118084CS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091701.90   | 0.02%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Buckeye AZ Excise Tax Revenue                                                 | City of Buckeye, Excise Tax                                                                                                                            | CUSIP: 118087EZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1572735.02   | 0.03%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Buckeye AZ Excise Tax Revenue                                                 | City of Buckeye, Excise Tax                                                                                                                            | CUSIP: 118087FA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1847539.04   | 0.03%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Buckeye AZ Excise Tax Revenue                                                 | City of Buckeye, Excise Tax                                                                                                                            | CUSIP: 118087FB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1431474.00   | 0.02%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                        | Buckeye Tobacco Settlement Financing Authority, Series 2020A-2, Class 1                                                                                | CUSIP: 118217CL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10500000 | PA      | $11404117.20  | 0.18%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                        | Buckeye Tobacco Settlement Financing Authority, Series 2020A-2, Class 1                                                                                | CUSIP: 118217CT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6600000 | PA      | $6525116.40   | 0.10%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                        | Buckeye Tobacco Settlement Financing Authority, Series 2020A-2, Class 1                                                                                | CUSIP: 118217CU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3658746.38   | 0.06%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  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        |  36200000 | PA      | $30482648.02  | 0.49%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  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        |  83110000 | PA      | $7280003.83   | 0.12%             | 2057-06-01      | None          | 0.00%                 | 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      | $130292.52    | 0.00%             | 2032-12-01      | 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      | $119536.63    | 0.00%             | 2033-12-01      | Fixed         | 5.00%                 | 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      | $425680.07    | 0.01%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                              | Build NYC Resource Corp., Grand Concourse Academy Charter School, Series 2022A                                                                         | CUSIP: 12008ESZ0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    350000 | PA      | $340913.62    | 0.01%             | 2052-07-01      | Fixed         | 5.00%                 | 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        |   1135000 | PA      | $1228776.65   | 0.02%             | 2033-07-01      | Fixed         | 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      | $247774.98    | 0.00%             | 2034-07-01      | 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      | $1677751.76   | 0.03%             | 2040-09-01      | Fixed         | 4.00%                 | 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      | $2605538.00   | 0.04%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                              | Build NYC Resource Corp., Urban Resource Institute Project, Series 2025A                                                                               | CUSIP: 12008EWN2<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081192.70   | 0.02%             | 2046-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                              | Build NYC Resource Corp., Urban Resource Institute Project, Series 2025A                                                                               | CUSIP: 12008EWP7<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1171965.74   | 0.02%             | 2051-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                              | Build NYC Resource Corp., ERE425 LLC ZETA Charter Schools, Inc. Project, Series 2025A                                                                  | CUSIP: 12008EWT9<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   2720000 | PA      | $2768929.81   | 0.04%             | 2040-10-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                              | Build NYC Resource Corp., ERE425 LLC ZETA Charter Schools, Inc. Project, Series 2025A                                                                  | CUSIP: 12008EWU6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   3510000 | PA      | $3478086.73   | 0.06%             | 2045-10-15      | Fixed         | 5.12%                 | Yes           |                  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      | $1519975.13   | 0.02%             | 2031-06-01      | 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      | $1171454.60   | 0.02%             | 2034-06-01      | 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      | $795051.05    | 0.01%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  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      | $479953.20    | 0.01%             | 2049-07-01      | Fixed         | 4.38%                 | 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      | $1018324.73   | 0.02%             | 2053-11-01      | Variable      | 3.38%                 | 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      | $5001739.50   | 0.08%             | 2025-12-11      | Fixed         | 4.25%                 | 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        |  26665000 | PA      | $27150596.32  | 0.43%             | 2052-02-01      | Variable      | 4.00%                 | 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      | $2693761.46   | 0.04%             | 2053-07-01      | Variable      | 5.00%                 | 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      | $4182049.98   | 0.07%             | 2054-11-01      | Variable      | 5.25%                 | 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      | $5353527.50   | 0.09%             | 2054-05-01      | Variable      | 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      | $3226107.30   | 0.05%             | 2055-02-01      | Variable      | 5.00%                 | 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        |   6370000 | PA      | $7027661.73   | 0.11%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                       | California Community Choice Financing Authority, Clean Energy Project, Series 2025E                                                                    | CUSIP: 13013JHG4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  42475000 | PA      | $46575430.31  | 0.74%             | 2056-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                       | California Community Choice Financing Authority, Clean Energy Project, Series 2025F                                                                    | CUSIP: 13013JHH2<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  21500000 | PA      | $23547275.15  | 0.38%             | 2033-11-01      | 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        |  17000000 | PA      | $3917114.50   | 0.06%             | 2046-06-01      | None          | 0.00%                 | 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      | $2381955.25   | 0.04%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                       | California County Tobacco Securitization Agency, Los Angeles County Securitization Corp., Series 2020A                                                 | CUSIP: 13016NEK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $411868.60    | 0.01%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                       | California County Tobacco Securitization Agency, Los Angeles County Securitization Corp., Series 2020B-2                                               | CUSIP: 13016NFC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25260000 | PA      | $4840288.36   | 0.08%             | 2055-06-01      | None          | 0.00%                 | 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        |   6000000 | PA      | $1196840.40   | 0.02%             | 2055-06-01      | None          | 0.00%                 | 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      | $1072114.10   | 0.02%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                      | California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series 2021A                                                            | CUSIP: 13032UB23<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2420000 | PA      | $2240399.46   | 0.04%             | 2048-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                      | California Health Facilities Financing Authority, Sutter Health, Series 2018A                                                                          | CUSIP: 13032URN0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3902547.20   | 0.06%             | 2042-11-15      | Fixed         | 4.00%                 | 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        |   4900000 | PA      | $5516247.52   | 0.09%             | 2034-12-01      | 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        |   3355000 | PA      | $3716543.86   | 0.06%             | 2036-12-01      | 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        |   4000000 | PA      | $3528372.80   | 0.06%             | 2050-06-01      | Fixed         | 4.00%                 | 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      | $5044530.00   | 0.08%             | 2029-08-01      | Fixed         | 3.25%                 | 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      | $2137361.88   | 0.03%             | 2032-01-01      | 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 2025 B                                         | CUSIP: 13034A7E4<br>LEI: 549300C1OG9RDIM8ET06 | Long             | STIV             | MUN               | US        |  24485000 | PA      | $19588000.00  | 0.31%             | 2065-01-01      | Variable      | 12.00%                | No            |                  3 | 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      | $1846807.20   | 0.03%             | 2056-06-01      | Variable      | 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        |   2250000 | PA      | $2250000.00   | 0.04%             | 2045-10-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                | California Municipal Finance Authority, Humangood California Obligated Group, Series 2025A                                                             | CUSIP: 13048V3V8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1734137.22   | 0.03%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                | California Municipal Finance Authority, Community Health System, Series 2021A                                                                          | CUSIP: 13048VC97<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4005566.00   | 0.06%             | 2046-02-01      | Fixed         | 3.00%                 | 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      | $1489552.78   | 0.02%             | 2028-11-15      | 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      | $1055066.40   | 0.02%             | 2029-11-15      | 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      | $1193250.38   | 0.02%             | 2031-11-15      | 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      | $871691.44    | 0.01%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                | California Municipal Finance Authority, Class 1                                                                                                        | CUSIP: 13050WAD3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2998103 | PA      | $3005489.15   | 0.05%             | 2040-11-20      | Variable      | 4.33%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                      | California Pollution Control Financing Authority, Solid Waste Disposal, Republic Services, Inc., Project, Series 2017A-1                               | CUSIP: 130536RC1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000073.10   | 0.02%             | 2042-11-01      | Variable      | 3.45%                 | Yes           |                  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        |   1865000 | PA      | $2012818.41   | 0.03%             | 2036-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                      | California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project                                               | CUSIP: 13054WBC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1181321.90   | 0.02%             | 2037-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                      | California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project                                               | CUSIP: 13054WBE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027629.60   | 0.02%             | 2045-11-21      | Fixed         | 5.00%                 | Yes           |                  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        |   4000000 | PA      | $3921714.80   | 0.06%             | 2054-06-01      | Fixed         | 6.50%                 | Yes           |                  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      | $850071.59    | 0.01%             | 2039-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| State of California                                                                   | State of California, Various Purpose                                                                                                                   | CUSIP: 13063DZE1<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    335000 | PA      | $374180.29    | 0.01%             | 2032-11-01      | 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      | $2463719.32   | 0.04%             | 2033-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                | California Statewide Communities Development Authority, Loma Linda University Medical Center, Series 2016A                                             | CUSIP: 13080SML5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   9250000 | PA      | $9250441.23   | 0.15%             | 2056-12-01      | Fixed         | 5.25%                 | Yes           |                  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      | $936357.01    | 0.01%             | 2028-12-01      | Fixed         | 5.00%                 | 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      | $1395759.60   | 0.02%             | 2048-12-01      | Fixed         | 5.25%                 | Yes           |                  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        |  26875000 | PA      | $25571635.06  | 0.41%             | 2039-07-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Canisteo-Greenwood Central School District                                            | Canisteo-Greenwood Central School District                                                                                                             | CUSIP: 137590CL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3019688.70   | 0.05%             | 2026-06-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                                 | Capital Projects Finance Authority, Student Housing, Program Unionwest Properties LLC Project, Series 2024B                                            | CUSIP: 140427CK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13700000 | PA      | $1823408.35   | 0.03%             | 2062-06-01      | Variable      | 0.00%                 | Yes           |                  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      | $1682982.76   | 0.03%             | 2033-06-15      | Fixed         | 5.12%                 | Yes           |                  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      | $2111405.24   | 0.03%             | 2043-06-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| County of Carroll KY                                                                  | County of Carroll, Kentucky Environmental Facilities, Series 2006B                                                                                     | CUSIP: 14483RAU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7440000 | PA      | $6372192.60   | 0.10%             | 2034-10-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| County of Carroll KY                                                                  | County of Carroll, Kentucky Environmental Facilities, Series 2008A                                                                                     | CUSIP: 14483RAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11025000 | PA      | $9868858.97   | 0.16%             | 2032-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Town of Cary NC                                                                       | Town of Cary, Series 2021                                                                                                                              | CUSIP: 147051YK6<br>LEI: 5493005EXXSJNCUZX878 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5338300.50   | 0.09%             | 2032-09-01      | Fixed         | 4.00%                 | 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      | $1833730.20   | 0.03%             | 2026-11-01      | 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      | $741395.97    | 0.01%             | 2028-11-01      | 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      | $1018739.00   | 0.02%             | 2026-11-01      | 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      | $2173482.58   | 0.03%             | 2036-02-15      | 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      | $3725238.00   | 0.06%             | 2050-02-15      | 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      | $1141816.53   | 0.02%             | 2035-07-01      | Fixed         | 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      | $1151608.91   | 0.02%             | 2036-07-01      | 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      | $1197088.22   | 0.02%             | 2044-11-01      | 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: 151452CR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021409.40   | 0.02%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                                  | Central Florida Expressway Authority, Senior Lien, Series 2025A                                                                                        | CUSIP: 153476JZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3589477.92   | 0.06%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                                  | Central Florida Expressway Authority, Senior Lien, Series 2025A                                                                                        | CUSIP: 153476KA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2850000 | PA      | $3226996.29   | 0.05%             | 2039-07-01      | 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      | $339970.85    | 0.01%             | 2030-09-01      | 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      | $1420200.95   | 0.02%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                         | Central Plains Energy Project, Series 2025A, Subseries A-1                                                                                             | CUSIP: 154872AY1<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   9840000 | PA      | $10583216.18  | 0.17%             | 2055-08-01      | Variable      | 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        |   1950000 | PA      | $1994378.69   | 0.03%             | 2040-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                             | Central Texas Regional Mobility Authority, Senior Lien, Series 2021B                                                                                   | CUSIP: 155498LV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996752.10    | 0.02%             | 2041-01-01      | Fixed         | 4.00%                 | 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      | $45082.18     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | 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      | $266303.85    | 0.00%             | 2035-07-01      | Fixed         | 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: 160131EP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022858.90   | 0.02%             | 2026-12-01      | Fixed         | 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      | $1047986.90   | 0.02%             | 2027-12-01      | Fixed         | 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      | $1419815.28   | 0.02%             | 2028-12-01      | Fixed         | 5.00%                 | 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      | $404517.08    | 0.01%             | 2026-06-01      | 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      | $475613.64    | 0.01%             | 2027-06-01      | Fixed         | 5.00%                 | 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      | $1204143.36   | 0.02%             | 2037-08-01      | Fixed         | 4.00%                 | 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      | $2330159.53   | 0.04%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chelan County Public Utility District No. 1                                           | Chelan County Public Utility District No. 1, Series 2020A                                                                                              | CUSIP: 163103VH4<br>LEI: 5493004E8FN9GU2SU067 | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1708847.87   | 0.03%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                    | City of Chicago, Series 2019A                                                                                                                          | CUSIP: 167486E39<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4933139.50   | 0.08%             | 2049-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                    | City of Chicago, Series 2025A                                                                                                                          | CUSIP: 167486U72<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2110000 | PA      | $2215945.21   | 0.04%             | 2050-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                    | City of Chicago, Series 2025B                                                                                                                          | CUSIP: 167486V71<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6767281.95   | 0.11%             | 2041-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                            | Chicago Board of Education, Series 2016A                                                                                                               | CUSIP: 167505QY5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |  26875000 | PA      | $26875000.00  | 0.43%             | 2044-12-01      | Fixed         | 7.00%                 | 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        |   3000000 | PA      | $3210278.10   | 0.05%             | 2030-01-01      | 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        |   2335000 | PA      | $2504198.77   | 0.04%             | 2048-01-01      | Fixed         | 5.75%                 | 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      | $1153174.11   | 0.02%             | 2053-01-01      | Fixed         | 5.50%                 | 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      | $3872827.35   | 0.06%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                                  | Chicago Midway International Airport, Senior Lien, Series 2023C                                                                                        | CUSIP: 167562TH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2701354.00   | 0.04%             | 2037-01-01      | 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      | $1411025.65   | 0.02%             | 2036-01-01      | 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: 1675933Z3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $913940.69    | 0.01%             | 2037-01-01      | 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        |   2800000 | PA      | $2805026.84   | 0.04%             | 2026-01-01      | Fixed         | 5.00%                 | 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      | $40846.93     | 0.00%             | 2034-01-01      | 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      | $215846.18    | 0.00%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Sales Tax Receipts Fund                                     | Chicago Transit Authority Sales Tax Receipts Fund, Series 2024A                                                                                        | CUSIP: 16772PEP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13750000 | PA      | $14171390.75  | 0.23%             | 2049-12-01      | Fixed         | 5.00%                 | 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        |   9285000 | PA      | $9987310.90   | 0.16%             | 2030-11-01      | Fixed         | 5.75%                 | 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      | $379696.03    | 0.01%             | 2053-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                                 | City of Chicago, Waterworks, Second Lien, Series 2023B                                                                                                 | CUSIP: 167736X28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3160000 | PA      | $3398180.26   | 0.05%             | 2039-11-01      | 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      | $1524623.25   | 0.02%             | 2049-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Children's Trust Fund                                                                 | Children's Trust Fund, Tobacco Settlement Asset-Backed, Series 2005A                                                                                   | CUSIP: 16876QBJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |  41470000 | PA      | $8534073.98   | 0.14%             | 2050-05-15      | None          | 0.00%                 | 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      | $125799.19    | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | 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      | $4800906.69   | 0.08%             | 2031-07-01      | 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        |    400000 | PA      | $404850.60    | 0.01%             | 2026-07-01      | 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      | $166115.58    | 0.00%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                          | Clark County School District, Limited Tax, Series 2020A                                                                                                | CUSIP: 181059P59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1077659.55   | 0.02%             | 2039-06-15      | Fixed         | 4.00%                 | 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      | $100252.11    | 0.00%             | 2032-06-15      | 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      | $1167215.36   | 0.02%             | 2026-01-01      | Fixed         | 5.00%                 | 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      | $3982637.67   | 0.06%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clear Creek Transit Metropolitan District No. 2                                       | Clear Creek Transit Metropolitan District No. 2, Limited Tax, Series 2021A                                                                             | CUSIP: 184542AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    574000 | PA      | $465008.13    | 0.01%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clemson University                                                                    | Clemson University, Series 2025A                                                                                                                       | CUSIP: 185633EU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084588.20   | 0.02%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                                | Clifton Higher Education Finance Corp., Idea Public Schools, Series 2019                                                                               | CUSIP: 187145KM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1860000 | PA      | $1886681.33   | 0.03%             | 2037-08-15      | Fixed         | 4.00%                 | 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      | $251828.70    | 0.00%             | 2026-04-01      | 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      | $286876.86    | 0.00%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                                | Clifton Higher Education Finance Corp., Idea Public Schools, Series 2024                                                                               | CUSIP: 187145TP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $609377.46    | 0.01%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                                | Clifton Higher Education Finance Corp., Idea Public Schools, Series 2024                                                                               | CUSIP: 187145TQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037802.80   | 0.02%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                                | Clifton Higher Education Finance Corp., Yes Prep Public School, Inc.                                                                                   | CUSIP: 187145XK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4517495.32   | 0.07%             | 2050-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Coastal Water Authority                                                               | Coastal Water Authority, City of Houston Projects                                                                                                      | CUSIP: 19057PEQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5115000 | PA      | $5120427.53   | 0.08%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cobb-Marietta Coliseum & Exhibit Hall Authority                                       | Cobb-Marietta Coliseum and Exhibit Hall Authority, Galleria Center Project                                                                             | CUSIP: 190760JP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1919076.25   | 0.03%             | 2050-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Cobb-Marietta Coliseum & Exhibit Hall Authority                                       | Cobb-Marietta Coliseum and Exhibit Hall Authority, Galleria Center Project                                                                             | CUSIP: 190760JQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2186957.80   | 0.03%             | 2053-10-01      | Fixed         | 5.50%                 | 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      | $132288.86    | 0.00%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| College Park Housing Authority                                                        | College Park Housing Authority                                                                                                                         | CUSIP: 194307AA2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1509524.70   | 0.02%             | 2044-04-01      | Variable      | 3.45%                 | 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      | $1953527.47   | 0.03%             | 2027-06-01      | 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        |   2170000 | PA      | $2172184.76   | 0.03%             | 2042-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Housing and Finance Authority                                                | Colorado Housing and Finance Authority, Multi Family Mortgage Housing, Albion Apartments Project                                                       | CUSIP: 19647PDX8<br>LEI: 5493005GIROYQAWBMC18 | Long             | STIV             | MUN               | US        |   5000000 | PA      | $5026930.00   | 0.08%             | 2044-07-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority, Series 2025A                                                                                                     | CUSIP: 19648FA87<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012866.80   | 0.02%             | 2048-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority, CommonSpirit Health, Series 2025A                                                                                | CUSIP: 19648FB60<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   8300000 | PA      | $9217539.27   | 0.15%             | 2032-09-01      | 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      | $1515213.73   | 0.02%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority, CommonSpirit Health, Series 2019A-2                                                                              | CUSIP: 19648FKH6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068102.60   | 0.02%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority, CommonSpirit Health, Series 2019A-2                                                                              | CUSIP: 19648FKJ2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2131494.20   | 0.03%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority, Children's Hospital Colorado Project, Series 2019A-2                                                             | CUSIP: 19648FKR4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1266880.79   | 0.02%             | 2039-08-01      | 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        |  12650000 | PA      | $12770044.71  | 0.20%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority, School Health System, Series 2019A                                                                               | CUSIP: 19648FLN2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2605000 | PA      | $2647617.02   | 0.04%             | 2037-01-01      | Fixed         | 4.00%                 | 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      | $5168614.63   | 0.08%             | 2050-11-15      | Fixed         | 4.00%                 | 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      | $8168315.58   | 0.13%             | 2029-12-01      | 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      | $5101444.43   | 0.08%             | 2059-11-15      | Variable      | 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      | $1042167.90   | 0.02%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority, Covenant Living Communities and Services, Series 2025A                                                           | CUSIP: 19648FZC1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1203752.55   | 0.02%             | 2031-12-01      | 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      | $1092670.20   | 0.02%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                  | Colorado Health Facilities Authority, Adventist Health System, Series 2025A                                                                            | CUSIP: 19648FZQ0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5444486.00   | 0.09%             | 2060-11-15      | Variable      | 5.00%                 | 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        |   2440000 | PA      | $2597898.99   | 0.04%             | 2053-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Colorado Housing and Finance Authority                                                | Colorado Housing and Finance Authority, Single Family Mortgage, Series 2025M                                                                           | CUSIP: 19648GZ70<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |  11250000 | PA      | $12575723.63  | 0.20%             | 2055-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO                                                           | City of Colorado Springs, Multi Family Housing Bradley Apartments Project                                                                              | CUSIP: 196623AD4<br>LEI: 2549003N3PXBHQH2V448 | Long             | STIV             | MUN               | US        |   5000000 | PA      | $4993674.00   | 0.08%             | 2045-12-01      | Variable      | 3.15%                 | 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      | $357390.85    | 0.01%             | 2026-12-15      | 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: 19662UBA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $613728.61    | 0.01%             | 2037-12-15      | 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: 19662UBB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $665476.86    | 0.01%             | 2038-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                                  | City of Colorado Springs Utilities System, Series 2025A                                                                                                | CUSIP: 1966327S6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5900000 | PA      | $6874603.30   | 0.11%             | 2037-11-15      | 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      | $1023809.60   | 0.02%             | 2037-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Board of Governors of Colorado State University System                                | Board of Governors of Colorado State University System, Series 2017C                                                                                   | CUSIP: 196707S20<br>LEI: 549300MAE3RAIIEIQV71 | Long             | DBT              | MUN               | US        |   4770000 | PA      | $4889472.28   | 0.08%             | 2043-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                     | State of Colorado, Series 2020A                                                                                                                        | CUSIP: 196711SK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1462066.90   | 0.02%             | 2039-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                     | State of Colorado, Series 2021A                                                                                                                        | CUSIP: 196711UC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3133075.76   | 0.05%             | 2039-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colton Joint Unified School District                                                  | Colton Joint Unified School District, Election of 2014, Series A                                                                                       | CUSIP: 197036RQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $635285.00    | 0.01%             | 2047-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Colton Joint Unified School District                                                  | Colton Joint Unified School District, Election of 2014, Series A                                                                                       | CUSIP: 197036RR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $687895.20    | 0.01%             | 2048-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Colton Joint Unified School District                                                  | Colton Joint Unified School District, Election of 2014, Series A                                                                                       | CUSIP: 197036RS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $407449.50    | 0.01%             | 2049-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Colton Joint Unified School District                                                  | Colton Joint Unified School District, Election of 2014, Series A                                                                                       | CUSIP: 197036RT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $463097.55    | 0.01%             | 2050-08-01      | None          | 0.00%                 | 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      | $2141721.60   | 0.03%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus-Franklin County Finance Authority                                            | Columbus-Franklin County Finance Authority, The Landmark on Scioto                                                                                     | CUSIP: 19910XAQ9<br>LEI: 549300NX3ODQN2ETOO82 | Long             | STIV             | MUN               | US        |   3000000 | PA      | $3001029.00   | 0.05%             | 2044-06-01      | Variable      | 3.19%                 | 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      | $3717812.28   | 0.06%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                      | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                                    | CUSIP: 20282EAG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1133106.13   | 0.02%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                      | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                                    | CUSIP: 20282EAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2620000 | PA      | $2755929.01   | 0.04%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                      | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                                    | CUSIP: 20282EAK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1177826.05   | 0.02%             | 2029-06-01      | Fixed         | 5.00%                 | 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        |    200000 | PA      | $208491.70    | 0.00%             | 2035-06-01      | Fixed         | 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        |   3500000 | PA      | $3528650.65   | 0.06%             | 2029-01-01      | Fixed         | 3.30%                 | 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      | $4674478.94   | 0.07%             | 2028-12-01      | Fixed         | 5.00%                 | 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      | $1115936.30   | 0.02%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                  | State of Connecticut, Series 2022E                                                                                                                     | CUSIP: 20772KSM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2815000 | PA      | $3185005.57   | 0.05%             | 2035-11-15      | 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      | $1337869.30   | 0.02%             | 2039-05-01      | 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      | $2571517.92   | 0.04%             | 2037-07-01      | 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      | $1126731.70   | 0.02%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                              | State of Connecticut Special Tax, Transportation Infrastructure Purpose, Series 2024B                                                                  | CUSIP: 207758T37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10500000 | PA      | $10647458.85  | 0.17%             | 2026-07-01      | 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        |   3750000 | PA      | $3987555.75   | 0.06%             | 2049-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                           | Connecticut State Health and Educational Facilities Authority, Yale University, Series 2024C-1                                                         | CUSIP: 20775DYT3<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | STIV             | MUN               | US        |  40000000 | PA      | $40000000.00  | 0.64%             | 2060-07-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| County of Cook IL Sales Tax Revenue                                                   | County of Cook, Sales Tax                                                                                                                              | CUSIP: 213248BT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3754106.28   | 0.06%             | 2031-11-15      | 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      | $2077995.60   | 0.03%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County Community Consolidated School District No. 15 Palatine                    | Cook County Community Consolidated School District No. 15 Palatine                                                                                     | CUSIP: 213291RZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $757649.78    | 0.01%             | 2041-12-01      | 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      | $36803.77     | 0.00%             | 2030-12-01      | Fixed         | 4.00%                 | 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      | $367247.56    | 0.01%             | 2032-07-15      | 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      | $1433520.66   | 0.02%             | 2030-04-01      | 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      | $3092622.68   | 0.05%             | 2039-02-01      | 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        |   5000000 | PA      | $5436097.00   | 0.09%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crowley Independent School District                                                   | Crowley Independent School District, Unlimited Tax                                                                                                     | CUSIP: 228130MN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1110485.20   | 0.02%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crowley Independent School District                                                   | Crowley Independent School District, Unlimited Tax                                                                                                     | CUSIP: 228130MP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1556858.28   | 0.02%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crowley Independent School District                                                   | Crowley Independent School District, Unlimited Tax                                                                                                     | CUSIP: 228130MQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2180000 | PA      | $2373257.87   | 0.04%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crowley Independent School District                                                   | Crowley Independent School District, Unlimited Tax                                                                                                     | CUSIP: 228130MR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078542.50   | 0.02%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crowley Independent School District                                                   | Crowley Independent School District, Unlimited Tax                                                                                                     | CUSIP: 228130MS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1338636.00   | 0.02%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crowley Independent School District                                                   | Crowley Independent School District, Unlimited Tax                                                                                                     | CUSIP: 228130MT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1066218.10   | 0.02%             | 2045-02-01      | 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                                   | CUSIP: 230589AB9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  16440000 | PA      | $16437839.78  | 0.26%             | 2027-12-01      | Variable      | 3.13%                 | No            |                  2 | On Loan: No      |
| Cypress-Fairbanks Independent School District                                         | Cypress-Fairbanks Independent School District, Unlimited Tax, Series 2022A                                                                             | CUSIP: 232769LQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2114654.80   | 0.03%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                               | Dallas Fort Worth International Airport, Series 2025A-2                                                                                                | CUSIP: 23503CFK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25000000 | PA      | $26444025.00  | 0.42%             | 2050-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                               | Dallas Fort Worth International Airport, Series 2025A-2                                                                                                | CUSIP: 23503CFL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10939509.00  | 0.17%             | 2050-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                             | Dallas Area Rapid Transit, Sales Tax, Senior Lien, Series 2016A                                                                                        | CUSIP: 235241RV0<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |   9905000 | PA      | $9905000.00   | 0.16%             | 2048-12-01      | Fixed         | 5.00%                 | 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        |   2750000 | PA      | $2750000.00   | 0.04%             | 2026-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Davidson NC                                                                 | County of Davidson                                                                                                                                     | CUSIP: 238595MR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36282.29     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of DeKalb GA Water & Sewerage Revenue                                          | County of DeKalb, Water and Sewerage, Series 2006B                                                                                                     | CUSIP: 240523UJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5525000 | PA      | $5648716.91   | 0.09%             | 2026-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Decatur IL                                                                    | City of Decatur                                                                                                                                        | CUSIP: 243127VN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130734.12    | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Delaware PA                                                                 | County of Delaware                                                                                                                                     | CUSIP: 246001B91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $781577.28    | 0.01%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Delaware PA                                                                 | County of Delaware                                                                                                                                     | CUSIP: 246001C25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1123326.30   | 0.02%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Delaware PA                                                                 | County of Delaware                                                                                                                                     | CUSIP: 246001C33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1221375.48   | 0.02%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Delaware PA                                                                 | County of Delaware                                                                                                                                     | CUSIP: 246001C41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1108462.00   | 0.02%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Delaware PA                                                                 | County of Delaware                                                                                                                                     | CUSIP: 246001C58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1766034.76   | 0.03%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Delaware PA                                                                 | County of Delaware                                                                                                                                     | CUSIP: 246001C66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1510564.65   | 0.02%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Delaware PA                                                                 | County of Delaware                                                                                                                                     | CUSIP: 246001C74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1336739.22   | 0.02%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Delaware PA                                                                 | County of Delaware                                                                                                                                     | CUSIP: 246001C82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2038385.74   | 0.03%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Delaware PA                                                                 | County of Delaware                                                                                                                                     | CUSIP: 246001C90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1608933.99   | 0.03%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Delaware PA                                                                 | County of Delaware                                                                                                                                     | CUSIP: 246001D24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2040000 | PA      | $2157287.96   | 0.03%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Delaware PA                                                                 | County of Delaware                                                                                                                                     | CUSIP: 246001D32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2075000 | PA      | $2190588.08   | 0.03%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware River Port Authority                                                         | Delaware River Port Authority                                                                                                                          | CUSIP: 246352JG4<br>LEI: 549300OBM31KJO8JR048 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $4029601.80   | 0.06%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware River Port Authority                                                         | Delaware River Port Authority                                                                                                                          | CUSIP: 246352JH2<br>LEI: 549300OBM31KJO8JR048 | Long             | DBT              | MUN               | US        |   6250000 | PA      | $7135591.88   | 0.11%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                         | Delaware State Economic Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group, Series 2018B                                   | CUSIP: 246371AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $989262.30    | 0.02%             | 2048-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                         | Delaware State Economic Development Authority, Newark Charter School, Inc., Project                                                                    | CUSIP: 246372AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1586779.80   | 0.03%             | 2040-09-01      | Fixed         | 5.00%                 | 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      | $1192354.77   | 0.02%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                         | Delaware State Economic Development Authority, Delmarva Power and Light Co. Project, Series 2020A                                                      | CUSIP: 246387SX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4381785.28   | 0.07%             | 2031-01-01      | Fixed         | 3.60%                 | 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      | $1037017.00   | 0.02%             | 2029-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Denison Independent School District                                                   | Denison Independent School District, Unlimited Tax, Series 2023                                                                                        | CUSIP: 248415ZF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2865000 | PA      | $2752309.81   | 0.04%             | 2045-08-01      | Fixed         | 4.00%                 | 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      | $239617.91    | 0.00%             | 2029-08-01      | Fixed         | 5.00%                 | 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        |   4040000 | PA      | $4830114.92   | 0.08%             | 2035-12-01      | Fixed         | 5.25%                 | 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      | $3007512.94   | 0.05%             | 2028-12-01      | 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: 249182LG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10505000 | PA      | $10932463.16  | 0.17%             | 2035-12-01      | 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: 249182LN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3380000 | PA      | $3155012.67   | 0.05%             | 2043-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                     | City and County of Denver, Airport System, Series 2022A                                                                                                | CUSIP: 249182QH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1115440.90   | 0.02%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                     | City and County of Denver, Airport System, Series 2022A                                                                                                | CUSIP: 249182QN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8750000 | PA      | $9485785.75   | 0.15%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                     | City and County of Denver, Airport System, Series 2022A                                                                                                | CUSIP: 249182QP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5578706.00   | 0.09%             | 2038-11-15      | Fixed         | 5.50%                 | 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      | $1014023.40   | 0.02%             | 2050-12-01      | Fixed         | 5.12%                 | 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      | $390277.70    | 0.01%             | 2028-06-01      | 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      | $3830314.80   | 0.06%             | 2051-08-01      | Fixed         | 4.00%                 | 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      | $2425714.25   | 0.04%             | 2050-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                                    | City of Detroit, Unlimited Tax, Series 2021A                                                                                                           | CUSIP: 2510934Y3<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    475000 | PA      | $504441.45    | 0.01%             | 2037-04-01      | 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      | $1028219.26   | 0.02%             | 2046-04-01      | 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      | $1325367.12   | 0.02%             | 2043-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada Department of Business & Industry                                     | State of Nevada Department of Business and Industry, Brighline West Passenger Rail Project, Series 2025 B                                              | CUSIP: 25457VBV7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   4700000 | PA      | $3760000.00   | 0.06%             | 2065-01-01      | Variable      | 12.00%                | No            |                  3 | 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      | $107661.39    | 0.00%             | 2029-03-01      | 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      | $3642508.10   | 0.06%             | 2028-03-01      | 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      | $96947.22     | 0.00%             | 2039-07-01      | Fixed         | 4.00%                 | 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      | $2035621.40   | 0.03%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                                          | District of Columbia Water and Sewer Authority, Subordinate Lien, Series 2025B                                                                         | CUSIP: 254845VT4<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5670174.83   | 0.09%             | 2050-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                  | District of Columbia, Georgetown University Issue, Series 2025A                                                                                        | CUSIP: 25484JDJ6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |  21500000 | PA      | $24303135.60  | 0.39%             | 2060-04-01      | Variable      | 5.00%                 | 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      | $501927.65    | 0.01%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dominion Water & Sanitation District                                                  | Dominion Water and Sanitation District                                                                                                                 | CUSIP: 25755AAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1905000 | PA      | $1959351.17   | 0.03%             | 2032-12-01      | Fixed         | 5.25%                 | 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      | $1978147.40   | 0.03%             | 2048-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Omaha School District                                                                 | Douglas County School District No. 001, Omaha Public                                                                                                   | CUSIP: 259291PX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10048191.00  | 0.16%             | 2041-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Douglasville-Douglas County Water & Sewer Authority                                   | Douglasville-Douglas County Water and Sewer Authority                                                                                                  | CUSIP: 259852HP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7375000 | PA      | $8113188.83   | 0.13%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                                | Downtown Revitalization Public Infrastructure District, Second Lien Sales Tax SEG Redevelopment Project, Series 2025B                                  | CUSIP: 26118TBT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077027.80   | 0.02%             | 2045-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                                | Downtown Revitalization Public Infrastructure District, Second Lien Sales Tax SEG Redevelopment Project, Series 2025B                                  | CUSIP: 26118TBU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3252119.10   | 0.05%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DuPage & Cook Counties Community Unit School District No. 205 Elmhurst                | DuPage and Cook Counties, Community Unit School District No. 205 Elmhurst, Series 2022                                                                 | CUSIP: 262588MH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1041981.06   | 0.02%             | 2042-09-15      | Fixed         | 4.00%                 | 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        |    800000 | PA      | $760935.92    | 0.01%             | 2048-12-01      | Fixed         | 4.00%                 | 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      | $3769327.81   | 0.06%             | 2042-07-01      | Fixed         | 4.00%                 | 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      | $2293224.00   | 0.04%             | 2032-07-01      | 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      | $57096.82     | 0.00%             | 2028-07-01      | 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      | $5464536.00   | 0.09%             | 2053-11-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                               | Energy Southeast A Cooperative District, Series 2025A                                                                                                  | CUSIP: 292723CU5<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   4545000 | PA      | $4906167.97   | 0.08%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of the City of Erie (The)                                             | School District of the City of Erie (The), Limited Tax, Series 2019A                                                                                   | CUSIP: 295425TE2<br>LEI: 549300VQZWUO5J8WLO42 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1174261.55   | 0.02%             | 2033-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Erie City Water Authority                                                             | Erie City Water Authority, Series 2019B                                                                                                                | CUSIP: 295542PZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1343573.42   | 0.02%             | 2032-12-01      | Fixed         | 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      | $119749.96    | 0.00%             | 2030-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Industrial Development Authority                                       | Fairfax County Industrial Development Authority                                                                                                        | CUSIP: 30382VAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3675000 | PA      | $3638573.40   | 0.06%             | 2042-05-15      | Fixed         | 4.00%                 | 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      | $1112137.07   | 0.02%             | 2040-06-01      | Variable      | 3.90%                 | No            |                  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      | $1517599.20   | 0.02%             | 2040-06-01      | Variable      | 3.88%                 | 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      | $266974.65    | 0.00%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Atlantic University Finance Corp.                                             | Florida Atlantic University Finance Corp., Student Housing Project, Series 2024                                                                        | CUSIP: 31200CEX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2100795.20   | 0.03%             | 2049-07-01      | 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        |   2640000 | PA      | $2733680.14   | 0.04%             | 2054-10-01      | Fixed         | 5.25%                 | 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      | $4554034.42   | 0.07%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily VRD Certificates                                                    | FHLMC Multifamily VRD Certificates                                                                                                                     | CUSIP: 31350ADY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2698179 | PA      | $2764263.77   | 0.04%             | 2042-06-25      | Variable      | 4.50%                 | 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      | $5417300.00   | 0.09%             | 2049-06-01      | Fixed         | 5.50%                 | 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      | $964608.64    | 0.02%             | 2037-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                     | Florida Development Finance Corp., Brightline Florida Passenger Rail Project                                                                           | CUSIP: 340618DT1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   6250000 | PA      | $5187500.00   | 0.08%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                     | Florida Development Finance Corp., Brightline Florida Passenger Rail Project                                                                           | CUSIP: 340618DU8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1245000.00   | 0.02%             | 2047-07-01      | Fixed         | 5.25%                 | 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      | $1014074.60   | 0.02%             | 2054-10-01      | Variable      | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Florida Housing Finance Corp.                                                         | Florida Housing Finance Corp., Culmer Apartments, Series 2023C                                                                                         | CUSIP: 34074HGY2<br>LEI: 549300W0PCIJCI0JCF10 | Long             | STIV             | MUN               | US        |   1410000 | PA      | $1410000.00   | 0.02%             | 2026-12-01      | Variable      | 3.08%                 | 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      | $1003152.10   | 0.02%             | 2027-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Housing Finance Corp.                                                         | Florida Housing Finance Corp., Homeowner Mortgage, Series 2024-5                                                                                       | CUSIP: 34074M7G0<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   3225000 | PA      | $3530138.86   | 0.06%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Florida Housing Finance Corp.                                                         | Florida Housing Finance Corp., Homeowner Mortgage, Series 2022 1                                                                                       | CUSIP: 34074MZA2<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1100093.47   | 0.02%             | 2052-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Florida Housing Finance Corp.                                                         | Florida Housing Finance Corp., Homeowner Mortgage, Series 2025 5                                                                                       | CUSIP: 34074NFU8<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5589871.50   | 0.09%             | 2056-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Florida Local Government Finance Commission                                           | Florida Local Government Finance Commission, Bridgeprep Academy Project, Series 2025A                                                                  | CUSIP: 34077EAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8187573.60   | 0.13%             | 2055-06-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Florida Local Government Finance Commission                                           | Florida Local Government Finance Commission, Fleet Landing at Nocatee Project, Series 2025A                                                            | CUSIP: 34077UAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3168395.10   | 0.05%             | 2045-11-15      | Fixed         | 6.62%                 | Yes           |                  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      | $76075.17     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                      | State of Florida Board of Education, Public Education Capital Outlay, Series 2017B                                                                     | CUSIP: 34153QKS4<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     75000 | PA      | $77610.64     | 0.00%             | 2031-06-01      | Fixed         | 5.00%                 | 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      | $106404.38    | 0.00%             | 2028-11-01      | 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      | $126617.69    | 0.00%             | 2026-07-01      | 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: 34157XAS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2205000 | PA      | $2394071.47   | 0.04%             | 2041-11-01      | 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      | $2874796.82   | 0.05%             | 2042-11-01      | Fixed         | 5.00%                 | 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      | $224017.10    | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                        | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2025A                                                                    | CUSIP: 342816U60<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |   3770000 | PA      | $4311185.01   | 0.07%             | 2034-10-01      | 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      | $77573.50     | 0.00%             | 2028-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue                 | State of Florida Department of Transportation Turnpike System, Series 2024D                                                                            | CUSIP: 343137VQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1305972.97   | 0.02%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Forsyth MT                                                                    | City of Forsyth, Northwestern Corp, Colstrip Projects                                                                                                  | CUSIP: 346668DN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7770000 | PA      | $7888964.92   | 0.13%             | 2028-07-01      | Fixed         | 3.88%                 | 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      | $1143257.10   | 0.02%             | 2035-03-01      | 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      | $1132473.10   | 0.02%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fort Bend TX Toll Road Revenue                                              | County of Fort Bend Toll Road, Senior Lien                                                                                                             | CUSIP: 346817FP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2647177.00   | 0.04%             | 2044-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fort Bend TX Toll Road Revenue                                              | County of Fort Bend Toll Road, Senior Lien                                                                                                             | CUSIP: 346817FQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2111925.80   | 0.03%             | 2045-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Collins-Loveland Water District                                                  | Fort Collins-Loveland Water District                                                                                                                   | CUSIP: 347163CK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1323964.87   | 0.02%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Collins-Loveland Water District                                                  | Fort Collins-Loveland Water District                                                                                                                   | CUSIP: 347163CL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1486363.32   | 0.02%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Collins-Loveland Water District                                                  | Fort Collins-Loveland Water District                                                                                                                   | CUSIP: 347163CM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $2122627.31   | 0.03%             | 2040-12-01      | 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      | $5778885.22   | 0.09%             | 2054-02-15      | Fixed         | 4.25%                 | 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      | $1827381.60   | 0.03%             | 2035-07-15      | 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: 355137FX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1274767.65   | 0.02%             | 2036-07-15      | 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: 355137FY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1546579.24   | 0.02%             | 2037-07-15      | 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      | $1096897.60   | 0.02%             | 2040-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Frisco Independent School District                                                    | Frisco Independent School District, Unlimited Tax                                                                                                      | CUSIP: 35880C2Y9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1245156.32   | 0.02%             | 2036-02-15      | Fixed         | 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        |   3605000 | PA      | $3967785.57   | 0.06%             | 2030-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Gallatin MT                                                                 | County of Gallatin, Bozeman Fiber Project, Series 2021A                                                                                                | CUSIP: 363671BF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1665797.00   | 0.03%             | 2036-10-15      | Fixed         | 4.00%                 | Yes           |                  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      | $1005710.60   | 0.02%             | 2026-03-01      | 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      | $1109464.00   | 0.02%             | 2031-03-01      | 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      | $4574992.95   | 0.07%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                                   | Geisinger Authority, Health System, Series 2020B                                                                                                       | CUSIP: 368497JX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $461662.61    | 0.01%             | 2043-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Geneseo Central School District                                                       | Geneseo Central School District                                                                                                                        | CUSIP: 371826FJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3019575.60   | 0.05%             | 2026-06-25      | Fixed         | 4.25%                 | 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        |   4055000 | PA      | $3402695.26   | 0.05%             | 2054-01-01      | Fixed         | 4.00%                 | 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      | $2395019.68   | 0.04%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Georgetown Independent School District                                                | Georgetown Independent School District                                                                                                                 | CUSIP: 373046G88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $5079642.93   | 0.08%             | 2037-02-15      | Fixed         | 5.50%                 | 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      | $1504030.41   | 0.02%             | 2038-08-15      | 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: 373511HW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1138186.43   | 0.02%             | 2032-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Georgia Higher Education Facilities Authority                                         | Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects                                                              | CUSIP: 373511JB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1516926.90   | 0.02%             | 2037-06-15      | Fixed         | 4.00%                 | 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      | $1436960.17   | 0.02%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Georgia Higher Education Facilities Authority                                         | Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects                                                              | CUSIP: 373511JD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1799213.78   | 0.03%             | 2039-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Georgia Housing & Finance Authority                                                   | Georgia Housing and Finance Authority, Series 2025C                                                                                                    | CUSIP: 37353PRL5<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5573248.50   | 0.09%             | 2055-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Georgia State Road & Tollway Authority                                                | Georgia State Road and Tollway Authority, Managed Lane System, Series 2021A                                                                            | CUSIP: 37358MEU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2380000 | PA      | $2458049.01   | 0.04%             | 2038-07-15      | Fixed         | 4.00%                 | 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      | $1092678.70   | 0.02%             | 2035-08-15      | 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      | $1086041.40   | 0.02%             | 2036-08-15      | 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        |    325000 | PA      | $373899.99    | 0.01%             | 2036-07-01      | 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      | $532740.00    | 0.01%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Glendale AZ Water & Sewer Revenue                                             | City of Glendale Water and Sewer, Senior Lien                                                                                                          | CUSIP: 378352SN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $317135.06    | 0.01%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Glendale AZ Water & Sewer Revenue                                             | City of Glendale Water and Sewer, Senior Lien                                                                                                          | CUSIP: 378352SP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $526627.15    | 0.01%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Glendale AZ Water & Sewer Revenue                                             | City of Glendale Water and Sewer, Senior Lien                                                                                                          | CUSIP: 378352SR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $448285.64    | 0.01%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                             | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series 2021B-2                                                                 | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  97200000 | PA      | $10421200.80  | 0.17%             | 2066-06-01      | None          | 0.00%                 | 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      | $266756.63    | 0.00%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Goshen IN                                                                     | City of Goshen, Multi-Family, Green Oaks of Goshen Project, Series 2021A                                                                               | CUSIP: 38327MAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $857910.29    | 0.01%             | 2041-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Gouverneur Central School District                                                    | Gouverneur Central School District                                                                                                                     | CUSIP: 383622DS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10067709.00  | 0.16%             | 2026-07-16      | Fixed         | 4.25%                 | 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        |   8500000 | PA      | $8721302.60   | 0.14%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Parkway Transportation Corp.                                                    | Grand Parkway Transportation Corp., Grand Parkway System Subordinate Tier, Series 2020C                                                                | CUSIP: 38611TCB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5835000 | PA      | $5487371.12   | 0.09%             | 2045-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grand Parkway Transportation Corp.                                                    | Grand Parkway Transportation Corp., Grand Parkway System Subordinate Tier, Series 2020C                                                                | CUSIP: 38611TCC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3395000 | PA      | $3146751.83   | 0.05%             | 2049-10-01      | Fixed         | 4.00%                 | 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      | $619592.34    | 0.01%             | 2037-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI Sanitary Sewer System Revenue                                 | City of Grand Rapids Sanitary Sewer System                                                                                                             | CUSIP: 386289PA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1154166.20   | 0.02%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI Sanitary Sewer System Revenue                                 | City of Grand Rapids Sanitary Sewer System                                                                                                             | CUSIP: 386289PB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1199926.98   | 0.02%             | 2038-01-01      | 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      | $177020.39    | 0.00%             | 2026-07-01      | 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      | $1123097.50   | 0.02%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                                    | Greater Orlando Aviation Authority, United Airlines, Inc., Project                                                                                     | CUSIP: 39227AAC6<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   2560000 | PA      | $2775773.70   | 0.04%             | 2036-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Grossmont-Cuyamaca Community College District                                         | Grossmont-Cuyamaca Community College District, Election of 2002, Series 2008C                                                                          | CUSIP: 399267DB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19585000 | PA      | $19240799.50  | 0.31%             | 2026-08-01      | None          | 0.00%                 | 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      | $1934418.68   | 0.03%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                     | Territory of Guam, Series 2025G                                                                                                                        | CUSIP: 40065NDB0<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   2600000 | PA      | $2920177.78   | 0.05%             | 2035-01-01      | 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      | $2494109.68   | 0.04%             | 2041-12-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                                                 | County of Hamilton, Life Enriching Communities Project                                                                                                 | CUSIP: 40727RDD7<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1129515.52   | 0.02%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                                                 | County of Hamilton, Life Enriching Communities Project                                                                                                 | CUSIP: 40727RDG0<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012062.30   | 0.02%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                                                 | County of Hamilton, Life Enriching Communities Project                                                                                                 | CUSIP: 40727RDH8<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1786431.85   | 0.03%             | 2050-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                                                 | County of Hamilton, Life Enriching Communities Project                                                                                                 | CUSIP: 40727RDJ4<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1525652.70   | 0.02%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH Sales Tax Revenue                                               | County of Hamilton Sales Tax                                                                                                                           | CUSIP: 407287MX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15331909.50  | 0.24%             | 2026-12-01      | 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      | $166859.48    | 0.00%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Hampton PA                                                                | Township of Hampton                                                                                                                                    | CUSIP: 409468LD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    970000 | PA      | $973828.88    | 0.02%             | 2042-01-01      | 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      | $666459.92    | 0.01%             | 2047-01-01      | Fixed         | 4.00%                 | 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      | $201886.29    | 0.00%             | 2031-04-01      | 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      | $1367866.40   | 0.02%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harnett NC                                                                  | County of Harnett, Limited Tax                                                                                                                         | CUSIP: 41333TCP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1161217.00   | 0.02%             | 2034-04-01      | 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      | $3570807.45   | 0.06%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                                   | County of Harris, Unlimited Tax, Series 2023A                                                                                                          | CUSIP: 414005Y85<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1965808.80   | 0.03%             | 2048-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| County of Harris TX Toll Road Revenue                                                 | County of Harris, First Lien, Series 2024A                                                                                                             | CUSIP: 41423PDS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1674152.40   | 0.03%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX Toll Road Revenue                                                 | County of Harris Toll Road, First Lien, Series 2025A                                                                                                   | CUSIP: 41423PFC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4939726.00   | 0.08%             | 2055-08-15      | Fixed         | 4.50%                 | 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      | $30919.86     | 0.00%             | 2033-05-01      | 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      | $3317672.30   | 0.05%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Department of Budget & Finance                                        | State of Hawaii Department of Budget and Finance, The Queen's Health Systems, Series 2025B                                                             | CUSIP: 419800QS9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   5125000 | PA      | $5125000.00   | 0.08%             | 2060-07-01      | Variable      | 2.45%                 | 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      | $20096.18     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Hempstead NY                                                                  | Town of Hempstead                                                                                                                                      | CUSIP: 424672T37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2008138.20   | 0.03%             | 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      | $2328077.60   | 0.04%             | 2034-12-01      | 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      | $108251.27    | 0.00%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Henry County Water Authority                                                          | Henry County, Water and Sewerage Authority                                                                                                             | CUSIP: 426366BV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5286845.00   | 0.08%             | 2028-02-01      | Fixed         | 5.25%                 | 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      | $36326.85     | 0.00%             | 2028-12-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Housing Finance Authority                                         | Hillsborough County Housing Finance Authority, Multi- Family Tampa 47th Street Apartments, Series 2025A                                                | CUSIP: 43232EDE6<br>LEI: 5493003JJ1KK4FWWU787 | Long             | DBT              | MUN               | US        |   3260000 | PA      | $3431047.96   | 0.05%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Industrial Development Authority                                  | Hillsborough County Industrial Development Authority, Baycare Health System, Series 2024E                                                              | CUSIP: 43233KAX2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2900000 | PA      | $2900000.00   | 0.05%             | 2054-11-15      | Variable      | 2.85%                 | 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      | $1164455.53   | 0.02%             | 2041-05-01      | Fixed         | 5.00%                 | 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      | $1077303.90   | 0.02%             | 2042-05-01      | 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      | $46655.36     | 0.00%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                          | City and County of Honolulu, Series 2025F                                                                                                              | CUSIP: 438687R23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9590000 | PA      | $11086341.13  | 0.18%             | 2033-07-01      | Fixed         | 5.00%                 | 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      | $5002341.00   | 0.08%             | 2028-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Housing Options, Inc.                                                                 | Housing Options, Inc., The Culbreath                                                                                                                   | CUSIP: 44183TAM5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   7000000 | PA      | $7092297.80   | 0.11%             | 2045-11-01      | Variable      | 3.75%                 | 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        |   2825000 | PA      | $2872502.66   | 0.05%             | 2027-07-01      | 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 2020B-2                                                   | CUSIP: 442349DH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1955000 | PA      | $1988719.84   | 0.03%             | 2027-07-15      | 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 2020C                                                     | CUSIP: 442349DJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3560368.00   | 0.06%             | 2027-07-15      | 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 2024B                                                     | CUSIP: 442349HT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6250000 | PA      | $6727091.88   | 0.11%             | 2033-07-15      | Fixed         | 5.25%                 | 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      | $12235304.39  | 0.20%             | 2034-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                             | City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects, Series 2025B                                                     | CUSIP: 442349KA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2509981.92   | 0.04%             | 2029-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                             | City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects, Series 2025B                                                     | CUSIP: 442349KB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5700000 | PA      | $6023458.47   | 0.10%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                             | City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects, Series 2025B                                                     | CUSIP: 442349KC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3725129.45   | 0.06%             | 2031-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                             | City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects, Series 2025B                                                     | CUSIP: 442349KD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6250000 | PA      | $6695812.50   | 0.11%             | 2032-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                             | City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects, Series 2025B                                                     | CUSIP: 442349KE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5381558.50   | 0.09%             | 2033-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                             | City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects, Series 2025B                                                     | CUSIP: 442349KF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6459596.40   | 0.10%             | 2034-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                             | City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects, Series 2025B                                                     | CUSIP: 442349KG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5260000 | PA      | $5722749.55   | 0.09%             | 2035-07-15      | Fixed         | 5.50%                 | 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      | $4118546.80   | 0.07%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                                    | City of Houston, Combined Utility System, Junior Lien, Series 2002A                                                                                    | CUSIP: 4424362G5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2398112.40   | 0.04%             | 2032-12-01      | Fixed         | 5.75%                 | 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      | $48054.97     | 0.00%             | 2030-11-15      | 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      | $37436.14     | 0.00%             | 2029-03-01      | 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        |  10295000 | PA      | $11232818.91  | 0.18%             | 2060-03-01      | Variable      | 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        |   4250000 | PA      | $4693178.53   | 0.07%             | 2060-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                                   | Idaho Housing and Finance Association, Federal Highway Trust, Series 2015A                                                                             | CUSIP: 45129WMR8<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   4800000 | PA      | $4866836.64   | 0.08%             | 2026-07-15      | 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      | $565898.45    | 0.01%             | 2035-08-15      | 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      | $2334242.50   | 0.04%             | 2050-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                                   | Idaho Housing and Finance Association, Single Family Mortgage, Series 2025C                                                                            | CUSIP: 45130BCH4<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   5300000 | PA      | $6002268.02   | 0.10%             | 2056-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Development Finance Authority, Solid waste Management, Inc. Project                                                                           | CUSIP: 451889AT6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |   2250000 | PA      | $2251905.08   | 0.04%             | 2044-11-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| Illinois Municipal Electric Agency                                                    | Illinois Municipal Electric Agency, Power Supply System, Series 2025A                                                                                  | CUSIP: 452024JN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $8569929.75   | 0.14%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                | Illinois Housing Development Authority, Series 2024E                                                                                                   | CUSIP: 45203MB83<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   3190000 | PA      | $3492656.67   | 0.06%             | 2055-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                | Illinois Housing Development Authority, Series 2025A                                                                                                   | CUSIP: 45203MK34<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   4995000 | PA      | $5634880.48   | 0.09%             | 2055-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                | Illinois Housing Development Authority, Series 2025D                                                                                                   | CUSIP: 45203MS36<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   7750000 | PA      | $8760984.40   | 0.14%             | 2055-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                | Illinois Housing Development Authority, Series 2024A                                                                                                   | CUSIP: 45203MWL1<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    905000 | PA      | $978169.61    | 0.02%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority, Centerpointjoliet Terminal, Series 2020                                                                                    | CUSIP: 45203PAB0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |  13130000 | PA      | $13102476.89  | 0.21%             | 2050-12-01      | Variable      | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority, Centerpointjoliet Terminal                                                                                                 | CUSIP: 45203PAD6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |   3500000 | PA      | $3609675.65   | 0.06%             | 2043-12-01      | Variable      | 4.80%                 | Yes           |                  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      | $3749250.40   | 0.06%             | 2043-08-15      | Variable      | 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        |   8500000 | PA      | $9475939.40   | 0.15%             | 2044-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority, Northwestern Memorial Healthcare, Series 2021B                                                                             | CUSIP: 45204FME2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |   1250000 | PA      | $1250000.00   | 0.02%             | 2055-07-15      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority, University of Chicago Medical Center (The), Series 2025A-2                                                                 | CUSIP: 45204FQ65<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4408309.60   | 0.07%             | 2059-08-15      | Variable      | 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      | $335065.82    | 0.01%             | 2029-10-01      | Fixed         | 5.00%                 | 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      | $216808.90    | 0.00%             | 2030-10-01      | 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      | $250249.55    | 0.00%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                            | Illinois Finance Authority, Uchicago Medicine, Series 2022B-2                                                                                          | CUSIP: 45204FTD7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028113.50   | 0.02%             | 2052-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois                                                                                                                                      | CUSIP: 452151YD9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5380739.00   | 0.09%             | 2029-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois, Series 2018A                                                                                                                        | CUSIP: 4521522K6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2590000 | PA      | $2685499.78   | 0.04%             | 2027-10-01      | 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      | $1047555.40   | 0.02%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois, Series 2018B                                                                                                                        | CUSIP: 4521523B5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2111232.60   | 0.03%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois, Series 2019C                                                                                                                        | CUSIP: 4521525X5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5880000 | PA      | $5509313.04   | 0.09%             | 2042-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois, Series 2020B                                                                                                                        | CUSIP: 4521526X4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2451933.60   | 0.04%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois                                                                                                                                      | CUSIP: 452152D99<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002954.10   | 0.02%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois                                                                                                                                      | CUSIP: 452152G70<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4900000 | PA      | $4916269.96   | 0.08%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois, Series 2016                                                                                                                         | CUSIP: 452152G88<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022969.10   | 0.02%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois, Series 2017D                                                                                                                        | CUSIP: 452152Q61<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5175000 | PA      | $5271119.42   | 0.08%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois, Series 2017A                                                                                                                        | CUSIP: 452152S51<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020464.20   | 0.02%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois, Series 2022A                                                                                                                        | CUSIP: 452153CQ0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $532297.00    | 0.01%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois, Series 2022A                                                                                                                        | CUSIP: 452153CV9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5765000 | PA      | $6350033.93   | 0.10%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois, Series 2022A                                                                                                                        | CUSIP: 452153CW7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $13133281.20  | 0.21%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois, Series 2022B                                                                                                                        | CUSIP: 452153EC9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $11195679.00  | 0.18%             | 2032-10-01      | 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        |   1500000 | PA      | $1577632.20   | 0.03%             | 2047-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois, Series 2024B                                                                                                                        | CUSIP: 452153JJ9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028661.10   | 0.02%             | 2027-05-01      | 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      | $5501824.50   | 0.09%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois, Series 2024B                                                                                                                        | CUSIP: 452153JX8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1933793.64   | 0.03%             | 2040-05-01      | 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      | $3316674.00   | 0.05%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                     | State of Illinois, Series 2025D                                                                                                                        | CUSIP: 452153NZ8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  18000000 | PA      | $19474984.80  | 0.31%             | 2039-09-01      | Fixed         | 5.00%                 | 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      | $2667237.31   | 0.04%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                             | Indiana Finance Authority, Series 2016C                                                                                                                | CUSIP: 45470RCT1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | 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      | $116424.93    | 0.00%             | 2034-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                             | Indiana Finance Authority, Indiana University Health Obligated Group, Series 2023B1                                                                    | CUSIP: 45470YFL0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8393364.00   | 0.13%             | 2062-10-01      | Variable      | 5.00%                 | 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        |    800000 | PA      | $840868.96    | 0.01%             | 2038-06-01      | Fixed         | 5.00%                 | 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      | $435990.63    | 0.01%             | 2043-06-01      | Fixed         | 5.00%                 | 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      | $1282826.25   | 0.02%             | 2027-01-01      | 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      | $1048190.00   | 0.02%             | 2028-01-01      | Fixed         | 5.00%                 | 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      | $1204674.08   | 0.02%             | 2029-01-01      | 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      | $754131.91    | 0.01%             | 2030-01-01      | Fixed         | 5.00%                 | 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      | $1114858.40   | 0.02%             | 2031-01-01      | 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      | $1535189.53   | 0.02%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                                     | Indiana Housing and Community Development Authority, Single Family Mortgage, Series 2025C-1                                                            | CUSIP: 45505WCY8<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3958019.45   | 0.06%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                                     | Indiana Housing and Community Development Authority, Vita of Marion Project, Series 2021A                                                              | CUSIP: 45506CBA4<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1642506.38   | 0.03%             | 2041-04-01      | Fixed         | 5.25%                 | Yes           |                  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        |   6000000 | PA      | $5765989.80   | 0.09%             | 2043-01-01      | Fixed         | 6.75%                 | 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      | $469886.65    | 0.01%             | 2030-06-01      | 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      | $1122125.10   | 0.02%             | 2031-02-01      | Fixed         | 5.00%                 | 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      | $1139191.80   | 0.02%             | 2032-02-01      | 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      | $2311169.20   | 0.04%             | 2033-02-01      | Fixed         | 5.00%                 | 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      | $76868.16     | 0.00%             | 2031-04-01      | 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: 45527CDH2<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    475000 | PA      | $509786.86    | 0.01%             | 2029-01-15      | 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: 45527CDK5<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    400000 | PA      | $436710.00    | 0.01%             | 2030-01-15      | 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: 45527CDM1<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    600000 | PA      | $665107.62    | 0.01%             | 2031-01-15      | 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: 45527CDP4<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    450000 | PA      | $504707.00    | 0.01%             | 2032-01-15      | 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: 45527CDT6<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    225000 | PA      | $257060.09    | 0.00%             | 2034-01-15      | 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      | $1130062.10   | 0.02%             | 2037-07-15      | 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: 45527CEB4<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    800000 | PA      | $881626.16    | 0.01%             | 2040-07-15      | 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: 45527CED0<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1780021.16   | 0.03%             | 2042-07-15      | 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      | $5133146.00   | 0.08%             | 2037-06-01      | Fixed         | 4.00%                 | 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        |    250000 | PA      | $250931.43    | 0.00%             | 2026-02-01      | 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      | $404968.90    | 0.01%             | 2035-01-01      | 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: 45528VFF1<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    350000 | PA      | $403260.31    | 0.01%             | 2036-01-01      | 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: 45528VFG9<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    375000 | PA      | $428421.56    | 0.01%             | 2037-01-01      | 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      | $566462.60    | 0.01%             | 2038-01-01      | 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: 45528VFJ3<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    500000 | PA      | $562266.15    | 0.01%             | 2039-01-01      | 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      | $254230.52    | 0.00%             | 2040-01-01      | 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      | $295736.38    | 0.00%             | 2028-11-01      | Fixed         | 5.00%                 | 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      | $357626.49    | 0.01%             | 2029-11-01      | 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      | $450355.40    | 0.01%             | 2030-11-01      | Fixed         | 5.00%                 | 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      | $230878.70    | 0.00%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                            | Intermountain Power Agency, Utah Powe Supply, Series 2022A                                                                                             | CUSIP: 45884AB28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3855000 | PA      | $4171165.51   | 0.07%             | 2037-07-01      | Fixed         | 5.00%                 | 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      | $1647791.86   | 0.03%             | 2033-07-01      | 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      | $1314323.35   | 0.02%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                            | Intermountain Power Agency, Utah Power Supply, Series 2023A                                                                                            | CUSIP: 45884AF32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2305000 | PA      | $2530888.62   | 0.04%             | 2037-07-01      | 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      | $2898111.06   | 0.05%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                            | Intermountain Power Agency, Utah Power Supply, Series 2024A                                                                                            | CUSIP: 45884AK85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1754163.59   | 0.03%             | 2040-07-01      | 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      | $1157758.74   | 0.02%             | 2026-06-01      | 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      | $31190.18     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | 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      | $3447909.30   | 0.06%             | 2050-12-01      | Fixed         | 5.00%                 | 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      | $5808988.81   | 0.09%             | 2050-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                | Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project                                                                   | CUSIP: 46247CBU2<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |     85000 | PA      | $84567.10     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                | Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project                                                                   | CUSIP: 46247CBW8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    200000 | PA      | $197032.28    | 0.00%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                | Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project                                                                   | CUSIP: 46247CBY4<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    110000 | PA      | $107501.83    | 0.00%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                | Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project                                                                   | CUSIP: 46247CBZ1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    100000 | PA      | $97271.59     | 0.00%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                | Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project                                                                   | CUSIP: 46247CCA5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    440000 | PA      | $408479.94    | 0.01%             | 2036-09-01      | 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      | $609104.64    | 0.01%             | 2026-12-01      | 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      | $925868.25    | 0.01%             | 2027-12-01      | 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      | $1370217.60   | 0.02%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Irving Independent School District                                                    | Irving Independent School District                                                                                                                     | CUSIP: 463813N50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5485000 | PA      | $6289662.12   | 0.10%             | 2037-02-15      | Fixed         | 5.00%                 | 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      | $2232542.72   | 0.04%             | 2037-10-01      | Fixed         | 5.00%                 | 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      | $2850569.00   | 0.05%             | 2038-10-01      | Fixed         | 5.00%                 | 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      | $5401110.50   | 0.09%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Institutional Tax Free Money Market Fund                                     | JPMorgan Institutional Tax Free Money Market Fund, Class IM                                                                                            | CUSIP: 46645V725<br>LEI: 549300UURKD5II8M6J91 | Long             | STIV             | RF                | US        | 548713917 | NS      | $548768788.78 | 8.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson State University Educational Building Corp.                                   | Jackson State University Educational Building Corp., Series 2021A                                                                                      | CUSIP: 468714FG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5179199.40   | 0.08%             | 2034-03-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                               | City of Jacksonville, Health Care Facilities, Brooks Rehabilitation Project                                                                            | CUSIP: 469400EL5<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $5928676.00   | 0.09%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jacksonville Housing Finance Authority                                                | Jacksonville Housing Finance Authority, Multi- Family Egret Landing                                                                                    | CUSIP: 46940YBU4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   3250000 | PA      | $3259664.53   | 0.05%             | 2058-07-01      | Variable      | 3.40%                 | 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      | $1724100.99   | 0.03%             | 2026-10-01      | Fixed         | 5.00%                 | 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      | $1491074.62   | 0.02%             | 2028-10-01      | 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      | $1418785.69   | 0.02%             | 2029-10-01      | 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        |   6000000 | PA      | $6608034.00   | 0.11%             | 2037-10-01      | 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      | $2152388.80   | 0.03%             | 2042-10-01      | Fixed         | 5.25%                 | 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        |  12900000 | PA      | $13218667.41  | 0.21%             | 2053-12-01      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Jeffersonville IN                                                             | City of Jeffersonville, Vivera Senior Living of Jeffersonville Project, Series 2020A                                                                   | CUSIP: 475666AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4560000 | PA      | $4126127.40   | 0.07%             | 2040-11-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Johnson & Miami Counties Unified School District No. 230 Spring Hills                 | Johnson and Miami Counties Unified School District No. 230 Spring Hills, Series 2018A                                                                  | CUSIP: 478164JU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2965000 | PA      | $2987836.13   | 0.05%             | 2033-09-01      | Fixed         | 4.00%                 | 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      | $978726.90    | 0.02%             | 2046-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                          | Kansas City Industrial Development Authority, Airport Terminal Modernization Project, Series 2019B                                                     | CUSIP: 48504NBB4<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   4710000 | PA      | $4857842.19   | 0.08%             | 2039-03-01      | 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      | $1151512.20   | 0.02%             | 2035-09-01      | Fixed         | 5.00%                 | 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      | $2226935.28   | 0.04%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                          | State of Kansas Department of Transportation, Series 2025A                                                                                             | CUSIP: 485424UD5<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |   2315000 | PA      | $2517710.20   | 0.04%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  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      | $221131.62    | 0.00%             | 2054-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                                  | Kansas Development Finance Authority, Series 2025A                                                                                                     | CUSIP: 48542RX66<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   6765000 | PA      | $6900495.51   | 0.11%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                                  | Kansas Development Finance Authority, Series 2025A                                                                                                     | CUSIP: 48542RX74<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   6415000 | PA      | $6479371.32   | 0.10%             | 2040-05-01      | Fixed         | 4.00%                 | 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      | $2284665.80   | 0.04%             | 2033-02-15      | Fixed         | 5.00%                 | 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      | $1385709.24   | 0.02%             | 2034-02-15      | 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      | $170273.57    | 0.00%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                       | Kentucky Economic Development Finance Authority, CommonSpirit Health Obligated Group, Series 2019A-1                                                   | CUSIP: 49126PFV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1331548.75   | 0.02%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                         | Kentucky State Property and Building Commission, Project No. 130, Series 2024B                                                                         | CUSIP: 49151F3D0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1106742.80   | 0.02%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                         | Kentucky State Property and Building Commission, Project No. 131, Series A                                                                             | CUSIP: 49151F3S7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065053.30   | 0.02%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                         | Kentucky State Property and Building Commission, Project No. 131, Series A                                                                             | CUSIP: 49151F3U2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1546893.88   | 0.02%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                         | Kentucky State Property and Building Commission, Project No. 132, Series A                                                                             | CUSIP: 49151F4T4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3650000 | PA      | $4135056.17   | 0.07%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                         | Kentucky State Property and Building Commission, Project No. 133, Series A                                                                             | CUSIP: 49151F6F2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4695294.00   | 0.07%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  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      | $1030454.60   | 0.02%             | 2036-12-01      | Fixed         | 4.00%                 | 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      | $5001005.00   | 0.08%             | 2038-07-01      | Fixed         | 4.00%                 | 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      | $475647.10    | 0.01%             | 2037-07-01      | 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      | $466999.82    | 0.01%             | 2038-07-01      | 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: 499526AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $539852.10    | 0.01%             | 2039-07-01      | 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      | $1299932.63   | 0.02%             | 2049-07-01      | Fixed         | 5.25%                 | 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      | $102365.09    | 0.00%             | 2027-11-30      | Fixed         | 4.00%                 | 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      | $180054.67    | 0.00%             | 2032-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Lake Havasu City AZ Wastewater System Revenue                                 | City of Lake Havasu City Wastewater System, Senior Lien                                                                                                | CUSIP: 50989RAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1487308.29   | 0.02%             | 2039-07-01      | 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      | $558946.60    | 0.01%             | 2041-07-01      | 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      | $1644688.64   | 0.03%             | 2034-02-01      | Fixed         | 5.00%                 | 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      | $1671626.42   | 0.03%             | 2028-10-01      | Variable      | 5.00%                 | 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      | $439378.84    | 0.01%             | 2031-10-01      | 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      | $2021142.66   | 0.03%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County School Board (The)                                                         | Lee County School Board (The), Series 2023A                                                                                                            | CUSIP: 523494RG9<br>LEI: 54930014H67DITNA1Q29 | Long             | DBT              | MUN               | US        |   6725000 | PA      | $7237714.00   | 0.12%             | 2042-08-01      | Fixed         | 5.00%                 | 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      | $1395800.85   | 0.02%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Legacy Denton Public Facility Corp.                                                   | Legacy Denton Public Facility Corp., Multifamily Housing Roselawn Village                                                                              | CUSIP: 52474GAC6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   6500000 | PA      | $6483491.95   | 0.10%             | 2043-11-01      | Variable      | 3.15%                 | No            |                  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      | $174396.86    | 0.00%             | 2035-07-01      | 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      | $186687.44    | 0.00%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                                | Lewisville Independent School District, Unlimited Tax                                                                                                  | CUSIP: 52882PHS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12500000 | PA      | $12671566.25  | 0.20%             | 2041-08-15      | Fixed         | 4.00%                 | 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      | $86491.13     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lincoln NE Electric System Revenue                                            | City of Lincoln, Electric System                                                                                                                       | CUSIP: 534272J67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51407.22     | 0.00%             | 2028-09-01      | 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        |   7000000 | PA      | $6444732.00   | 0.10%             | 2054-08-15      | Fixed         | 4.00%                 | 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        |   3000000 | PA      | $3204973.80   | 0.05%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lockhart Independent School District/TX                                               | Lockhart Independent School District, Unlimited Tax                                                                                                    | CUSIP: 539770NA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1222207.98   | 0.02%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                           | Long Island Power Authority, Electric System, Series 2018                                                                                              | CUSIP: 542691BQ2<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5302895.00   | 0.08%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                           | Long Island Power Authority, Electric System, Series 2018                                                                                              | CUSIP: 542691BR0<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3174788.40   | 0.05%             | 2035-09-01      | Fixed         | 5.00%                 | 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      | $2035869.40   | 0.03%             | 2034-09-01      | Fixed         | 4.00%                 | 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        |  33775000 | PA      | $34341646.55  | 0.55%             | 2049-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                           | Long Island Power Authority, Electric System, Series 2025B                                                                                             | CUSIP: 542691LD0<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | STIV             | MUN               | US        |  11000000 | PA      | $10900861.40  | 0.17%             | 2055-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA                                                                | City of Los Angeles                                                                                                                                    | CUSIP: 544351SF7<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $13192786.10  | 0.21%             | 2026-06-25      | Fixed         | 5.00%                 | 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        |   1240000 | PA      | $1323568.68   | 0.02%             | 2039-05-15      | 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        |   2000000 | PA      | $1903776.00   | 0.03%             | 2047-07-01      | Fixed         | 4.00%                 | 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      | $1091109.40   | 0.02%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                               | Los Angeles Department of Water and Power System, Series 2021C                                                                                         | CUSIP: 544532CQ5<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   6285000 | PA      | $6328450.72   | 0.10%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                               | Los Angeles Department of Water and Power System, Series 2024C                                                                                         | CUSIP: 544532LY8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   7115000 | PA      | $7219741.34   | 0.12%             | 2026-07-01      | 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        |   3000000 | PA      | $3124425.00   | 0.05%             | 2055-07-01      | Fixed         | 5.00%                 | 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      | $3011620.20   | 0.05%             | 2035-11-01      | Fixed         | 4.00%                 | 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      | $3002296.20   | 0.05%             | 2046-12-01      | Variable      | 3.75%                 | 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      | $2193302.40   | 0.03%             | 2055-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth      | Louisiana Local Government Environmental Facilities and Community Development Authority, City of Bossier City, Louisiana Project                       | CUSIP: 54628C4G4<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1239205.74   | 0.02%             | 2033-06-01      | 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      | $268241.30    | 0.00%             | 2030-12-01      | Fixed         | 5.00%                 | 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      | $1488117.08   | 0.02%             | 2036-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                 | Louisiana Public Facilities Authority, Mentorship Steam Academy Project, Series 2021A                                                                  | CUSIP: 546399LN4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    385000 | PA      | $366962.37    | 0.01%             | 2036-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                 | Louisiana Public Facilities Authority, Mentorship Steam Academy Project, Series 2021A                                                                  | CUSIP: 546399LP9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    705000 | PA      | $572594.16    | 0.01%             | 2051-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                 | Louisiana Public Facilities Authority, Mentorship Steam Academy Project, Series 2021A                                                                  | CUSIP: 546399LS3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    440000 | PA      | $390194.20    | 0.01%             | 2042-06-01      | Fixed         | 5.00%                 | Yes           |                  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        |  10500000 | PA      | $11008824.75  | 0.18%             | 2055-05-15      | Fixed         | 5.25%                 | 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        |   7000000 | PA      | $7461053.60   | 0.12%             | 2055-05-15      | Fixed         | 5.50%                 | 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        |   8000000 | PA      | $8654667.20   | 0.14%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                 | Louisiana Public Facilities Authority, South Quad L3C Project                                                                                          | CUSIP: 54639TDK5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1112263.00   | 0.02%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                 | Louisiana Public Facilities Authority, South Quad L3C Project                                                                                          | CUSIP: 54639TDL3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1104164.40   | 0.02%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                 | Louisiana Public Facilities Authority, South Quad L3C Project                                                                                          | CUSIP: 54639TDM1<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091260.50   | 0.02%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                 | Louisiana Public Facilities Authority, South Quad L3C Project                                                                                          | CUSIP: 54639TDN9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1203765.48   | 0.02%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                 | Louisiana Public Facilities Authority, South Quad L3C Project                                                                                          | CUSIP: 54639TDP4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067489.30   | 0.02%             | 2043-07-01      | 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      | $30284.86     | 0.00%             | 2026-08-01      | 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  | 0.24%             | 2043-05-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                                       | State of Louisiana Gasoline and Fuels Tax, Second Lien, Series 2025A                                                                                   | CUSIP: 546475WX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2258800.40   | 0.04%             | 2039-05-01      | 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      | $2288582.60   | 0.04%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                                   | Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc., Series 2016A                                                         | CUSIP: 54659LBU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $64479.30     | 0.00%             | 2036-10-01      | Fixed         | 4.00%                 | 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      | $1340942.75   | 0.02%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Alabama Gas District (The)                                                      | Lower Alabama Gas District (The), Gas Project, Series 2025A                                                                                            | CUSIP: 547804AQ7<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |  22895000 | PA      | $24136918.67  | 0.39%             | 2033-12-01      | Fixed         | 5.00%                 | 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      | $1001770.00   | 0.02%             | 2034-05-15      | Fixed         | 4.00%                 | 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      | $161906.12    | 0.00%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                        | Lower Colorado River Authority, LCRA Transmission Services Corp., Project, Series 2025A                                                                | CUSIP: 54811BS93<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2277660.80   | 0.04%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                        | Lower Colorado River Authority, LCRA Transmission Services Corp., Project, Series 2025A                                                                | CUSIP: 54811BT27<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $2011785.13   | 0.03%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                        | Lower Colorado River Authority, LCRA Transmission Services Corp., Project, Series 2025A                                                                | CUSIP: 54811BT35<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1443762.38   | 0.02%             | 2035-05-15      | Fixed         | 5.00%                 | 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      | $1010659.80   | 0.02%             | 2026-05-15      | 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      | $4464031.20   | 0.07%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                        | Lower Colorado River Authority                                                                                                                         | CUSIP: 54811GP46<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   4750000 | PA      | $5131762.73   | 0.08%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lyons Central School District                                                         | Lyons Central School District                                                                                                                          | CUSIP: 552279KZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3020549.70   | 0.05%             | 2026-06-26      | Fixed         | 4.25%                 | 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      | $1219959.00   | 0.02%             | 2034-11-01      | Fixed         | 7.00%                 | 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        |    260000 | PA      | $264191.90    | 0.00%             | 2026-08-15      | 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      | $3323302.29   | 0.05%             | 2042-05-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                         | Main Street Natural Gas, Inc., Gas Supply, Series 2021C                                                                                                | CUSIP: 56035DCZ3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2549550.50   | 0.04%             | 2052-05-01      | Variable      | 4.00%                 | 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        |  30240000 | PA      | $31730783.62  | 0.51%             | 2052-12-01      | Variable      | 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        |   5390000 | PA      | $5702416.80   | 0.09%             | 2053-06-01      | Variable      | 5.00%                 | 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        |  14215000 | PA      | $15075797.85  | 0.24%             | 2053-07-01      | Variable      | 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      | $2667811.50   | 0.04%             | 2053-09-01      | Variable      | 5.00%                 | 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      | $3718516.90   | 0.06%             | 2054-05-01      | Variable      | 5.00%                 | 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      | $4536606.05   | 0.07%             | 2053-12-01      | Variable      | 5.00%                 | 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        |  14690000 | PA      | $15810660.44  | 0.25%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                         | Main Street Natural Gas, Inc., Gas Supply, Series 2024D                                                                                                | CUSIP: 56035DHZ8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |  18190000 | PA      | $19632321.48  | 0.31%             | 2054-04-01      | Variable      | 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        |  18310000 | PA      | $19755041.68  | 0.32%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                         | Main Street Natural Gas, Inc., Gas Supply, Series 2025B                                                                                                | CUSIP: 56035DKH4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |  17500000 | PA      | $19209604.75  | 0.31%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                            | Finance Authority of Maine, Casella Waste System, Inc., Project, Series 2015R-3                                                                        | CUSIP: 56042CAZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2067858.00   | 0.03%             | 2035-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                | Maine Health and Higher Educational Facilities Authority, Series 2023A                                                                                 | CUSIP: 56042SBQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $277533.70    | 0.00%             | 2038-07-01      | 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      | $1201076.41   | 0.02%             | 2028-07-01      | 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        |   1360000 | PA      | $1484533.84   | 0.02%             | 2041-07-01      | Fixed         | 5.00%                 | 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      | $2216921.91   | 0.04%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Municipal Bond Bank                                                             | Maine Municipal Bond Bank, Series 2025A                                                                                                                | CUSIP: 56045SBF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1090196.70   | 0.02%             | 2029-11-01      | 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        |    225000 | PA      | $250443.43    | 0.00%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Turnpike Authority                                                              | Maine Turnpike Authority                                                                                                                               | CUSIP: 560551RU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2142903.63   | 0.03%             | 2040-07-01      | 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      | $1774616.11   | 0.03%             | 2034-07-01      | 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      | $153958.02    | 0.00%             | 2027-02-01      | 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      | $2145445.40   | 0.03%             | 2044-02-15      | 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        |   6050000 | PA      | $5592604.88   | 0.09%             | 2054-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mansfield Independent School District                                                 | Mansfield Independent School District, Unlimited Tax                                                                                                   | CUSIP: 564386VF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2746892.00   | 0.04%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mansfield Independent School District                                                 | Mansfield Independent School District, Unlimited Tax                                                                                                   | CUSIP: 564386VJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3730266.75   | 0.06%             | 2044-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                      | Maricopa County Industrial Development Authority, HonorHealth, Series 2019A                                                                            | CUSIP: 56678PAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051937.30   | 0.02%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                      | Maricopa County Industrial Development Authority, Honorhealth, Series 2019A                                                                            | CUSIP: 56678PAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1300034.13   | 0.02%             | 2037-09-01      | Fixed         | 5.00%                 | 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      | $3030911.73   | 0.05%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                      | Maricopa County Industrial Development Authority, Ottawa University                                                                                    | CUSIP: 56678RAJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $205373.33    | 0.00%             | 2030-10-01      | Fixed         | 5.12%                 | Yes           |                  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        |   1885000 | PA      | $1883391.34   | 0.03%             | 2043-07-01      | Fixed         | 6.00%                 | Yes           |                  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      | $1395564.36   | 0.02%             | 2053-01-01      | 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      | $31119.88     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Unified School District No. 69 Paradise Valley                        | Maricopa County Unified School District No. 69 Paradise Valley, Project of 2023, Series 2025B                                                          | CUSIP: 567373W43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1141427.90   | 0.02%             | 2039-07-01      | 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: 567541SG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1443498.75   | 0.02%             | 2036-07-01      | 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      | $1431858.88   | 0.02%             | 2037-07-01      | 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      | $1354362.84   | 0.02%             | 2039-07-01      | 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        |    100000 | PA      | $110556.47    | 0.00%             | 2036-06-01      | Fixed         | 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      | $1573196.40   | 0.03%             | 2044-06-01      | Fixed         | 5.25%                 | 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      | $1141013.00   | 0.02%             | 2033-06-01      | 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      | $76383.84     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                        | State of Maryland Department of Transportation, Series 2025A                                                                                           | CUSIP: 574204W66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5071975.50   | 0.08%             | 2040-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                             | Maryland Health and Higher Educational Facilities Authority, Lifebridge Health Issue                                                                   | CUSIP: 574218Q22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002991.20   | 0.02%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                             | Maryland Health and Higher Educational Facilities Authority, Lifebridge Health Issue                                                                   | CUSIP: 574218Q30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002446.10   | 0.02%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                             | Maryland Health and Higher Educational Facilities Authority, The Johns Hopkins Health System, Series 2024B                                             | CUSIP: 57421CGC2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  25000000 | PA      | $25000000.00  | 0.40%             | 2046-06-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                            | Maryland Stadium Authority, Built to Learn                                                                                                             | CUSIP: 574294CV4<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3626397.95   | 0.06%             | 2054-06-01      | 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      | $46574.46     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                          | Massachusetts Bay Transportation Authority Sales Tax, Series 2025B                                                                                     | CUSIP: 5755792D8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2550585.22   | 0.04%             | 2047-07-01      | Fixed         | 5.25%                 | 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      | $4057446.00   | 0.06%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                          | Massachusetts Bay Transportation Authority Sales Tax,, Series 2006A                                                                                    | CUSIP: 575579LJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5490848.50   | 0.09%             | 2029-07-01      | Fixed         | 5.25%                 | 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      | $2099515.53   | 0.03%             | 2033-05-01      | Fixed         | 5.00%                 | 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      | $13634944.70  | 0.22%             | 2048-05-01      | Fixed         | 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        |   2860000 | PA      | $2944682.31   | 0.05%             | 2050-11-01      | 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      | $2509436.10   | 0.04%             | 2039-12-01      | Fixed         | 4.00%                 | 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      | $1270868.06   | 0.02%             | 2040-12-01      | 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      | $46583.22     | 0.00%             | 2027-05-01      | Fixed         | 5.00%                 | 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      | $788814.83    | 0.01%             | 2029-07-01      | 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      | $1921287.00   | 0.03%             | 2055-07-01      | Fixed         | 4.25%                 | 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        |   3000000 | PA      | $3151591.20   | 0.05%             | 2029-07-01      | 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      | $5896061.00   | 0.09%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                              | Massachusetts Development Finance Agency, PRG Medford Properties, Inc. Issue Tufts University Student Housing Program                                  | CUSIP: 57585BMM7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1668964.18   | 0.03%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                              | Massachusetts Development Finance Agency, PRG Medford Properties, Inc. Issue Tufts University Student Housing Program                                  | CUSIP: 57585BMQ8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1641685.00   | 0.03%             | 2042-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                              | Massachusetts Development Finance Agency, PRG Medford Properties, Inc. Issue Tufts University Student Housing Program                                  | CUSIP: 57585BMU9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1618232.10   | 0.03%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                              | Massachusetts Development Finance Agency, PRG Medford Properties, Inc. Issue Tufts University Student Housing Program                                  | CUSIP: 57585BMV7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2224925.79   | 0.04%             | 2055-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts School Building Authority                                               | Massachusetts School Building Authority, Dedicated Sales Tax, Series 2025A                                                                             | CUSIP: 576000D67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $751736.77    | 0.01%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts School Building Authority                                               | Massachusetts School Building Authority, Dedicated Sales Tax, Series 2025B                                                                             | CUSIP: 576000F81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $835263.08    | 0.01%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts School Building Authority                                               | Massachusetts School Building Authority, Dedicated Sales Tax, Series 2025B                                                                             | CUSIP: 576000G72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1190523.60   | 0.02%             | 2038-02-15      | 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        |   4470000 | PA      | $4474421.28   | 0.07%             | 2040-08-01      | Fixed         | 4.00%                 | 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      | $2059905.94   | 0.03%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Medical University Hospital Authority                                                 | Medical University Hospital Authority, An Agency of The State of south Carolina FHA Insured Hospital Mortgage, Indian Land Project                     | CUSIP: 58463YBK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045221.00   | 0.02%             | 2045-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Medical University Hospital Authority                                                 | Medical University Hospital Authority, An Agency of The State of south Carolina FHA Insured Hospital Mortgage, Indian Land Project                     | CUSIP: 58463YBP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5166056.50   | 0.08%             | 2050-11-15      | Fixed         | 5.25%                 | 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      | $1088321.60   | 0.02%             | 2041-02-01      | Fixed         | 5.00%                 | 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        |    100000 | PA      | $102577.01    | 0.00%             | 2027-02-01      | 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      | $335230.53    | 0.01%             | 2028-02-01      | 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      | $266868.75    | 0.00%             | 2029-02-01      | 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      | $239543.88    | 0.00%             | 2030-02-01      | Fixed         | 5.00%                 | 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      | $277391.65    | 0.00%             | 2031-02-01      | Fixed         | 5.00%                 | 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      | $1017256.20   | 0.02%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN Memphis Light Gas & Water Division Electric System Revenue         | City of Memphis Memphis Light Gas and Water Division Electric System                                                                                   | CUSIP: 586187AM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $2021007.80   | 0.03%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN Memphis Light Gas & Water Division Electric System Revenue         | City of Memphis Memphis Light Gas and Water Division Electric System                                                                                   | CUSIP: 586187AN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $2205036.49   | 0.04%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN Memphis Light Gas & Water Division Electric System Revenue         | City of Memphis Memphis Light Gas and Water Division Electric System                                                                                   | CUSIP: 586187AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3006871.20   | 0.05%             | 2044-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Menlo Park City School District                                                       | Menlo Park City School District, Capital Appreciation                                                                                                  | CUSIP: 586840MP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $739392.50    | 0.01%             | 2036-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Menlo Park City School District                                                       | Menlo Park City School District, Capital Appreciation                                                                                                  | CUSIP: 586840MQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1196975.72   | 0.02%             | 2037-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Menlo Park City School District                                                       | Menlo Park City School District, Capital Appreciation                                                                                                  | CUSIP: 586840MU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $641223.50    | 0.01%             | 2041-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Meriden CT                                                                    | City of Meriden, Series 2023                                                                                                                           | CUSIP: 5895355L3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $728353.20    | 0.01%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Meriden CT                                                                    | City of Meriden                                                                                                                                        | CUSIP: 5895355N9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1087454.92   | 0.02%             | 2043-06-15      | Fixed         | 4.00%                 | 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      | $1890767.03   | 0.03%             | 2029-07-01      | Fixed         | 5.00%                 | 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      | $1543019.09   | 0.02%             | 2031-07-01      | Fixed         | 5.00%                 | 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      | $2277632.40   | 0.04%             | 2032-07-01      | Fixed         | 5.00%                 | 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      | $1152330.00   | 0.02%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                                | City of Mesa Utility System                                                                                                                            | CUSIP: 5905453A5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2329047.80   | 0.04%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                                | City of Mesa Utility System                                                                                                                            | CUSIP: 5905453B3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1173246.70   | 0.02%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesquite TX                                                                   | City of Mesquite, Combination tax                                                                                                                      | CUSIP: 59074PMW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1681771.05   | 0.03%             | 2040-02-15      | Fixed         | 4.12%                 | 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      | $1008757.53   | 0.02%             | 2039-07-01      | 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                                     | CUSIP: 592029AW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $453749.09    | 0.01%             | 2026-05-01      | 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      | $435302.20    | 0.01%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue       | Metropolitan Government of Nashville and Davidson County Water and Sewer                                                                               | CUSIP: 5920983E5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2890485.75   | 0.05%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue       | Metropolitan Government of Nashville and Davidson County Water and Sewer                                                                               | CUSIP: 5920983G0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3414633.90   | 0.05%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue       | Metropolitan Government of Nashville and Davidson County Water and Sewer                                                                               | CUSIP: 5920983N5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2692894.50   | 0.04%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue       | Metropolitan Government of Nashville and Davidson County Water and Sewer                                                                               | CUSIP: 5920983Q8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2625475.50   | 0.04%             | 2050-07-01      | 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      | $2117288.40   | 0.03%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                             | Metropolitan Government of Nashville and Davidson County                                                                                               | CUSIP: 592112TN6<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |  11130000 | PA      | $11299236.10  | 0.18%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                        | Metropolitan Nashville Airport Authority (The), Subordinate Airport, Series 2019A                                                                      | CUSIP: 592190NL2<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1723704.36   | 0.03%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                        | Metropolitan Nashville Airport Authority (The), Subordinate Airport, Series 2019B                                                                      | CUSIP: 592190PJ5<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5042630.50   | 0.08%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                        | Metropolitan Nashville Airport Authority (The), Series 2022B                                                                                           | CUSIP: 592190QX3<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2149957.80   | 0.03%             | 2042-07-01      | Fixed         | 5.50%                 | 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        |  10100000 | PA      | $10488841.92  | 0.17%             | 2047-07-01      | Fixed         | 5.25%                 | 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      | $508964.40    | 0.01%             | 2052-07-01      | 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      | $51693.96     | 0.00%             | 2027-05-01      | 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      | $2157018.80   | 0.03%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                 | Metropolitan Transportation Authority, Climate Bond, Series 2025A                                                                                      | CUSIP: 59261A5A1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2169200.60   | 0.03%             | 2043-11-15      | Fixed         | 5.25%                 | 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      | $2675304.75   | 0.04%             | 2045-11-15      | Fixed         | 5.25%                 | 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      | $2103032.80   | 0.03%             | 2055-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                 | Metropolitan Transportation Authority, Climate Bond, Series 2025B                                                                                      | CUSIP: 59261A6A0<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   4050000 | PA      | $4649961.74   | 0.07%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                 | Metropolitan Transportation Authority, Climate Bond, Series 2025B                                                                                      | CUSIP: 59261A6D4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1722469.28   | 0.03%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                 | Metropolitan Transportation Authority, Climate Bond, Series 2020C-1                                                                                    | CUSIP: 59261AG43<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1524906.00   | 0.02%             | 2050-11-15      | 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   | 0.04%             | 2050-11-15      | Variable      | 2.85%                 | 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      | $15048221.67  | 0.24%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                 | Metropolitan Transportation Authority, Climate Bond, Series 2019B                                                                                      | CUSIP: 59261AYX9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $892401.30    | 0.01%             | 2050-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                 | Metropolitan Transportation Authority, Series 2024A                                                                                                    | CUSIP: 59261AZ75<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2780000 | PA      | $3008653.05   | 0.05%             | 2040-11-15      | 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      | $1781495.98   | 0.03%             | 2035-10-01      | Fixed         | 4.00%                 | 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      | $1501516.70   | 0.02%             | 2031-10-01      | Fixed         | 5.00%                 | 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      | $1293954.23   | 0.02%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami Beach Redevelopment Agency                                                      | Miami Beach Redevelopment Agency, City Center Historic Convention Village                                                                              | CUSIP: 593237GC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3400471.50   | 0.05%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                               | County of Miami-Dade, Building Better Communities Program, Series 2016A                                                                                | CUSIP: 59333FSS0<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   5355000 | PA      | $5416042.72   | 0.09%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                               | County of Miami-Dade                                                                                                                                   | CUSIP: 59333NNK5<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $2747776.50   | 0.04%             | 2040-10-01      | None          | 0.00%                 | 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      | $5340587.88   | 0.09%             | 2035-10-01      | Fixed         | 5.00%                 | 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      | $3265759.20   | 0.05%             | 2055-06-01      | Fixed         | 5.50%                 | 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      | $1525404.74   | 0.02%             | 2027-01-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Housing Finance Authority                                           | Miami-Dade County Housing Finance Authority, Amber Station, Series 2025A                                                                               | CUSIP: 593344CB8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   7750000 | PA      | $7787317.03   | 0.12%             | 2044-02-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                                  | County of Miami-Dade Water and Sewer System, Series 2025A                                                                                              | CUSIP: 59334DQN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $7816880.80   | 0.12%             | 2051-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                                  | County of Miami-Dade Water and Sewer System, Series 2025B                                                                                              | CUSIP: 59334DRG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14000000 | PA      | $13935198.20  | 0.22%             | 2042-10-01      | Fixed         | 4.00%                 | 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      | $1050917.40   | 0.02%             | 2043-12-01      | Variable      | 5.00%                 | No            |                  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      | $5046933.00   | 0.08%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority, Trinity Health Credit Group, Series 2016MI                                                                                 | CUSIP: 59447TGY3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4640064.62   | 0.07%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority, Tobacco Settlement Asset Backed, Series 2020A, Class 1                                                                     | CUSIP: 59447TL76<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3469104.00   | 0.06%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority, Henry Ford Health System                                                                                                   | CUSIP: 59447TMM2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1903177.37   | 0.03%             | 2036-11-15      | Fixed         | 4.00%                 | 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      | $1271912.48   | 0.02%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority, Trinity Health Credit Group, Series 2013MI-4                                                                               | CUSIP: 59447TYB3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011072.70   | 0.02%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority, Public Lighting Authority Refunding Local Project, Series 2025A                                                            | CUSIP: 59447UAM2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1134538.30   | 0.02%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority, Public Lighting Authority Refunding Local Project, Series 2025A                                                            | CUSIP: 59447UAN0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1141357.00   | 0.02%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority, Public Lighting Authority Refunding Local Project, Series 2025A                                                            | CUSIP: 59447UAP5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1145957.50   | 0.02%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority, Public Lighting Authority Refunding Local Project, Series 2025A                                                            | CUSIP: 59447UAQ3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1137047.60   | 0.02%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority, Public Lighting Authority Refunding Local Project, Series 2025A                                                            | CUSIP: 59447UAR1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1125838.00   | 0.02%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority, Public Lighting Authority Refunding Local Project, Series 2025A                                                            | CUSIP: 59447UAS9<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1177319.64   | 0.02%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority, Public Lighting Authority Refunding Local Project, Series 2025A                                                            | CUSIP: 59447UAT7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1115525.30   | 0.02%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority, Public Lighting Authority Refunding Local Project, Series 2025A                                                            | CUSIP: 59447UAU4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1108251.30   | 0.02%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority, Public Lighting Authority Refunding Local Project, Series 2025A                                                            | CUSIP: 59447UAV2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1454536.11   | 0.02%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                            | Michigan Finance Authority, Public Lighting Authority Refunding Local Project, Series 2025A                                                            | CUSIP: 59447UAW0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1630294.65   | 0.03%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                          | Michigan State Housing Development Authority, Series 2025 C                                                                                            | CUSIP: 594654K38<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6653020.80   | 0.11%             | 2056-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                          | Michigan State Housing Development Authority, Series 2023B                                                                                             | CUSIP: 594654US2<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3188167.80   | 0.05%             | 2054-06-01      | Fixed         | 5.75%                 | 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      | $3514647.12   | 0.06%             | 2055-08-15      | Variable      | 5.00%                 | No            |                  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        |   2000000 | PA      | $2267004.20   | 0.04%             | 2055-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Michigan Trunk Line Revenue                                                  | State of Michigan Trunk Line, Series 2020B                                                                                                             | CUSIP: 5946952A5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5150000 | PA      | $5298066.62   | 0.08%             | 2037-11-15      | 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        |    135000 | PA      | $140362.85    | 0.00%             | 2036-11-15      | Fixed         | 4.00%                 | No            |                  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      | $5004480.50   | 0.08%             | 2043-12-31      | 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        |   3555000 | PA      | $3552227.46   | 0.06%             | 2061-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                               | Michigan Strategic Fund, Consumers Co. Project, Series 2019                                                                                            | CUSIP: 594698TK8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  14030000 | PA      | $13997089.83  | 0.22%             | 2049-10-01      | Variable      | 3.35%                 | 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      | $1052965.40   | 0.02%             | 2055-06-01      | Fixed         | 6.25%                 | Yes           |                  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      | $1993376.00   | 0.03%             | 2054-06-15      | Fixed         | 5.12%                 | Yes           |                  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        |    975000 | PA      | $1044561.08   | 0.02%             | 2037-05-01      | Fixed         | 5.85%                 | 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      | $1852539.48   | 0.03%             | 2032-04-01      | 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      | $187215.93    | 0.00%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                                | City of Minneapolis, Health Care System, Fairview Health Services, Series 2018A                                                                        | CUSIP: 60374VEC3<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   6230000 | PA      | $6101528.68   | 0.10%             | 2037-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                                | City of Minneapolis, Health Care System, Fairview Health Services, Series 2018A                                                                        | CUSIP: 60374VED1<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    750000 | PA      | $731195.55    | 0.01%             | 2038-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                                | City of Minneapolis, Health Care System, Fairview Health Services, Series 2018A                                                                        | CUSIP: 60374VEF6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984047.00    | 0.02%             | 2049-11-15      | 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      | $1012485.90   | 0.02%             | 2027-06-01      | Fixed         | 4.00%                 | 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      | $1017958.90   | 0.02%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                      | Minnesota Housing Finance Agency, Series 2023F                                                                                                         | CUSIP: 60416TQ68<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   2155000 | PA      | $2279012.28   | 0.04%             | 2053-07-01      | Fixed         | 5.75%                 | 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        |   4180000 | PA      | $4664263.03   | 0.07%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp.                                                    | Mission Economic Development Corp., Waste Management, Inc. Project, Series 2020B                                                                       | CUSIP: 605155BS8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1875000 | PA      | $1875000.00   | 0.03%             | 2040-07-01      | Variable      | 3.80%                 | 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        |   3500000 | PA      | $3636906.00   | 0.06%             | 2064-12-01      | Variable      | 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      | $204773.91    | 0.00%             | 2026-03-01      | 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      | $20000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                                  | State of Mississippi, Series 2018A                                                                                                                     | CUSIP: 605581LC9<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |   5030000 | PA      | $5102834.40   | 0.08%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                                  | State of Mississippi, Series 2018A                                                                                                                     | CUSIP: 605581LE5<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |  14500000 | PA      | $14538048.00  | 0.23%             | 2038-11-01      | Fixed         | 4.00%                 | 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      | $1439161.56   | 0.02%             | 2029-01-01      | 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      | $1217167.82   | 0.02%             | 2031-01-01      | 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 2016B                                  | CUSIP: 60635H2D0<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001425.30   | 0.02%             | 2035-02-01      | 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 2019A                                  | CUSIP: 60635H2S7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003312.80   | 0.02%             | 2042-02-01      | 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 2019C                                  | CUSIP: 60635H2W8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1508765.55   | 0.02%             | 2030-02-01      | 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      | $1003160.70   | 0.02%             | 2027-02-01      | 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, Series 2016A                                  | CUSIP: 60635HU72<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001274.90   | 0.02%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Development Finance Board                                                    | Missouri Development Finance Board, Procter & Gamble Co. Project, Series 1999                                                                          | CUSIP: 60636LAA7<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1781908.97   | 0.03%             | 2029-03-15      | Fixed         | 5.20%                 | 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      | $165156.14    | 0.00%             | 2026-12-01      | 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      | $189125.12    | 0.00%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                    | Health and Educational Facilities Authority of the State of Missouri, Wright Memorial Hospital                                                         | CUSIP: 60637AQV7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    200000 | PA      | $201091.28    | 0.00%             | 2026-09-01      | 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, Wright Memorial Hospital                                                         | CUSIP: 60637AQX3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1384618.54   | 0.02%             | 2028-09-01      | 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      | $2451617.61   | 0.04%             | 2052-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                    | Health and Educational Facilities Authority of the State of Missouri, SSM Health Care Obligated Group, Series 2023A                                    | CUSIP: 60637AVX7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5231184.00   | 0.08%             | 2039-06-01      | Variable      | 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, Coxhealth Obligated Group, Series 2025A                                          | CUSIP: 60637AYQ9<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3982710.20   | 0.06%             | 2035-11-15      | Fixed         | 5.00%                 | 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        |   2720000 | PA      | $2964138.77   | 0.05%             | 2055-05-01      | Fixed         | 5.75%                 | 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        |   1310000 | PA      | $1310000.00   | 0.02%             | 2035-10-01      | Variable      | 2.80%                 | 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        |   7750000 | PA      | $7233388.10   | 0.12%             | 2033-09-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Mobile County Industrial Development Authority                                        | Mobile County Industrial Development Authority, Calvert LLC Project, Series 2024A                                                                      | CUSIP: 60733UAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2326833.36   | 0.04%             | 2054-06-01      | 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        |  10000000 | PA      | $9327671.00   | 0.15%             | 2054-12-01      | Fixed         | 4.75%                 | 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      | $1418172.71   | 0.02%             | 2048-10-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                                            | Monroe County Industrial Development Corp., Academy of Health Sciences Charter School Project, Series 2022A                                            | CUSIP: 61075YAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $257461.10    | 0.00%             | 2032-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                                            | Monroe County Industrial Development Corp., Academy of Health Sciences Charter School Project, Series 2022A                                            | CUSIP: 61075YAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1390533.35   | 0.02%             | 2042-07-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Montana Board of Housing                                                              | Montana Board of Housing, Series 2025B                                                                                                                 | CUSIP: 61212WD77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3590970.50   | 0.06%             | 2055-12-01      | Fixed         | 6.00%                 | 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        |   4000000 | PA      | $4025665.20   | 0.06%             | 2057-05-01      | 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        |   3085000 | PA      | $3071308.46   | 0.05%             | 2038-09-01      | Fixed         | 4.00%                 | 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      | $477079.34    | 0.01%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                                 | Montgomery County Industrial Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group, Series 2020C                              | CUSIP: 61360PCL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $270335.58    | 0.00%             | 2043-11-15      | Fixed         | 4.00%                 | 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        |  25355000 | PA      | $26017249.78  | 0.42%             | 2053-04-01      | Variable      | 4.10%                 | 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      | $3178191.42   | 0.05%             | 2030-02-15      | Fixed         | 5.00%                 | 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      | $2017322.55   | 0.03%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Mount Pleasant SC Water & Sewer Revenue                                       | Town of Mount Pleasant Water and Sewer, Series 2025                                                                                                    | CUSIP: 622634GJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1299756.62   | 0.02%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Mount Pleasant SC Water & Sewer Revenue                                       | Town of Mount Pleasant Water and Sewer, Series 2025                                                                                                    | CUSIP: 622634GK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1375684.39   | 0.02%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Mount Pleasant SC Water & Sewer Revenue                                       | Town of Mount Pleasant, Series 2025                                                                                                                    | CUSIP: 622634GL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1273973.09   | 0.02%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mt San Antonio Community College District                                             | Mt San Antonio Community College District, Election of 2016, Series 2025A                                                                              | CUSIP: 623040QK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1619925.75   | 0.03%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mountain View Los Altos Union High School District/CA                                 | Mountain View-Los Altos Union High School District, Election of 2010, Series C                                                                         | CUSIP: 624454KR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $958379.60    | 0.02%             | 2027-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow                | Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow, Series B                                                                     | CUSIP: 625482GF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15500000 | PA      | $10323113.15  | 0.16%             | 2035-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Multnomah County School District No. 40                                               | Multnomah County School District No. 40, Series A                                                                                                      | CUSIP: 625693HW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $929857.50    | 0.01%             | 2034-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Multnomah County School District No. 40                                               | Multnomah County School District No. 40, Series A                                                                                                      | CUSIP: 625693HY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $666638.20    | 0.01%             | 2036-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                               | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project, Series 2019A                                                              | CUSIP: 626207X25<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6512359.75   | 0.10%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                               | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project, Series 2019A                                                              | CUSIP: 62620HDH2<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2009096.40   | 0.03%             | 2049-01-01      | Fixed         | 5.00%                 | 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      | $1046053.50   | 0.02%             | 2028-01-01      | Fixed         | 5.00%                 | 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      | $1518295.05   | 0.02%             | 2055-08-01      | Fixed         | 4.50%                 | 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      | $7916963.91   | 0.13%             | 2044-04-01      | Fixed         | 4.00%                 | 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      | $5523783.58   | 0.09%             | 2045-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                              | New Hampshire Business Finance Authority, Winston Salem Sustainable Energy Partners, Series 2025A                                                      | CUSIP: 63607YCQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2910000 | PA      | $3262222.62   | 0.05%             | 2035-12-01      | 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: 63607YCW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6327862.20   | 0.10%             | 2050-06-01      | Fixed         | 5.50%                 | 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        |   2451000 | PA      | $2441470.02   | 0.04%             | 2035-12-01      | Fixed         | 5.25%                 | Yes           |                  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      | $952337.51    | 0.02%             | 2037-12-01      | 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      | $731233.73    | 0.01%             | 2038-12-01      | 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      | $876884.52    | 0.01%             | 2039-12-01      | 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        |   6400000 | PA      | $6722757.12   | 0.11%             | 2051-06-01      | 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: 63610FBM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1049890.69   | 0.02%             | 2053-06-01      | Fixed         | 4.50%                 | 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: 63967UAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2007882.40   | 0.03%             | 2034-01-01      | Fixed         | 4.00%                 | 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      | $1002698.70   | 0.02%             | 2035-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Investment Finance Authority                                                 | Nebraska Investment Finance Authority, Single Family Housing, Series 2024G                                                                             | CUSIP: 63968M7U7<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |    990000 | PA      | $1098706.16   | 0.02%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                           | New Hampshire Health and Education Facilities Authority Act                                                                                            | CUSIP: 64461XMF9<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   5400000 | PA      | $5650347.78   | 0.09%             | 2055-08-01      | Fixed         | 5.25%                 | 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      | $3423256.50   | 0.05%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                  | New Hope Cultural Education Facilities Finance Corp., Legacy Midtown Park Project                                                                      | CUSIP: 64542UHM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023931.40   | 0.02%             | 2044-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                  | New Hope Cultural Education Facilities Finance Corp., Brazos Presbyterian Homes, Inc., Project, Series 2025                                            | CUSIP: 64542UHW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2520000 | PA      | $2746796.47   | 0.04%             | 2036-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                  | New Hope Cultural Education Facilities Finance Corp., Brazos Presbyterian Homes, Inc., Project, Series 2025                                            | CUSIP: 64542UHX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045757.20   | 0.02%             | 2040-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                  | New Hope Cultural Education Facilities Finance Corp., Brazos Presbyterian Homes, Inc., Project, Series 2025                                            | CUSIP: 64542UHY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $989060.00    | 0.02%             | 2055-01-01      | Fixed         | 5.38%                 | 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      | $1690096.00   | 0.03%             | 2028-04-01      | Variable      | 5.25%                 | 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      | $2038785.80   | 0.03%             | 2026-09-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                             | New Jersey Economic Development Authority, School Facilities Construction, Series 2019LLL                                                              | CUSIP: 64577B7J7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076596.60   | 0.02%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                             | New Jersey Economic Development Authority, Transit Transportation Project, Series 2020A                                                                | CUSIP: 64577XBB1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3280873.05   | 0.05%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                             | New Jersey Economic Development Authority, School Facilities Construction, Series 2018EEE                                                              | CUSIP: 64577XEH5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1287184.73   | 0.02%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                             | New Jersey Economic Development Authority, School Facilities Construction, Series 2024SSS                                                              | CUSIP: 64577XET9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012600.70   | 0.02%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                        | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement, Series 2018A                                                            | CUSIP: 6461363N9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   9585000 | PA      | $9685087.53   | 0.15%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                        | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement, Series A                                                                | CUSIP: 6461363Q2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  11500000 | PA      | $11616145.40  | 0.19%             | 2031-06-15      | 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      | $257556.33    | 0.00%             | 2031-12-15      | Fixed         | 4.00%                 | 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      | $2117866.80   | 0.03%             | 2033-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                        | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2019BB                                                                  | CUSIP: 6461365D9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2124800.60   | 0.03%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                        | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2020AA                                                                  | CUSIP: 6461366Z9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2818980.18   | 0.04%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                        | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2022A                                                                   | CUSIP: 64613CAE8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2903495.70   | 0.05%             | 2042-06-15      | Fixed         | 4.00%                 | 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      | $2354187.38   | 0.04%             | 2046-06-15      | 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      | $3688249.95   | 0.06%             | 2050-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                        | New Jersey Transportation Trust Fund Authority, Transportation System, Series 2024A                                                                    | CUSIP: 64613CEQ7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $13478166.00  | 0.22%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                        | New Jersey Transportation Trust Fund Authority, Transportation System, Series 2024AA                                                                   | CUSIP: 64613CEU8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1378724.38   | 0.02%             | 2040-06-15      | 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        |   4000000 | PA      | $4613955.60   | 0.07%             | 2034-06-15      | 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: 64613CGF9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3191952.90   | 0.05%             | 2044-06-15      | 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: 64613CGJ1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2345058.50   | 0.04%             | 2050-06-15      | Fixed         | 4.12%                 | 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        |   2500000 | PA      | $2636302.75   | 0.04%             | 2055-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                          | New Mexico Finance Authority, State Transportation, Subordinate Lien, Series 2018A                                                                     | CUSIP: 64711RMB9<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103804.99    | 0.00%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                                 | New Mexico Mortgage Finance Authority, Santee Apartments and Sangre De Cristo Project                                                                  | CUSIP: 64719HEP1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2100000 | PA      | $2100000.00   | 0.03%             | 2042-02-01      | Variable      | 3.73%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                                 | New Mexico Mortgage Finance Authority, Mountain View II & III Apartments Project                                                                       | CUSIP: 64719HEQ9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   5095000 | PA      | $5090725.80   | 0.08%             | 2042-02-01      | Variable      | 2.97%                 | No            |                  2 | On Loan: No      |
| New York Convention Center Development Corp.                                          | New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured, Series B                                                       | CUSIP: 649451FW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1563831.40   | 0.02%             | 2032-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York Convention Center Development Corp.                                          | New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured, Series B                                                       | CUSIP: 649451FX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $1608928.42   | 0.03%             | 2033-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York Convention Center Development Corp.                                          | New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured, Series B                                                       | CUSIP: 649451GX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9315000 | PA      | $2993244.84   | 0.05%             | 2049-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                    | New York Liberty Development Corp., World Trade Centre, Class 1                                                                                        | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4150000 | PA      | $4149989.21   | 0.07%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                    | New York Liberty Development Corp., Series 1WTC-2021                                                                                                   | CUSIP: 649519EM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $973555.50    | 0.02%             | 2043-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                    | New York Liberty Development Corp., World Trade Centre, Series 1WTC-2021                                                                               | CUSIP: 649519EQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $3503778.75   | 0.06%             | 2041-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                    | New York Liberty Development Corp., Secured by Port Authority, Series 1WTC-2021                                                                        | CUSIP: 649519ER2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1519605.40   | 0.02%             | 2044-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                    | New York Liberty Development Corp., Secured by Port Authority, Series 1WTC-2021                                                                        | CUSIP: 649519FD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3345000 | PA      | $2903629.93   | 0.05%             | 2042-02-15      | Fixed         | 3.00%                 | 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      | $106311.68    | 0.00%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                   | City of New York, Fiscal Year 2018, Series 2018B-1                                                                                                     | CUSIP: 64966MRD3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   6450000 | PA      | $6352706.27   | 0.10%             | 2041-10-01      | Fixed         | 4.00%                 | 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   | 0.07%             | 2046-10-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                   | City of New York, Fiscal Year 2018, Series B-5                                                                                                         | CUSIP: 64966MSD2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | STIV             | MUN               | US        |  13185000 | PA      | $13185000.00  | 0.21%             | 2046-10-01      | Variable      | 2.85%                 | 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      | $109569.34    | 0.00%             | 2033-04-01      | Fixed         | 5.00%                 | 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   | 0.07%             | 2048-03-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                   | City of New York, Fiscal Year 2023, Series 2023A, Subseries A-1                                                                                        | CUSIP: 64966QG79<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4695045.50   | 0.07%             | 2046-09-01      | Fixed         | 4.00%                 | 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      | $203476.01    | 0.00%             | 2031-08-01      | Fixed         | 5.00%                 | 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      | $1085124.80   | 0.02%             | 2037-03-01      | 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      | $260172.87    | 0.00%             | 2033-04-01      | 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        |   1300000 | PA      | $1468709.58   | 0.02%             | 2033-08-01      | Fixed         | 5.00%                 | 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      | $1190973.41   | 0.02%             | 2050-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                   | City of New York, Fiscal Year 2024, Series 2024D                                                                                                       | CUSIP: 64966SCN4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3224822.40   | 0.05%             | 2048-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                   | City of New York, Fiscal Year 2024, Series 2024D                                                                                                       | CUSIP: 64966SCP9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5455000 | PA      | $5861749.89   | 0.09%             | 2049-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                   | City of New York, Fiscal Year 2024, Series 2025, Subseries C-1                                                                                         | CUSIP: 64966SHG4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1198009.74   | 0.02%             | 2047-09-01      | 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      | $5725371.00   | 0.09%             | 2033-08-01      | 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      | $4191501.60   | 0.07%             | 2028-02-01      | 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: 64966SLS3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $4058013.40   | 0.06%             | 2036-02-01      | 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: 64966SLY0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2530000 | PA      | $2737902.24   | 0.04%             | 2042-02-01      | 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      | $5356533.00   | 0.09%             | 2043-02-01      | 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      | $1041105.68   | 0.02%             | 2053-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                   | City of New York, Fiscal Year 2026, Series 2026B, Subseries B-1                                                                                        | CUSIP: 64966SNZ5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   6300000 | PA      | $7274079.54   | 0.12%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                   | City of New York, Fiscal Year 2026, Series 2026D                                                                                                       | CUSIP: 64966SRF5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3753078.70   | 0.06%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                   | City of New York, Fiscal Year 2026, Series 2026D                                                                                                       | CUSIP: 64966SRG3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5310669.50   | 0.08%             | 2044-10-01      | 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, Class E                                          | CUSIP: 64966TGW8<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1277419.88   | 0.02%             | 2031-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                               | New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project, Class F                                                       | CUSIP: 64966TGX6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   6600000 | PA      | $6796669.44   | 0.11%             | 2031-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                               | New York City Housing Development Corp., Series 2025A                                                                                                  | CUSIP: 64966WKK2<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |  14865000 | PA      | $15229367.91  | 0.24%             | 2055-02-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| New York City Health and Hospitals Corp.                                              | New York City Health and Hospitals Corp., Health System, Series 2025A                                                                                  | CUSIP: 649674LQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2862326.25   | 0.05%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Health and Hospitals Corp.                                              | New York City Health and Hospitals Corp., Health System, Series 2025A                                                                                  | CUSIP: 649674LR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $3116311.55   | 0.05%             | 2038-02-15      | 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 2017, Series 2017E1                                                      | CUSIP: 64971W4T4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3066785.70   | 0.05%             | 2035-02-01      | 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 2014, Series D-3                                                         | CUSIP: 64971WEY2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  15700000 | PA      | $15700000.00  | 0.25%             | 2044-02-01      | Variable      | 2.85%                 | 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 2017, Series B                                                           | CUSIP: 64971WT26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6445000 | PA      | $6503235.09   | 0.10%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue               | New York City Transitional Finance Authority, Future Tax Secured, Series C                                                                             | CUSIP: 64971WV23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6675440.85   | 0.11%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue               | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2023, Series 2023F, Subseries F-1                                        | CUSIP: 64971X7H5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1150479.25   | 0.02%             | 2051-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue               | New York City Transitional Finance Authority Future Tax Secured, Series 2018B-1                                                                        | CUSIP: 64971XCW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2703223.60   | 0.04%             | 2042-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue               | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2022, Series 2022B, Subseries B-1                                        | CUSIP: 64971XE61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3370000 | PA      | $3211489.35   | 0.05%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue               | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019, Series 2019A-1                                                     | CUSIP: 64971XFU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2179480.59   | 0.03%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue               | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2022, Series 2022C, Subseries C-1                                        | CUSIP: 64971XL63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7750000 | PA      | $7223922.25   | 0.12%             | 2047-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue               | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2020, Series 2020B-1                                                     | CUSIP: 64971XNG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3770000 | PA      | $3795651.08   | 0.06%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue               | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2021, Series 2021A                                                       | CUSIP: 64971XSA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10575000 | PA      | $10696875.82  | 0.17%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue               | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2022, Series 2022F, Subseries F-1                                        | CUSIP: 64971XT81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2749158.90   | 0.04%             | 2038-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue               | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2021, Series 2021C, Subseries C-1                                        | CUSIP: 64971XTX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $463102.70    | 0.01%             | 2035-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                       | New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Series 2009BB-2                                    | CUSIP: 64972FWL6<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |   4400000 | PA      | $4400000.00   | 0.07%             | 2039-06-15      | Variable      | 2.85%                 | 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   | 0.03%             | 2043-06-15      | Variable      | 2.85%                 | 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      | $3179481.00   | 0.05%             | 2052-06-15      | 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 2023CC                    | CUSIP: 64972GC85<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |   2105000 | PA      | $2105000.00   | 0.03%             | 2053-06-15      | Variable      | 2.85%                 | 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      | $2854515.06   | 0.05%             | 2053-06-15      | 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 2025, Series 2025AA,Subseries2AA1      | CUSIP: 64972GK29<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6238042.80   | 0.10%             | 2051-06-15      | 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, Fiscal Year 2017, Series 2017EE                    | CUSIP: 64972GNK6<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5150628.00   | 0.08%             | 2036-06-15      | 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        |   3000000 | PA      | $3567077.40   | 0.06%             | 2039-06-15      | Fixed         | 5.50%                 | 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 2020CC-1                  | CUSIP: 64972GVD3<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10091581.00  | 0.16%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                       | New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2020, Series 2020CC-2                  | CUSIP: 64972GVY7<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4902143.00   | 0.08%             | 2042-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                       | New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2020, Series 2022FF                    | CUSIP: 64972GWZ3<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1760224.40   | 0.03%             | 2041-06-15      | Fixed         | 4.00%                 | 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      | $1482699.60   | 0.02%             | 2042-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue               | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2024, Series 2024C                                                       | CUSIP: 64972JCD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2111359.40   | 0.03%             | 2048-05-01      | Fixed         | 5.25%                 | 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 2024, Series 2024C                                                       | CUSIP: 64972JCG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2573040.00   | 0.04%             | 2053-05-01      | 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, Subordinate, Fiscal Year 2024, Series 2025, Subseries G-1                            | CUSIP: 64972JJF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3098534.70   | 0.05%             | 2052-05-01      | 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 2025, Series 2025A, Subseries A-1                                        | CUSIP: 64972JJL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3269771.40   | 0.05%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue               | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025, Series 2025 Subseries C-1                                          | CUSIP: 64972JMJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5295854.50   | 0.08%             | 2049-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue               | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025E                                          | CUSIP: 64972JPQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4173014.80   | 0.07%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue               | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025F, Subseries F-1                           | CUSIP: 64972JQC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2344417.60   | 0.04%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue               | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2026H, Subseries H-1                           | CUSIP: 64972JTB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5373738.00   | 0.09%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue               | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025-J, Subseries J-1                          | CUSIP: 64972JTS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5335138.50   | 0.09%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue               | New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2016, Series 2026B                                                         | CUSIP: 64972JXK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $4042445.25   | 0.06%             | 2043-05-01      | 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 2026, Series 2026B                                                         | CUSIP: 64972JXL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2662921.50   | 0.04%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                     | New York City Transitional Finance Authority Building Aid, Series 2026, S-1                                                                            | CUSIP: 64972LAR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13405000 | PA      | $14874000.33  | 0.24%             | 2041-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Energy Research & Development Authority                                | New York State Energy Research and Development Authority, Rochester Gas and Electric Corp., Project, Series 1997C                                      | CUSIP: 649845JC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5125000 | PA      | $5285211.09   | 0.08%             | 2032-08-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| New York State Energy Research & Development Authority                                | New York State Energy Research and Development Authority, Rochester Gas and Electric Corp., Project, Series 1997B                                      | CUSIP: 649845JD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031260.70   | 0.02%             | 2032-08-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| New York State Energy Research & Development Authority                                | New York State Energy Research and Development Authority, Rochester Gas and Electric Corp., Project, Series 1997A                                      | CUSIP: 649845JE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2062521.40   | 0.03%             | 2032-08-01      | Fixed         | 3.80%                 | 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      | $595967.37    | 0.01%             | 2038-09-15      | 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      | $929003.80    | 0.01%             | 2050-07-01      | Fixed         | 4.25%                 | 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        |   5000000 | PA      | $5596028.00   | 0.09%             | 2049-07-01      | Variable      | 5.00%                 | 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      | $4072729.50   | 0.06%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, School Districts Financing Program, Series 2025A                                                                   | CUSIP: 64985SDF7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2160000 | PA      | $2551130.21   | 0.04%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, New York University, Series 2025A                                                                                  | CUSIP: 64985SGE7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4197541.60   | 0.07%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, Mount Sinai Obligated Group                                                                                        | CUSIP: 64985SMR1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |  12205000 | PA      | $12395174.65  | 0.20%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, Mount Sinai Obligated Group                                                                                        | CUSIP: 64985SMS9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |  15250000 | PA      | $15374773.98  | 0.25%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, Rosewell Park Cancer Institute Obligated Group, Series 2025A                                                       | CUSIP: 64985SNE9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1192674.67   | 0.02%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                                        | Empire State Development Corp., State Sales Tax, Series 2019A                                                                                          | CUSIP: 64985TAM3<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |  10080000 | PA      | $9924871.82   | 0.16%             | 2042-03-15      | Fixed         | 4.00%                 | 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      | $2355916.50   | 0.04%             | 2046-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                                        | Empire State Development Corp., State Sales Tax, Series 2024A                                                                                          | CUSIP: 64985TFY2<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   2870000 | PA      | $3052358.94   | 0.05%             | 2045-03-15      | 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: 64986DLH6<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   7515000 | PA      | $7745156.64   | 0.12%             | 2038-06-15      | Fixed         | 4.00%                 | 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        |   8000000 | PA      | $8664902.40   | 0.14%             | 2053-06-15      | Fixed         | 5.25%                 | No            |                  2 | 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   | 0.08%             | 2046-11-01      | Variable      | 2.90%                 | 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      | $1521645.60   | 0.02%             | 2044-11-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency Homeowner Mortgage Revenue                          | State of New York Mortgage Agency Homeowner Mortgage, Series 227                                                                                       | CUSIP: 64988YFP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2530000 | PA      | $2510153.16   | 0.04%             | 2050-10-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| New York Power Authority                                                              | New York Power Authority, Series 2024A                                                                                                                 | CUSIP: 64989KMG8<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |   3200000 | PA      | $2977520.64   | 0.05%             | 2049-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, State Sales Tax, Series 2018C                                                                                      | CUSIP: 64990AKA2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   8020000 | PA      | $8382229.72   | 0.13%             | 2036-03-15      | 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      | $3145488.30   | 0.05%             | 2049-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, Sales Tax, Series 2025A                                                                                            | CUSIP: 64990AXN0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2908145.25   | 0.05%             | 2037-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, Sales Tax, Series 2025A                                                                                            | CUSIP: 64990AXT7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4962310.20   | 0.08%             | 2042-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, Sales Tax, Series 2025A                                                                                            | CUSIP: 64990AXV2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5640801.08   | 0.09%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, Sales Tax, Series 2025A                                                                                            | CUSIP: 64990AXW0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3948593.38   | 0.06%             | 2045-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, Sales Tax, Series 2025A                                                                                            | CUSIP: 64990AXZ3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   6830000 | PA      | $6682827.84   | 0.11%             | 2048-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, Sales Tax, Series 2025A                                                                                            | CUSIP: 64990AYA7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3215103.30   | 0.05%             | 2050-03-15      | Fixed         | 5.25%                 | 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        |   8000000 | PA      | $7858253.60   | 0.13%             | 2042-03-15      | Fixed         | 4.00%                 | 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      | $2170159.20   | 0.03%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, Personal Income Tax, Series 2019D                                                                                  | CUSIP: 64990FPV0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1389152.25   | 0.02%             | 2047-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2022A                                                           | CUSIP: 64990FW75<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   4680000 | PA      | $4751746.74   | 0.08%             | 2038-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2020A                                                           | CUSIP: 64990FYQ1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |  18070000 | PA      | $16724679.47  | 0.27%             | 2047-03-15      | Fixed         | 4.00%                 | 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        |   5615000 | PA      | $5737521.55   | 0.09%             | 2037-03-15      | Fixed         | 4.00%                 | 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      | $74996.40     | 0.00%             | 2029-05-01      | 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      | $5416.03      | 0.00%             | 2040-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2021E                                                           | CUSIP: 64990KFV0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2820000 | PA      | $2829345.20   | 0.05%             | 2040-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2025C                                                           | CUSIP: 64990KHQ9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4684066.00   | 0.07%             | 2036-03-15      | 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 2025C                                                           | CUSIP: 64990KHW6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2198582.80   | 0.04%             | 2042-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                      | New York State Thruway Authority, Series O                                                                                                             | CUSIP: 650009W82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3833681.28   | 0.06%             | 2043-01-01      | Fixed         | 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      | $1469611.13   | 0.02%             | 2035-10-01      | Fixed         | 5.00%                 | 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        |   1360000 | PA      | $1503303.74   | 0.02%             | 2036-05-01      | Fixed         | 5.25%                 | 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      | $1074139.50   | 0.02%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                    | New York State Dormitory Authority, White Plains Hospital                                                                                              | CUSIP: 65000B7Y8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2148829.20   | 0.03%             | 2054-10-01      | Fixed         | 5.50%                 | 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      | $3290370.43   | 0.05%             | 2026-10-01      | 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      | $3763651.32   | 0.06%             | 2027-10-01      | 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      | $2015799.19   | 0.03%             | 2037-10-01      | Fixed         | 5.00%                 | 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        |   4000000 | PA      | $4183377.60   | 0.07%             | 2053-11-15      | 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        |   6000000 | PA      | $6304222.80   | 0.10%             | 2058-11-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                      | New York State Thruway Authority, Personal Income Tax, Series 2022A                                                                                    | CUSIP: 650028YU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12844036.80  | 0.20%             | 2042-03-15      | 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      | $470867.30    | 0.01%             | 2045-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp., Laguardia Airport Terminal Redevelopment Project, Series 2016A                                              | CUSIP: 650116AS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1663501.73   | 0.03%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp., Laguardia Airport Terminal Redevelopment Project, Series 2016A                                              | CUSIP: 650116AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1499975.70   | 0.02%             | 2050-01-01      | 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: 650116CH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1444715.16   | 0.02%             | 2029-01-01      | 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 2018                   | CUSIP: 650116CJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11725000 | PA      | $12090734.41  | 0.19%             | 2030-01-01      | 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 2018                   | CUSIP: 650116CK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5155000 | PA      | $5317198.98   | 0.08%             | 2031-01-01      | 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                                | CUSIP: 650116CN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18755000 | PA      | $19163358.24  | 0.31%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project                                | CUSIP: 650116CY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11920000 | PA      | $12442357.05  | 0.20%             | 2035-10-01      | 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                                | CUSIP: 650116CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5350000 | PA      | $5427549.32   | 0.09%             | 2040-10-01      | 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                                | CUSIP: 650116DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1592481.25   | 0.03%             | 2045-10-01      | Fixed         | 4.38%                 | 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      | $2910486.48   | 0.05%             | 2031-08-01      | Fixed         | 3.00%                 | 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      | $3310779.30   | 0.05%             | 2035-04-01      | Fixed         | 6.00%                 | 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      | $3151189.20   | 0.05%             | 2040-04-01      | Fixed         | 5.62%                 | 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: 650116GU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1852705.93   | 0.03%             | 2042-06-30      | Fixed         | 5.50%                 | 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: 650116GV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2367129.83   | 0.04%             | 2043-06-30      | Fixed         | 5.50%                 | 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: 650116GW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2355556.50   | 0.04%             | 2044-06-30      | Fixed         | 5.50%                 | 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        |   2000000 | PA      | $2014720.00   | 0.03%             | 2049-06-30      | 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      | $3853730.86   | 0.06%             | 2054-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp., JFK International Airport New Terminal One Project, Series 2024A                                            | CUSIP: 650116HT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5082628.00   | 0.08%             | 2054-12-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                             | New York Transportation Development Corp., JFK International Airport New Terminal One Project, Series 2024A                                            | CUSIP: 650116HV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7935000 | PA      | $8139526.21   | 0.13%             | 2054-12-31      | Fixed         | 5.50%                 | 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: 650116JA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2256833.00   | 0.04%             | 2038-06-30      | Fixed         | 5.50%                 | 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: 650116JH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1650207.60   | 0.03%             | 2045-06-30      | Fixed         | 6.00%                 | 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: 650116JM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1990000 | PA      | $2086858.47   | 0.03%             | 2059-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                 | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 52-C                                                                           | CUSIP: 6582074F9<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | STIV             | MUN               | US        |   3400000 | PA      | $3400000.00   | 0.05%             | 2049-07-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                 | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 53-A                                                                           | CUSIP: 6582076L4<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2685000 | PA      | $2902924.00   | 0.05%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                 | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 55-A                                                                           | CUSIP: 65820BBA3<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   6980000 | PA      | $7636970.16   | 0.12%             | 2055-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                 | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 55-C                                                                           | CUSIP: 65820BBB1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | STIV             | MUN               | US        |   7685000 | PA      | $7681516.39   | 0.12%             | 2056-07-01      | Variable      | 3.20%                 | No            |                  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      | $8430789.00   | 0.13%             | 2056-01-01      | Fixed         | 6.25%                 | 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        |  11000000 | PA      | $12574599.40  | 0.20%             | 2056-01-01      | Fixed         | 6.50%                 | 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        |   2250000 | PA      | $2257947.23   | 0.04%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                 | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 59-A                                                                           | CUSIP: 65821FLA2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2279978.60   | 0.04%             | 2057-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                               | State of North Carolina                                                                                                                                | CUSIP: 658268EE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15345000 | PA      | $16417649.26  | 0.26%             | 2033-03-01      | 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      | $2376295.49   | 0.04%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                                   | North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series 2025A                                                                       | CUSIP: 65889BCG7<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1925711.20   | 0.03%             | 2056-01-01      | Fixed         | 6.00%                 | 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        |   1925000 | PA      | $2031944.72   | 0.03%             | 2053-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| North East Texas Regional Mobility Authority                                          | North East Texas Regional Mobility Authority, Senior Lien, Series 2025A                                                                                | CUSIP: 659231BM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $590089.19    | 0.01%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North East Texas Regional Mobility Authority                                          | North East Texas Regional Mobility Authority, Senior Lien, Series 2025A                                                                                | CUSIP: 659231BN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1393248.18   | 0.02%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North East Texas Regional Mobility Authority                                          | North East Texas Regional Mobility Authority, Senior Lien, Series 2025A                                                                                | CUSIP: 659231BQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1131668.60   | 0.02%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North East Texas Regional Mobility Authority                                          | North East Texas Regional Mobility Authority, Senior Lien, Series 2025A                                                                                | CUSIP: 659231BR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $785511.09    | 0.01%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North East Texas Regional Mobility Authority                                          | North East Texas Regional Mobility Authority, Senior Lien, Series 2025A                                                                                | CUSIP: 659231BS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1112827.30   | 0.02%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North East Texas Regional Mobility Authority                                          | North East Texas Regional Mobility Authority, Senior Lien, Series 2025A                                                                                | CUSIP: 659231BT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1104611.20   | 0.02%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North East Texas Regional Mobility Authority                                          | North East Texas Regional Mobility Authority, Senior Lien, Series 2025A                                                                                | CUSIP: 659231BV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1502792.25   | 0.02%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North East Texas Regional Mobility Authority                                          | North East Texas Regional Mobility Authority, Senior Lien, Series 2025A                                                                                | CUSIP: 659231BW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1284385.08   | 0.02%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North East Texas Regional Mobility Authority                                          | North East Texas Regional Mobility Authority, Senior Lien, Series 2025A                                                                                | CUSIP: 659231BX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1168682.57   | 0.02%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North East Texas Regional Mobility Authority                                          | North East Texas Regional Mobility Authority, Senior Lien, Series 2025A                                                                                | CUSIP: 659231BY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1427335.39   | 0.02%             | 2044-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North East Texas Regional Mobility Authority                                          | North East Texas Regional Mobility Authority, Senior Lien, Series 2025A                                                                                | CUSIP: 659231BZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1603126.50   | 0.03%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North East Texas Regional Mobility Authority                                          | North East Texas Regional Mobility Authority, Senior Lien, Series 2025A                                                                                | CUSIP: 659231CA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1224153.73   | 0.02%             | 2046-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North East Texas Regional Mobility Authority                                          | North East Texas Regional Mobility Authority, Subordinate Lien, Series 2025B                                                                           | CUSIP: 659231CH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $663009.78    | 0.01%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North East Texas Regional Mobility Authority                                          | North East Texas Regional Mobility Authority, Subordinate Lien, Series 2025B                                                                           | CUSIP: 659231CJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $724885.46    | 0.01%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North East Texas Regional Mobility Authority                                          | North East Texas Regional Mobility Authority, Subordinate Lien, Series 2025B                                                                           | CUSIP: 659231CK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1935000 | PA      | $2172714.36   | 0.03%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North East Texas Regional Mobility Authority                                          | North East Texas Regional Mobility Authority, Subordinate Lien, Series 2025B                                                                           | CUSIP: 659231CL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $846044.63    | 0.01%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North East Texas Regional Mobility Authority                                          | North East Texas Regional Mobility Authority, Subordinate Lien, Series 2025B                                                                           | CUSIP: 659231CM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1119177.30   | 0.02%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North East Texas Regional Mobility Authority                                          | North East Texas Regional Mobility Authority, Subordinate Lien, Series 2025B                                                                           | CUSIP: 659231CN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $665875.26    | 0.01%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North East Texas Regional Mobility Authority                                          | North East Texas Regional Mobility Authority, Subordinate Lien, Series 2025B                                                                           | CUSIP: 659231CP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $660349.74    | 0.01%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North East Texas Regional Mobility Authority                                          | North East Texas Regional Mobility Authority, Subordinate Lien, Series 2025B                                                                           | CUSIP: 659231CQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $655484.58    | 0.01%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North East Texas Regional Mobility Authority                                          | North East Texas Regional Mobility Authority, Subordinate Lien, Series 2025B                                                                           | CUSIP: 659231CR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $864210.88    | 0.01%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North East Texas Regional Mobility Authority                                          | North East Texas Regional Mobility Authority, Subordinate Lien, Series 2025B                                                                           | CUSIP: 659231CS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $942377.57    | 0.02%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North East Texas Regional Mobility Authority                                          | North East Texas Regional Mobility Authority, Subordinate Lien, Series 2025B                                                                           | CUSIP: 659231CT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $795718.05    | 0.01%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North East Texas Regional Mobility Authority                                          | North East Texas Regional Mobility Authority, Subordinate Lien, Series 2025B                                                                           | CUSIP: 659231CU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $788139.23    | 0.01%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North East Texas Regional Mobility Authority                                          | North East Texas Regional Mobility Authority, Subordinate Lien, Series 2025B                                                                           | CUSIP: 659231CV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $796183.73    | 0.01%             | 2044-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North East Texas Regional Mobility Authority                                          | North East Texas Regional Mobility Authority, Subordinate Lien, Series 2025B                                                                           | CUSIP: 659231CW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $766471.74    | 0.01%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North East Texas Regional Mobility Authority                                          | North East Texas Regional Mobility Authority, Subordinate Lien, Series 2025B                                                                           | CUSIP: 659231CX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $684442.40    | 0.01%             | 2046-01-01      | Fixed         | 5.25%                 | 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      | $1131217.00   | 0.02%             | 2032-06-01      | 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: 660393Y29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1145187.60   | 0.02%             | 2036-06-01      | 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: 660393Y37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1870000 | PA      | $2126719.40   | 0.03%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of North Slope AK                                                             | Borough of North Slope                                                                                                                                 | CUSIP: 662523X46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013315.90   | 0.02%             | 2026-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of North Slope AK                                                             | Borough of North Slope                                                                                                                                 | CUSIP: 662523X53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1263925.12   | 0.02%             | 2027-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District                                                  | North Texas Municipal Water District                                                                                                                   | CUSIP: 6628354H7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11465000 | PA      | $12056662.79  | 0.19%             | 2047-06-01      | Fixed         | 5.00%                 | 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      | $3747430.26   | 0.06%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                         | North Texas Tollway Authority, First Tier, Series 2025A                                                                                                | CUSIP: 66285WU79<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3374595.60   | 0.05%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                         | North Texas Tollway Authority, First Tier, Series A                                                                                                    | CUSIP: 66285WWC6<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1598114.87   | 0.03%             | 2043-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                         | North Texas Tollway Authority, First Tier, Series 2020A                                                                                                | CUSIP: 66285WZW9<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5047732.50   | 0.08%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District Water System Revenue                             | North Texas Municipal Water District Water System                                                                                                      | CUSIP: 662903H71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4555000 | PA      | $5319098.97   | 0.08%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District Water System Revenue                             | North Texas Municipal Water District Water System                                                                                                      | CUSIP: 662903H89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $8738165.25   | 0.14%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District Water System Revenue                             | North Texas Municipal Water District Water System                                                                                                      | CUSIP: 662903H97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1544556.76   | 0.02%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District Water System Revenue                             | North Texas Municipal Water District Water System                                                                                                      | CUSIP: 662903J38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $11287012.00  | 0.18%             | 2038-09-01      | Fixed         | 5.00%                 | 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      | $1088599.30   | 0.02%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Tobacco Securitization Corp.                                                 | Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital Appreciation, Series 2021B-1, Class 2                            | CUSIP: 66585VCA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1720000 | PA      | $1680298.44   | 0.03%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northern Tobacco Securitization Corp.                                                 | Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital Appreciation, Series 2021B-2, Class 2                            | CUSIP: 66585VCB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  41385000 | PA      | $4726063.54   | 0.08%             | 2066-06-01      | None          | 0.00%                 | 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      | $1041233.90   | 0.02%             | 2048-02-15      | 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      | $2720382.50   | 0.04%             | 2039-02-15      | 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        |    120000 | PA      | $121698.61    | 0.00%             | 2042-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Nye County School District                                                            | Nye County School District, Series 2023                                                                                                                | CUSIP: 670692TV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1540192.11   | 0.02%             | 2035-05-01      | 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      | $1120822.60   | 0.02%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  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      | $999997.20    | 0.02%             | 2043-01-15      | Fixed         | 4.00%                 | 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      | $238442.04    | 0.00%             | 2031-09-15      | Fixed         | 5.00%                 | 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      | $36578.21     | 0.00%             | 2027-10-01      | 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      | $1318615.50   | 0.02%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                         | State of Ohio, Culture and Sports Facilities Building Fund Projects, Series 2025A                                                                      | CUSIP: 677523LZ3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1347277.00   | 0.02%             | 2029-04-01      | 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      | $1100504.10   | 0.02%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                         | State of Ohio, Adult Correctional Capital Facilities Lease Appropriation, Series 2025A                                                                 | CUSIP: 677524EX4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3524155.20   | 0.06%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                         | State of Ohio, Adult Correctional Capital Facilities Lease Appropriation, Series 2025A                                                                 | CUSIP: 677524EY2<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3547881.30   | 0.06%             | 2035-10-01      | 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      | $2026057.20   | 0.03%             | 2030-09-01      | Variable      | 4.00%                 | 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        |   5035000 | PA      | $5115207.55   | 0.08%             | 2039-11-01      | Variable      | 4.25%                 | 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      | $4000470.00   | 0.06%             | 2028-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                         | State of Ohio, University Hospitals Health System, Inc., Series 2021E                                                                                  | CUSIP: 67756CFS2<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1703310.41   | 0.03%             | 2038-01-15      | Fixed         | 4.00%                 | 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        |   1935000 | PA      | $2147701.20   | 0.03%             | 2054-08-15      | Variable      | 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      | $138844.67    | 0.00%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio State University (The)                                                           | Ohio State University (The), General Receipts, Series 2023A-2                                                                                          | CUSIP: 677632N98<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | STIV             | MUN               | US        |  20000000 | PA      | $20000000.00  | 0.32%             | 2043-06-01      | Variable      | 2.85%                 | 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      | $35421.63     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | 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      | $1531018.98   | 0.02%             | 2036-12-01      | Fixed         | 5.00%                 | 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      | $1738493.06   | 0.03%             | 2038-12-01      | Fixed         | 5.00%                 | 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      | $1476699.64   | 0.02%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                      | Ohio Water Development Authority, Drinking Water Assistance, Series 2025A                                                                              | CUSIP: 67765QSP2<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   5100000 | PA      | $5970870.90   | 0.10%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                      | Ohio Water Development Authority, Drinking Water Assistance, Series 2025A                                                                              | CUSIP: 67765QSW7<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2241833.60   | 0.04%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                      | Ohio Water Development Authority, Drinking Water Assistance, Series 2025A                                                                              | CUSIP: 67765QSX5<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |  10425000 | PA      | $11554663.43  | 0.18%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                      | Ohio Water Development Authority, Water Pollution Control Loan Fund, Series 2019A                                                                      | CUSIP: 677660UZ3<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |  16390000 | PA      | $17669888.54  | 0.28%             | 2029-06-01      | 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 2024C                                                                       | CUSIP: 67766WQ21<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2350000 | PA      | $2350000.00   | 0.04%             | 2054-12-01      | Variable      | 2.85%                 | 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      | $46087.49     | 0.00%             | 2026-12-01      | 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      | $1033062.20   | 0.02%             | 2050-12-01      | 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      | $1407307.88   | 0.02%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Capitol Improvement Authority                                                | Oklahoma Capitol Improvement Authority, Oklahoma Department of Transportation Project, Series 2025A                                                    | CUSIP: 678514DX5<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1341611.71   | 0.02%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Capitol Improvement Authority                                                | Oklahoma Capitol Improvement Authority, Oklahoma Department of Transportation Project, Series 2025A                                                    | CUSIP: 678514DZ0<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1223272.16   | 0.02%             | 2034-07-01      | Fixed         | 5.00%                 | 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      | $2583973.75   | 0.04%             | 2028-07-01      | 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      | $5534297.39   | 0.09%             | 2048-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                                | Oklahoma Development Finance Authority, Health System, OU Medicine Project, Series 2018B                                                               | CUSIP: 67884XCN5<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   9595000 | PA      | $9613173.89   | 0.15%             | 2057-08-15      | Fixed         | 5.50%                 | 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        |   3995000 | PA      | $4496662.14   | 0.07%             | 2056-09-01      | Fixed         | 6.25%                 | 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      | $9654017.10   | 0.15%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                        | Oklahoma Water Resources Board, Clean Water Program, Series 2025A                                                                                      | CUSIP: 67919PWW9<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1291696.08   | 0.02%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                        | Oklahoma Water Resources Board, Clean Water Program, Series 2025A                                                                                      | CUSIP: 67919PWX7<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3524270.97   | 0.06%             | 2046-04-01      | 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      | $1098283.70   | 0.02%             | 2037-10-01      | Fixed         | 5.00%                 | 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      | $1317940.44   | 0.02%             | 2037-10-01      | 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      | $1088706.20   | 0.02%             | 2039-10-01      | Fixed         | 5.00%                 | 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      | $3715261.09   | 0.06%             | 2043-10-01      | Fixed         | 4.00%                 | 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      | $40159.19     | 0.00%             | 2026-02-01      | Fixed         | 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      | $1079057.91   | 0.02%             | 2028-02-01      | Fixed         | 5.00%                 | 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      | $3758512.50   | 0.06%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                           | Omaha Public Power District, Electric System, Series 2024C                                                                                             | CUSIP: 682001NE8<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2337587.29   | 0.04%             | 2042-02-01      | Fixed         | 5.00%                 | 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      | $2910733.38   | 0.05%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                           | Omaha Public Power District, Series 2025A                                                                                                              | CUSIP: 682001PD8<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1545741.39   | 0.02%             | 2043-02-01      | Fixed         | 5.00%                 | 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      | $1420363.38   | 0.02%             | 2031-12-01      | 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      | $1976048.25   | 0.03%             | 2034-12-01      | Fixed         | 5.00%                 | 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      | $1263060.53   | 0.02%             | 2045-12-01      | Fixed         | 5.25%                 | 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        |   5000000 | PA      | $4961701.50   | 0.08%             | 2050-12-01      | Fixed         | 4.50%                 | 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      | $163243.72    | 0.00%             | 2033-11-01      | 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        |   4000000 | PA      | $4043452.40   | 0.06%             | 2055-11-01      | Fixed         | 4.50%                 | 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      | $837332.18    | 0.01%             | 2036-10-01      | 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      | $6176192.73   | 0.10%             | 2041-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                     | Oregon State Facilities Authority, Peacehealth, Series 2018A                                                                                           | CUSIP: 68608JXD8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   9875000 | PA      | $9875000.00   | 0.16%             | 2034-08-01      | Variable      | 2.80%                 | 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      | $1601083.28   | 0.03%             | 2029-08-01      | Fixed         | 5.00%                 | 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      | $1134990.00   | 0.02%             | 2031-08-01      | 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      | $502504.45    | 0.01%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                          | Orlando Utilities Commission, Series 2024B                                                                                                             | CUSIP: 686507ME1<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1403519.64   | 0.02%             | 2036-10-01      | 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      | $1161872.40   | 0.02%             | 2033-10-01      | 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      | $1287349.12   | 0.02%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                          | Orlando Utilities Commission, Utility System, Series 2025A                                                                                             | CUSIP: 686507MS0<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1466425.55   | 0.02%             | 2035-10-01      | Fixed         | 5.00%                 | 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      | $1155160.20   | 0.02%             | 2036-10-01      | Fixed         | 5.00%                 | 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      | $169224.07    | 0.00%             | 2027-01-01      | 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      | $188211.35    | 0.00%             | 2028-01-01      | 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      | $242968.44    | 0.00%             | 2032-11-15      | 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        |   3485000 | PA      | $3439473.35   | 0.05%             | 2049-11-15      | 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: 69650MBB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4857135.00   | 0.08%             | 2055-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                         | Palm Beach County Health Facilities Authority, Jupiter Medical Center                                                                                  | CUSIP: 69651ACZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4342027.38   | 0.07%             | 2055-11-01      | Fixed         | 5.25%                 | 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      | $2195332.91   | 0.04%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Park Creek Metropolitan District                                                      | Park Creek Metropolitan District                                                                                                                       | CUSIP: 700385BU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $816818.18    | 0.01%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Park Creek Metropolitan District                                                      | Park Creek Metropolitan District                                                                                                                       | CUSIP: 700385BW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1667063.27   | 0.03%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Park Creek Metropolitan District                                                      | Park Creek Metropolitan District                                                                                                                       | CUSIP: 700385CC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1620926.85   | 0.03%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Park Creek Metropolitan District                                                      | Park Creek Metropolitan District                                                                                                                       | CUSIP: 700385CD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1473612.53   | 0.02%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Park Ridge Park District                                                              | Park Ridge Park District, Series 2023B                                                                                                                 | CUSIP: 700787CT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1028799.12   | 0.02%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pasadena Independent School District                                                  | Pasadena Independent School District, Unlimited Tax                                                                                                    | CUSIP: 702334GZ0<br>LEI: 549300QY114RR4MXVU24 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5218928.50   | 0.08%             | 2048-02-15      | Fixed         | 5.00%                 | 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      | $2895827.80   | 0.05%             | 2054-02-01      | Variable      | 5.25%                 | 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      | $3349117.99   | 0.05%             | 2030-02-01      | Fixed         | 5.00%                 | 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      | $1957859.93   | 0.03%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peace River Manasota Regional Water Supply Authority                                  | Peace River Manasota Regional Water Supply Authority, Utility System, Series 2025A                                                                     | CUSIP: 704612GK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6780000 | PA      | $7392386.55   | 0.12%             | 2044-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Peace River Manasota Regional Water Supply Authority                                  | Peace River Manasota Regional Water Supply Authority, Utility System, Series 2025A                                                                     | CUSIP: 704612GM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2161772.40   | 0.03%             | 2046-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Peace River Manasota Regional Water Supply Authority                                  | Peace River Manasota Regional Water Supply Authority, Utility System, Series 2025A                                                                     | CUSIP: 704612GN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5055000 | PA      | $5448857.80   | 0.09%             | 2047-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Peace River Manasota Regional Water Supply Authority                                  | Peace River Manasota Regional Water Supply Authority, Utility System, Series 2025A                                                                     | CUSIP: 704612GP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5622192.98   | 0.09%             | 2050-10-01      | Fixed         | 5.25%                 | 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        |   6070000 | PA      | $6173792.14   | 0.10%             | 2057-12-31      | 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      | $5020887.50   | 0.08%             | 2046-10-01      | Variable      | 4.60%                 | 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      | $1247624.38   | 0.02%             | 2042-01-01      | Fixed         | 4.00%                 | 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      | $1422350.32   | 0.02%             | 2050-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                   | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2024 -147A                                                                         | CUSIP: 70879QC50<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    988361 | PA      | $1086461.29   | 0.02%             | 2054-10-01      | Fixed         | 6.25%                 | 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        |   8290000 | PA      | $8776697.61   | 0.14%             | 2053-10-01      | Fixed         | 5.75%                 | 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        |   1925000 | PA      | $2083884.50   | 0.03%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                   | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2024-146A                                                                          | CUSIP: 70879QXV0<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    980000 | PA      | $1072024.55   | 0.02%             | 2054-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                   | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2025-150A                                                                          | CUSIP: 70879QZ71<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $14726263.50  | 0.23%             | 2055-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                          | Commonwealth of Pennsylvania, Series 2024B                                                                                                             | CUSIP: 70914P4F6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4870000 | PA      | $4939062.93   | 0.08%             | 2041-08-15      | Fixed         | 4.00%                 | 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      | $1399628.37   | 0.02%             | 2043-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                      | Pennsylvania Turnpike Commission, Series 2016B                                                                                                         | CUSIP: 709224PF0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    575000 | PA      | $577623.67    | 0.01%             | 2033-06-01      | Fixed         | 4.00%                 | 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      | $109807.96    | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | 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      | $62680.19     | 0.00%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                      | Pennsylvania Turnpike Commission, Subordinate, Series 2021A                                                                                            | CUSIP: 709225AZ9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $968497.70    | 0.02%             | 2043-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                      | Pennsylvania Turnpike Commission, Subordinate, Series 2021B                                                                                            | CUSIP: 709225DT0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1530198.30   | 0.02%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                      | Pennsylvania Turnpike Commission, Subordinate, Series 2021B                                                                                            | CUSIP: 709225DU7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2283632.10   | 0.04%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                      | Pennsylvania Turnpike Commission, Series 2022A                                                                                                         | CUSIP: 709225FH4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1145965.80   | 0.02%             | 2033-12-01      | 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      | $1103601.80   | 0.02%             | 2041-12-01      | Fixed         | 5.25%                 | 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      | $838968.98    | 0.01%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                      | Pennsylvania Turnpike Commission, Subordinate, Series 2023                                                                                             | CUSIP: 709225HC3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1100622.50   | 0.02%             | 2040-12-01      | 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      | $1303294.92   | 0.02%             | 2029-12-01      | Fixed         | 5.00%                 | 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        |    120000 | PA      | $121252.82    | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pflugerville TX                                                               | City of Pflugerville, Combination Tax, Series 2023A                                                                                                    | CUSIP: 717088AW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3260000 | PA      | $3087656.19   | 0.05%             | 2053-08-01      | Fixed         | 4.12%                 | 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      | $938531.15    | 0.01%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Energy Authority (The)                                                   | Philadelphia Energy Authority (The), Philadelphia Street Lighting Project, Series 2023A                                                                | CUSIP: 71780UAN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2185000 | PA      | $2399644.13   | 0.04%             | 2040-11-01      | 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      | $2043785.40   | 0.03%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                     | Philadelphia Authority for Industrial Development, Thomas Jefferson University, Series 2017A                                                           | CUSIP: 71781XCP6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   3290000 | PA      | $3319574.80   | 0.05%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                     | Philadelphia Authority for Industrial Development, City Service Agreement Rebuild Project, Series 2025A                                                | CUSIP: 71783DDT9<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2885324.50   | 0.05%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                     | Philadelphia Authority for Industrial Development, City Service Agreement Rebuild Project, Series 2025A                                                | CUSIP: 71783DDU6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2859048.00   | 0.05%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                     | Philadelphia Authority for Industrial Development, City Service Agreement Rebuild Project, Series 2025A                                                | CUSIP: 71783DDV4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4566535.20   | 0.07%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                     | Philadelphia Authority for Industrial Development, City Service Agreement Rebuild Project, Series 2025A                                                | CUSIP: 71783DDW2<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   3540000 | PA      | $4023252.48   | 0.06%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                     | Philadelphia Authority for Industrial Development, City Service Agreement Rebuild Project, Series 2025A                                                | CUSIP: 71783DDX0<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2257601.00   | 0.04%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                     | Philadelphia Authority for Industrial Development, City Service Agreement Rebuild Project, Series 2025A                                                | CUSIP: 71783DDY8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2175000 | PA      | $2435679.41   | 0.04%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                     | Philadelphia Authority for Industrial Development, City Service Agreement Rebuild Project, Series 2025A                                                | CUSIP: 71783DDZ5<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2210096.80   | 0.04%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                     | Philadelphia Authority for Industrial Development, City Service Agreement Rebuild Project, Series 2025A                                                | CUSIP: 71783DEA9<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2183787.20   | 0.03%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                     | Philadelphia Authority for Industrial Development, City Service Agreement Rebuild Project, Series 2025A                                                | CUSIP: 71783DEB7<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2373419.84   | 0.04%             | 2044-12-01      | Fixed         | 5.00%                 | 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      | $1440684.00   | 0.02%             | 2035-08-01      | 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: 717868JQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1179632.74   | 0.02%             | 2043-09-01      | 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      | $772534.12    | 0.01%             | 2044-09-01      | 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        |   1680000 | PA      | $1835831.42   | 0.03%             | 2041-07-01      | 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: 71883PMM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3020000 | PA      | $3243765.99   | 0.05%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                               | City of Phoenix Civic Improvement Corp., Subordinate Excise Tax, Series 2025A                                                                          | CUSIP: 71884AQ93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2405000 | PA      | $2783556.86   | 0.04%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                               | City of Phoenix Civic Improvement Corp., Subordinate Excise Tax, Series 2025C                                                                          | CUSIP: 71884AV71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6750000 | PA      | $7812477.68   | 0.12%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The)                 | Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University Project, Series 2018A         | CUSIP: 71885DCT7<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    700000 | PA      | $718162.55    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The)                 | Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University Project, Series 2018A         | CUSIP: 71885DCU4<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1333062.90   | 0.02%             | 2029-07-01      | 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      | $50000.00     | 0.00%             | 2025-12-01      | 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        |   1190000 | PA      | $1317327.26   | 0.02%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                                     | Plano Independent School District, Unlimited Tax                                                                                                       | CUSIP: 727199E23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2410050.60   | 0.04%             | 2029-02-15      | Fixed         | 5.00%                 | 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      | $3287755.50   | 0.05%             | 2030-02-15      | Fixed         | 5.00%                 | 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      | $1983123.40   | 0.03%             | 2043-02-15      | Fixed         | 4.00%                 | 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      | $3174671.83   | 0.05%             | 2044-02-15      | Fixed         | 4.00%                 | 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      | $753544.05    | 0.01%             | 2040-12-01      | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                               | Port Authority of New York and New Jersey, Consolidated, Series 93                                                                                     | CUSIP: 733580S88<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6010051.80   | 0.10%             | 2094-06-01      | Fixed         | 6.12%                 | 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      | $2067503.08   | 0.03%             | 2036-09-01      | 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      | $513617.53    | 0.01%             | 2037-07-15      | 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 223                                                                                    | CUSIP: 73358XAU6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2975000 | PA      | $2976837.36   | 0.05%             | 2039-07-15      | 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      | $1944477.68   | 0.03%             | 2032-01-15      | 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 248                                                                                    | CUSIP: 73358XPK2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1741738.50   | 0.03%             | 2033-01-15      | 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 248                                                                                    | CUSIP: 73358XPU0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1800019.90   | 0.03%             | 2042-01-15      | 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 248                                                                                    | CUSIP: 73358XPY2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5564422.50   | 0.09%             | 2050-01-15      | 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 249                                                                                    | CUSIP: 73358XRJ3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1701607.65   | 0.03%             | 2035-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Greater Cincinnati Development Authority                                      | Port of Greater Cincinnati Development Authority, 3CDC Obligated Group Parking Facilities, Series 2025A                                                | CUSIP: 734191BF5<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2032665.60   | 0.03%             | 2055-12-01      | 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: 734195DU1<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1117891.00   | 0.02%             | 2037-12-01      | 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      | $623794.52    | 0.01%             | 2039-12-01      | 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: 734195DZ0<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072823.40   | 0.02%             | 2042-12-01      | 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: 734195EB2<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |    900000 | PA      | $948769.65    | 0.02%             | 2044-12-01      | 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: 734195EF3<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4059386.00   | 0.06%             | 2063-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                          | County of Prince George's, Consolidated Public Improvement, Series 2025A                                                                               | CUSIP: 741702DR2<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   4355000 | PA      | $4778167.95   | 0.08%             | 2043-08-01      | 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      | $1148994.80   | 0.02%             | 2032-07-15      | Fixed         | 5.00%                 | 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      | $1163761.00   | 0.02%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Prince William County Service Authority                                               | Prince William County Service Authority, Water and Sewer System                                                                                        | CUSIP: 741765HL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1152187.70   | 0.02%             | 2038-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Ascend Leadership Academy Project, Series 2021A                                                                              | CUSIP: 744396GS5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1035000 | PA      | $926878.41    | 0.01%             | 2041-06-15      | Fixed         | 5.00%                 | Yes           |                  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      | $1092258.60   | 0.02%             | 2037-06-15      | 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      | $269738.13    | 0.00%             | 2039-06-15      | 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        |    160000 | PA      | $168915.84    | 0.00%             | 2030-06-15      | Fixed         | 5.00%                 | 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      | $301227.05    | 0.00%             | 2035-06-15      | Fixed         | 5.25%                 | 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      | $563837.95    | 0.01%             | 2045-06-15      | Fixed         | 5.25%                 | 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      | $3612117.60   | 0.06%             | 2054-04-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                      | Kentucky Public Energy Authority, Gas Supply, Series 2024B                                                                                             | CUSIP: 74440DFC3<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   6825000 | PA      | $7338702.05   | 0.12%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                      | Kentucky Public Energy Authority, Gas Supply, Series 2025B                                                                                             | CUSIP: 74440DFQ2<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |  34600000 | PA      | $36190724.62  | 0.58%             | 2033-12-01      | 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        |   4745000 | PA      | $4907861.69   | 0.08%             | 2044-07-01      | Fixed         | 5.50%                 | 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      | $278763.02    | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | 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      | $298326.83    | 0.00%             | 2027-11-15      | 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      | $396694.24    | 0.01%             | 2028-11-15      | Fixed         | 5.00%                 | 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      | $317543.31    | 0.01%             | 2029-11-15      | 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      | $257585.76    | 0.00%             | 2030-11-15      | 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      | $477355.96    | 0.01%             | 2031-11-15      | Fixed         | 5.00%                 | 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      | $502888.24    | 0.01%             | 2032-11-15      | 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      | $746769.68    | 0.01%             | 2034-11-15      | 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        |   4245174 | PA      | $4195829.90   | 0.07%             | 2036-12-15      | Fixed         | 5.00%                 | Yes           |                  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      | $453327.57    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | 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      | $806002.79    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | 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      | $1499030.53   | 0.02%             | 2028-01-01      | Fixed         | 5.00%                 | 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      | $1873078.20   | 0.03%             | 2029-01-01      | 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        |   1200000 | PA      | $1196727.48   | 0.02%             | 2030-11-01      | Fixed         | 4.30%                 | 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      | $555002.50    | 0.01%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Cone Health, Series 2022A                                                                                                    | CUSIP: 74447GAB6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   6530000 | PA      | $6642948.10   | 0.11%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority, Georgia SR 400 Express Lanes Project                                                                                         | CUSIP: 74448UAB4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  10035000 | PA      | $10429558.14  | 0.17%             | 2060-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                              | Public Finance Authority                                                                                                                               | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6222171.00   | 0.10%             | 2065-12-31      | Fixed         | 5.75%                 | 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      | $6648219.50   | 0.11%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Public Finance Corp.                                                      | Puerto Rico Public Finance Corp., Series 2001E                                                                                                         | CUSIP: 745291TM6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |  10000000 | PA      | $10206613.00  | 0.16%             | 2026-08-01      | Fixed         | 6.00%                 | 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        |  34691000 | PA      | $33740952.27  | 0.54%             | 2058-07-01      | 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: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   2641000 | PA      | $2338337.17   | 0.04%             | 2029-07-01      | None          | 0.00%                 | 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        |  27500000 | PA      | $9329369.50   | 0.15%             | 2046-07-01      | None          | 0.00%                 | 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: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   4770000 | PA      | $1182675.71   | 0.02%             | 2051-07-01      | None          | 0.00%                 | 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: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |  10000000 | PA      | $9736145.00   | 0.16%             | 2040-07-01      | Fixed         | 4.33%                 | 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      | $5244364.50   | 0.08%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Raindance Metropolitan District No. 1 Non-Potable Water System Revenue                | Raindance Metropolitan District No. 1, Non-Potable Water System                                                                                        | CUSIP: 75087GAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    734000 | PA      | $732301.89    | 0.01%             | 2040-12-01      | 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        |    100000 | PA      | $100825.50    | 0.00%             | 2026-04-01      | 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      | $1027546.00   | 0.02%             | 2055-08-01      | Fixed         | 4.62%                 | 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      | $50569.63     | 0.00%             | 2026-06-01      | 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: 762197T84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2255000 | PA      | $2519057.34   | 0.04%             | 2037-06-01      | 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      | $1831276.59   | 0.03%             | 2038-06-01      | 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      | $2172111.77   | 0.03%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Housing & Mortgage Finance Corp.                                         | Rhode Island Housing and Mortgage Finance Corp., Homeowenership, Series 84-A                                                                           | CUSIP: 76221SGH8<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |    705000 | PA      | $730464.04    | 0.01%             | 2044-04-01      | Fixed         | 5.00%                 | 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      | $1034503.90   | 0.02%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Rhode Island                                                                 | State of Rhode Island, Series 2025A                                                                                                                    | CUSIP: 762223QY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4035000 | PA      | $4357867.38   | 0.07%             | 2044-05-01      | 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      | $79108.65     | 0.00%             | 2029-04-01      | 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      | $1057945.34   | 0.02%             | 2036-05-15      | 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: 762244MA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1251362.73   | 0.02%             | 2038-05-15      | 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      | $1039491.30   | 0.02%             | 2042-05-15      | 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: 762244MF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028058.40   | 0.02%             | 2043-05-15      | 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      | $181955.18    | 0.00%             | 2027-07-15      | 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        |    100000 | PA      | $107978.50    | 0.00%             | 2029-09-01      | 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: 76827QGF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $366087.05    | 0.01%             | 2030-09-01      | 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: 76827QGP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073920.60   | 0.02%             | 2042-09-01      | 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      | $5117812.50   | 0.08%             | 2047-06-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| Rocky Mountain Rail Park Metropolitan District                                        | Rocky Mountain Rail Park Metropolitan District, Limited Tax, Series 2021A                                                                              | CUSIP: 774762AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $754230.45    | 0.01%             | 2031-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Rocky Mountain Rail Park Metropolitan District                                        | Rocky Mountain Rail Park Metropolitan District, Limited Tax, Series 2021A                                                                              | CUSIP: 774762AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $731436.08    | 0.01%             | 2041-12-01      | Fixed         | 5.00%                 | Yes           |                  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      | $1317413.34   | 0.02%             | 2034-02-01      | 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      | $1134180.10   | 0.02%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Roswell Development Authority                                                         | Roswell Development Authority, Wellsatar Healthcare, Inc., Series 2025A                                                                                | CUSIP: 77853AAA1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   9500000 | PA      | $9500000.00   | 0.15%             | 2047-04-01      | Variable      | 2.90%                 | 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      | $1199441.21   | 0.02%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Round Rock Independent School District                                                | Round Rock Independent School District, Series 2025B                                                                                                   | CUSIP: 779240RJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1642278.85   | 0.03%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rutherford County Health & Educational Facilities Board                               | Rutherford County Health and Educational Facilities Board, Ascension Senior Credit Group, Series 2025B1                                                | CUSIP: 78324PAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2625000 | PA      | $2869355.21   | 0.05%             | 2048-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Parish of St James LA                                                                 | Parish of St. James, Nustar Logistics L.P Project                                                                                                      | CUSIP: 790103AZ8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   7000000 | PA      | $7073284.40   | 0.11%             | 2041-08-01      | Variable      | 3.70%                 | 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      | $7533705.00   | 0.12%             | 2037-06-01      | Variable      | 4.05%                 | 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      | $71575.11     | 0.00%             | 2027-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of St Marys KS                                                                   | City of St. Marys, Evergy Kansan Central, Inc.                                                                                                         | CUSIP: 792609AL3<br>LEI: 5493004JN5IKKWZ8C908 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $7978982.40   | 0.13%             | 2032-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                        | Sales Tax Securitization Corp., Series 2018C                                                                                                           | CUSIP: 79467BBX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10718780.00  | 0.17%             | 2030-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                        | Sales Tax Securitization Corp., Series 2018C                                                                                                           | CUSIP: 79467BCA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22820000 | PA      | $24415624.60  | 0.39%             | 2032-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                        | Sales Tax Securitization Corp., Series 2018C                                                                                                           | CUSIP: 79467BCD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13520000 | PA      | $14307022.18  | 0.23%             | 2034-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                        | Sales Tax Securitization Corp., Series 2018C                                                                                                           | CUSIP: 79467BCE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9479558.70   | 0.15%             | 2035-01-01      | Fixed         | 5.25%                 | 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      | $1729373.45   | 0.03%             | 2040-01-01      | Fixed         | 4.00%                 | 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      | $1066711.60   | 0.02%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                        | Sales Tax Securitization Corp., Second Lien, Series 2023C                                                                                              | CUSIP: 79467BGU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2340000 | PA      | $2575326.78   | 0.04%             | 2034-01-01      | 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      | $1695726.45   | 0.03%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                             | City of Salt Lake City, Airport System, Series 2021A                                                                                                   | CUSIP: 795576JM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2509214.62   | 0.04%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                             | City of Salt Lake City, International Airport, Series 2025A                                                                                            | CUSIP: 795576MX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3080000 | PA      | $3301357.14   | 0.05%             | 2043-07-01      | Fixed         | 5.25%                 | 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        |    105000 | PA      | $111550.95    | 0.00%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                          | Salt River Project Agricultural Improvement and Power District, Arizona Electric System, Series 2017A                                                  | CUSIP: 79574CCS0<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3143169.90   | 0.05%             | 2033-01-01      | 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 2017A                                                  | CUSIP: 79574CCT8<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6276546.60   | 0.10%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                          | Salt River Project Agricultural Improvement and Power District, Series 2023A                                                                           | CUSIP: 79574CFL2<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   2770000 | PA      | $2913967.15   | 0.05%             | 2047-01-01      | 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      | $6839655.00   | 0.11%             | 2039-05-01      | 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 2025C                                                  | CUSIP: 79574CHE6<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2157493.40   | 0.03%             | 2046-01-01      | 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 2025C                                                  | CUSIP: 79574CHF3<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   2460000 | PA      | $2637782.23   | 0.04%             | 2047-01-01      | 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 2025C                                                  | CUSIP: 79574CHH9<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |  13500000 | PA      | $14299447.05  | 0.23%             | 2051-01-01      | 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      | $101672.29    | 0.00%             | 2026-12-01      | Fixed         | 5.25%                 | 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      | $1028800.60   | 0.02%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX                                                                | City of San Antonio                                                                                                                                    | CUSIP: 79623PTX3<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $8736937.50   | 0.14%             | 2035-02-01      | 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      | $1676520.15   | 0.03%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                                 | City of San Antonio, Series 2024C                                                                                                                      | CUSIP: 79625GLA9<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4340164.40   | 0.07%             | 2049-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                           | San Diego County Regional Airport Authority, Series 2021B                                                                                              | CUSIP: 79739GNX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5180000 | PA      | $5263045.24   | 0.08%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                           | San Diego County Regional Airport Authority, Senior Private Activity, Series 2023B                                                                     | CUSIP: 79739GRD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2231936.20   | 0.04%             | 2038-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                           | San Diego County Regional Airport Authority, Senior Private Activity, Series 2023B                                                                     | CUSIP: 79739GRK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5460000 | PA      | $5647227.22   | 0.09%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                           | San Diego County Regional Airport Authority, Senior Private Activity, Series 2020C                                                                     | CUSIP: 79739GTA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4777364.24   | 0.08%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                           | San Diego County Regional Airport Authority, Senior Private Activity, Series 2025B                                                                     | CUSIP: 79739GTB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $8080367.25   | 0.13%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City & County of San Francisco CA                                                     | City and County of San Francisco, Multiple Capital Improvement Projects, Series 2025R-1                                                                | CUSIP: 79765GDE0<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5630149.50   | 0.09%             | 2041-04-01      | 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      | $1200981.00   | 0.02%             | 2046-05-01      | Fixed         | 5.00%                 | 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      | $2330807.97   | 0.04%             | 2056-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| San Jose Evergreen Community College District                                         | San Jose Evergreen Community College District, Series C                                                                                                | CUSIP: 798189TE6<br>LEI: 5493006H31JIFYW6Z091 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2030203.40   | 0.03%             | 2042-09-01      | Fixed         | 4.00%                 | 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        |   1990000 | PA      | $2004106.71   | 0.03%             | 2043-09-01      | Fixed         | 4.00%                 | 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      | $8022084.80   | 0.13%             | 2049-12-10      | Variable      | 3.29%                 | No            |                  2 | On Loan: No      |
| Saratoga County Capital Resource Corp.                                                | Saratoga County Capital Resource Corp., WSWHE Boces Project                                                                                            | CUSIP: 80349LAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $440275.91    | 0.01%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Saratoga County Capital Resource Corp.                                                | Saratoga County Capital Resource Corp., WSWHE Boces Project                                                                                            | CUSIP: 80349LAH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $886700.51    | 0.01%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Saratoga County Capital Resource Corp.                                                | Saratoga County Capital Resource Corp., WSWHE Boces Project                                                                                            | CUSIP: 80349LAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $577311.15    | 0.01%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Saratoga County Capital Resource Corp.                                                | Saratoga County Capital Resource Corp., WSWHE Boces Project                                                                                            | CUSIP: 80349LAK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $800322.25    | 0.01%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Saratoga County Capital Resource Corp.                                                | Saratoga County Capital Resource Corp., WSWHE Boces Project                                                                                            | CUSIP: 80349LAL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $1003075.02   | 0.02%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Saratoga County Capital Resource Corp.                                                | Saratoga County Capital Resource Corp., WSWHE Boces Project                                                                                            | CUSIP: 80349LAM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $782436.90    | 0.01%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Savannah Georgia Convention Center Authority                                          | Savannah Georgia Convention Center Authority, Series 2025A                                                                                             | CUSIP: 804828AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $944395.50    | 0.02%             | 2040-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Savannah Georgia Convention Center Authority                                          | Savannah Georgia Convention Center Authority, Series 2025A                                                                                             | CUSIP: 804828AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2255134.73   | 0.04%             | 2050-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Savannah Georgia Convention Center Authority                                          | Savannah Georgia Convention Center Authority, Series 2025A                                                                                             | CUSIP: 804828AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2004314.40   | 0.03%             | 2061-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Savannah Georgia Convention Center Authority                                          | Savannah Georgia Convention Center Authority, Series 2025C                                                                                             | CUSIP: 804828AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $369309.07    | 0.01%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Savannah Georgia Convention Center Authority                                          | Savannah Georgia Convention Center Authority, Series 2025C                                                                                             | CUSIP: 804828AP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $278503.88    | 0.00%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Savannah Georgia Convention Center Authority                                          | Savannah Georgia Convention Center Authority, Series 2025C                                                                                             | CUSIP: 804828AQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $304166.67    | 0.00%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Savannah Georgia Convention Center Authority                                          | Savannah Georgia Convention Center Authority, Series 2025C                                                                                             | CUSIP: 804828AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $327897.09    | 0.01%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Savannah Georgia Convention Center Authority                                          | Savannah Georgia Convention Center Authority, Series 2025C                                                                                             | CUSIP: 804828AS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $495231.21    | 0.01%             | 2041-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Savannah Georgia Convention Center Authority                                          | Savannah Georgia Convention Center Authority, Series 2025C                                                                                             | CUSIP: 804828AT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $506424.34    | 0.01%             | 2042-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Savannah Georgia Convention Center Authority                                          | Savannah Georgia Convention Center Authority, Series 2025C                                                                                             | CUSIP: 804828AU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $577030.56    | 0.01%             | 2043-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Savannah Georgia Convention Center Authority                                          | Savannah Georgia Convention Center Authority, Series 2025C                                                                                             | CUSIP: 804828AV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $544632.50    | 0.01%             | 2044-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Savannah Georgia Convention Center Authority                                          | Savannah Georgia Convention Center Authority, Series 2025C                                                                                             | CUSIP: 804828AW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $411944.43    | 0.01%             | 2045-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Savannah Georgia Convention Center Authority                                          | Savannah Georgia Convention Center Authority, Series 2025C                                                                                             | CUSIP: 804828AX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1502290.58   | 0.02%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Village of Scotia NY                                                                  | Village of Scotia                                                                                                                                      | CUSIP: 809273DS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3020549.70   | 0.05%             | 2026-06-26      | Fixed         | 4.25%                 | 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        |   1095000 | PA      | $1136387.06   | 0.02%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Scottsdale Municipal Property Corp.                                                   | Scottsdale Municipal Property Corp., Excise Tax                                                                                                        | CUSIP: 810489JS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1591187.46   | 0.03%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                                    | City of Seattle Municipal Light and Power                                                                                                              | CUSIP: 812643D50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5839055.00   | 0.09%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                                    | City of Seattle, Municipal Light and Power, Series 2021A                                                                                               | CUSIP: 812643WP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4633373.00   | 0.07%             | 2047-07-01      | Fixed         | 4.00%                 | 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        |   2800000 | PA      | $2802052.68   | 0.04%             | 2033-11-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| Selma Industrial Development Board                                                    | Selma Industrial Development Board, International Paper Co., Series 2020A                                                                              | CUSIP: 81647PAH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5167646.50   | 0.08%             | 2034-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Seminole County Industrial Development Authority                                      | Seminole County Industrial Development Authority, Legacy Pointe at UCF Project, Series 2019A                                                           | CUSIP: 81669TAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1492663.20   | 0.02%             | 2039-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Seminole County Industrial Development Authority                                      | Seminole County Industrial Development Authority, Legacy Pointe at UCF Project, Series 2019A                                                           | CUSIP: 81669TAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3225000 | PA      | $2969637.73   | 0.05%             | 2049-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Seminole County Industrial Development Authority                                      | Seminole County Industrial Development Authority, Legacy Pointe at UCF Project, Series 2019A                                                           | CUSIP: 81669TAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1887529.20   | 0.03%             | 2054-11-15      | Fixed         | 5.75%                 | 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      | $3322290.38   | 0.05%             | 2034-09-01      | Fixed         | 5.25%                 | 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        |   6555000 | PA      | $6926104.77   | 0.11%             | 2049-09-01      | Variable      | 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 2025B                                   | CUSIP: 821691AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1129694.48   | 0.02%             | 2044-09-01      | Variable      | 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: 82170KAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $82003.34     | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                           | Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project, Series 2019A                                       | CUSIP: 82170KAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $104518.22    | 0.00%             | 2034-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                           | Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project, Series 2019A                                       | CUSIP: 82170KAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7940000 | PA      | $5071941.78   | 0.08%             | 2059-10-01      | Fixed         | 5.75%                 | 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      | $2598108.27   | 0.04%             | 2035-06-01      | Fixed         | 4.00%                 | 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      | $2223223.03   | 0.04%             | 2036-06-01      | Fixed         | 4.00%                 | 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      | $2079657.00   | 0.03%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Snohomish WA                                                                | County of Snohomish, Limited Tax                                                                                                                       | CUSIP: 833086EL1<br>LEI: 254900GIDXGQFYCOA089 | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1518522.05   | 0.02%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Solano Irrigation District                                                            | Solano Irrigation District, Water                                                                                                                      | CUSIP: 834130AK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $299913.85    | 0.00%             | 2031-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                    | South Carolina Jobs-Economic Development Authority, Foothill Affordable Housing, Series 2025                                                           | CUSIP: 837031H63<br>LEI: 5493006X47I9VG3DL112 | Long             | STIV             | MUN               | US        |   9000000 | PA      | $9177921.00   | 0.15%             | 2062-03-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                    | South Carolina Jobs-Economic Development Authority, Novant Health Obligated Group, Series 2024A                                                        | CUSIP: 837032CF6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064283.50   | 0.02%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                          | South Carolina State Housing Finance and Development Authority, Series 2025B                                                                           | CUSIP: 83712D8U3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5701062.50   | 0.09%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                               | South Carolina Public Service Authority, Santee Cooper, Series 2024A                                                                                   | CUSIP: 8371514E6<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2114716.40   | 0.03%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                               | South Carolina Public Service Authority, Series 2025A                                                                                                  | CUSIP: 8371515N5<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1600749.60   | 0.03%             | 2043-12-01      | Fixed         | 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      | $3142745.10   | 0.05%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                               | South Carolina Public Service Authority, Series 2025B                                                                                                  | CUSIP: 8371516Q7<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2867500.63   | 0.05%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Health & Educational Facilities Authority                                | South Dakota Health and Educational Facilities Authority, Sanford, Series 2025B                                                                        | CUSIP: 83755VW34<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1129274.60   | 0.02%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Health & Educational Facilities Authority                                | South Dakota Health and Educational Facilities Authority, Sanford, Series 2025B                                                                        | CUSIP: 83755VW59<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1236320.69   | 0.02%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Health & Educational Facilities Authority                                | South Dakota Health and Educational Facilities Authority, Sanford, Series 2025B                                                                        | CUSIP: 83755VW67<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1337924.64   | 0.02%             | 2040-11-01      | 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        |   1470000 | PA      | $1645664.41   | 0.03%             | 2055-11-01      | Fixed         | 6.25%                 | 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        |   2240000 | PA      | $2548093.63   | 0.04%             | 2055-11-01      | Fixed         | 6.50%                 | 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      | $1854966.60   | 0.03%             | 2038-11-01      | Fixed         | 4.00%                 | 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      | $1736105.96   | 0.03%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of South Miami Health Facilities Authority, Inc.                                 | City of South Miami Health Facilities Authority, Inc., Baptist Health South, Series 2025B                                                              | CUSIP: 838810EM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11600000 | PA      | $12569146.36  | 0.20%             | 2065-08-15      | Variable      | 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      | $1608753.00   | 0.03%             | 2049-06-01      | Variable      | 5.00%                 | 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        |   8820000 | PA      | $8994244.39   | 0.14%             | 2051-12-01      | Variable      | 4.00%                 | 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      | $1074541.10   | 0.02%             | 2053-01-01      | Variable      | 5.50%                 | 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      | $6240756.83   | 0.10%             | 2054-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                     | Southeast Energy Authority A Cooperative District, Series 2025C                                                                                        | CUSIP: 84136HCF8<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   8530000 | PA      | $9156883.35   | 0.15%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                     | Southeast Energy Authority A Cooperative District, Series 2025D                                                                                        | CUSIP: 84136HCP6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2739591.00   | 0.04%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Overtown Park West Community Redevelopment Agency                           | Southeast Overtown Park West Community Redevelopment Agency, Flag Tax Increment, Series 2025A                                                          | CUSIP: 841466AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2812220.75   | 0.04%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Overtown Park West Community Redevelopment Agency                           | Southeast Overtown Park West Community Redevelopment Agency, Flag Tax Increment, Series 2025A                                                          | CUSIP: 841466AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3398089.80   | 0.05%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Logistics Airport Authority                                       | Southern California Logistics Airport Authority, Junior Lien, Series 2025A                                                                             | CUSIP: 842472EL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1155337.30   | 0.02%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Logistics Airport Authority                                       | Southern California Logistics Airport Authority, Junior Lien, Series 2025A                                                                             | CUSIP: 842472EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1143907.20   | 0.02%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Logistics Airport Authority                                       | Southern California Logistics Airport Authority, Junior Lien, Series 2025A                                                                             | CUSIP: 842472EQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1106442.30   | 0.02%             | 2043-12-01      | Fixed         | 5.00%                 | 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      | $715624.34    | 0.01%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  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      | $860774.00    | 0.01%             | 2030-04-01      | 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      | $628162.89    | 0.01%             | 2031-04-01      | 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      | $563790.26    | 0.01%             | 2032-04-01      | 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        |  14500000 | PA      | $15874256.35  | 0.25%             | 2035-04-01      | Fixed         | 5.00%                 | Yes           |                  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      | $90358.03     | 0.00%             | 2029-07-15      | 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        |   1125000 | PA      | $1097756.66   | 0.02%             | 2046-12-01      | Fixed         | 4.00%                 | 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      | $1099138.30   | 0.02%             | 2033-09-01      | 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        |   1300000 | PA      | $1307173.92   | 0.02%             | 2042-03-01      | Fixed         | 4.00%                 | 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        |   1515000 | PA      | $1545638.91   | 0.02%             | 2055-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| City of Stamford CT Water Pollution Control System & Facility Revenue                 | City of Stamford, Water Pollution Control System and Facility, Series 2013A                                                                            | CUSIP: 852660CE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300524.79    | 0.00%             | 2029-08-15      | 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      | $77890.01     | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | 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      | $2989368.48   | 0.05%             | 2044-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Suffolk Regional Off-Track Betting Corp.                                              | Suffolk Regional Off-Track Betting Co.                                                                                                                 | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1928630.15   | 0.03%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| County of Sullivan TN                                                                 | County of Sullivan                                                                                                                                     | CUSIP: 865287TA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30297.27     | 0.00%             | 2026-05-01      | 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      | $113545.66    | 0.00%             | 2031-12-01      | 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      | $1302339.19   | 0.02%             | 2036-05-01      | Fixed         | 4.00%                 | 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      | $42364.46     | 0.00%             | 2031-07-01      | Fixed         | 5.00%                 | 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      | $1060016.30   | 0.02%             | 2028-08-15      | 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      | $2399606.52   | 0.04%             | 2052-11-15      | Variable      | 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      | $2339872.38   | 0.04%             | 2054-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                            | Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project, Series 2020B-1                            | CUSIP: 87638RKJ5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1795000 | PA      | $1773799.08   | 0.03%             | 2027-11-15      | Fixed         | 4.00%                 | 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      | $1124106.44   | 0.02%             | 2026-07-01      | 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: 87638THL0<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2360000 | PA      | $2441579.77   | 0.04%             | 2027-07-01      | 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      | $3148574.10   | 0.05%             | 2028-07-01      | 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      | $2651443.31   | 0.04%             | 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., Health Resources System, Series 2025C                                                      | CUSIP: 87638TJU8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |  18275000 | PA      | $20301772.43  | 0.32%             | 2064-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                            | Tarrant County Cultural Education Facilities Finance Corp., Ascension Senior Credit, Series 2025C1                                                     | CUSIP: 87638TJW4<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7805476.70   | 0.12%             | 2051-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp./TN                                                                     | Tennergy Corp., Gas Supply, Series 2021A                                                                                                               | CUSIP: 880397BW3<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |  10330000 | PA      | $10523477.80  | 0.17%             | 2051-12-01      | Variable      | 4.00%                 | No            |                  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        |  15315000 | PA      | $15843753.44  | 0.25%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                                  | Tennessee Housing Development Agency, Series 2025-1A                                                                                                   | CUSIP: 88046KQU3<br>LEI: 25490004PSQYQLFJGI76 | Long             | DBT              | MUN               | US        |   7600000 | PA      | $8357221.44   | 0.13%             | 2056-01-01      | Fixed         | 6.00%                 | 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      | $5627695.00   | 0.09%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Terrell Independent School District/TX                                                | Terrell Independent School District, Kaufman and Hunt Counties, Unlimited Tax                                                                          | CUSIP: 881405NP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2875322.50   | 0.05%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Terrell Independent School District/TX                                                | Terrell Independent School District, Kaufman and Hunt Counties, Unlimited Tax                                                                          | CUSIP: 881405NQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2849442.75   | 0.05%             | 2038-08-01      | Fixed         | 5.00%                 | 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      | $160171.31    | 0.00%             | 2030-05-15      | 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      | $5354665.00   | 0.09%             | 2054-01-01      | Variable      | 5.50%                 | 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        |  12825000 | PA      | $14565261.44  | 0.23%             | 2054-01-01      | Variable      | 5.50%                 | 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        |  18520000 | PA      | $20419753.82  | 0.33%             | 2055-01-01      | Variable      | 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                                                 | CUSIP: 882667AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1952000.60   | 0.03%             | 2058-06-30      | Fixed         | 5.00%                 | 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      | $1107748.83   | 0.02%             | 2039-12-31      | 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, Series 2023                                    | CUSIP: 882667CE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2835000 | PA      | $3001046.80   | 0.05%             | 2036-12-31      | Fixed         | 5.25%                 | 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      | $3010515.90   | 0.05%             | 2044-07-01      | Variable      | 3.75%                 | 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      | $2329399.52   | 0.04%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                        | State of Texas, Series 2025B                                                                                                                           | CUSIP: 8827244U8<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   2255000 | PA      | $2603005.81   | 0.04%             | 2036-08-01      | Fixed         | 5.00%                 | 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      | $503707.70    | 0.01%             | 2026-05-01      | 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      | $641526.13    | 0.01%             | 2027-05-01      | Fixed         | 5.00%                 | 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        |   3500000 | PA      | $3768055.20   | 0.06%             | 2042-08-15      | Variable      | 5.00%                 | 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        |   2000000 | PA      | $2270049.00   | 0.04%             | 2032-08-15      | Fixed         | 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        |   8000000 | PA      | $9137788.80   | 0.15%             | 2033-08-15      | 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        |   6540000 | PA      | $7524595.04   | 0.12%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Transportation Finance Corp.                                                    | Texas Transportation Finance Corp. Subordinate Tier, Series 2025A                                                                                      | CUSIP: 88283PAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $7140006.25   | 0.11%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Transportation Finance Corp.                                                    | Texas Transportation Finance Corp. Subordinate Tier, Series 2025A                                                                                      | CUSIP: 88283PAH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5979870.60   | 0.10%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                         | Texas Water Development Board, State Water Implementation Fund, Series 2018B                                                                           | CUSIP: 882854N81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7473489.10   | 0.12%             | 2030-04-15      | Fixed         | 5.00%                 | 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      | $1920529.95   | 0.03%             | 2037-10-15      | Fixed         | 5.00%                 | 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      | $1778628.01   | 0.03%             | 2058-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                         | Texas Water Development Board, State Water Implementation Fund, Series 2024A                                                                           | CUSIP: 88285AFZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1125314.61   | 0.02%             | 2051-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                         | Texas Water Development Board                                                                                                                          | CUSIP: 88285AJP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1760713.95   | 0.03%             | 2036-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                         | Texas Water Development Board                                                                                                                          | CUSIP: 88285AJY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5515627.00   | 0.09%             | 2042-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Third Creek Metropolitan District No. 1                                               | Third Creek Metropolitan District No. 1, Limited Tax, Series 2022A-1                                                                                   | CUSIP: 88423EAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1196827.12   | 0.02%             | 2051-12-01      | Fixed         | 4.75%                 | 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      | $1436847.23   | 0.02%             | 2037-09-01      | 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      | $118433.77    | 0.00%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Southern California                               | Tobacco Securitization Authority of Southern California, San Diego County Tobacco Asset Securitization Corp., Series 2019A, Class 1                    | CUSIP: 888804CR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3004736.70   | 0.05%             | 2048-06-01      | 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        |  58935000 | PA      | $8809515.40   | 0.14%             | 2065-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                    | Tobacco Settlement Financing Corp., Series 2018A                                                                                                       | CUSIP: 888808HB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6300000 | PA      | $6363228.69   | 0.10%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                    | Tobacco Settlement Financing Corp., Series 2018A                                                                                                       | CUSIP: 888808HC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8005000 | PA      | $8255617.34   | 0.13%             | 2027-06-01      | 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        |   6255000 | PA      | $6503135.22   | 0.10%             | 2033-06-01      | 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        |   8000000 | PA      | $8280409.60   | 0.13%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                    | Tobacco Settlement Financing Corp., Series 2018A                                                                                                       | CUSIP: 888808HM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6165418.80   | 0.10%             | 2036-06-01      | Fixed         | 5.00%                 | 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        |   3865000 | PA      | $3844934.47   | 0.06%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                    | Tobacco Settlement Financing Corp., Series 2018A                                                                                                       | CUSIP: 888808HQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16830000 | PA      | $16724393.43  | 0.27%             | 2046-06-01      | 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        |   8825000 | PA      | $8567033.78   | 0.14%             | 2046-06-01      | 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        |  10000000 | PA      | $9967791.00   | 0.16%             | 2050-06-01      | 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      | $1184502.96   | 0.02%             | 2036-11-01      | 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      | $1111877.40   | 0.02%             | 2037-11-15      | 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      | $10812190.00  | 0.17%             | 2029-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                  | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series 2012B                                                                          | CUSIP: 89602NA20<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   8860000 | PA      | $7154156.73   | 0.11%             | 2032-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                  | Triborough Bridge and Tunnel Authority, Series 2018D                                                                                                   | CUSIP: 89602RGH2<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4067452.80   | 0.06%             | 2038-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                  | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series 2025A-1                                                                        | CUSIP: 89602RMX0<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2666870.01   | 0.04%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                  | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series 2025A-2                                                                        | CUSIP: 89602RNT8<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   3275000 | PA      | $3832253.37   | 0.06%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                  | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series 2025A-2                                                                        | CUSIP: 89602RNU5<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $5217789.15   | 0.08%             | 2037-11-15      | 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: 896032BB4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2648913.25   | 0.04%             | 2054-12-01      | Fixed         | 5.25%                 | 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        |   2000000 | PA      | $1979055.20   | 0.03%             | 2056-12-01      | Fixed         | 4.50%                 | 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      | $2113859.70   | 0.03%             | 2053-05-15      | Fixed         | 4.12%                 | 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      | $942638.50    | 0.02%             | 2058-05-15      | Fixed         | 4.25%                 | 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      | $1252021.57   | 0.02%             | 2036-08-01      | 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      | $1303063.72   | 0.02%             | 2037-08-01      | 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: 896560XV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1339493.14   | 0.02%             | 2038-08-01      | Fixed         | 5.00%                 | 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      | $60227.30     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TSASC, Inc.                                                                           | TSASC, Inc., Series A                                                                                                                                  | CUSIP: 898526FD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015833.10   | 0.02%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TSASC, Inc.                                                                           | TSASC, Inc., Series A                                                                                                                                  | CUSIP: 898526FE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8065000 | PA      | $8173899.28   | 0.13%             | 2036-06-01      | 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: 906420BQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302266.83    | 0.00%             | 2026-07-01      | 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      | $414379.68    | 0.01%             | 2028-07-01      | 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      | $101046.19    | 0.00%             | 2031-09-01      | 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        |   1055000 | PA      | $1192148.42   | 0.02%             | 2031-11-01      | Fixed         | 5.00%                 | 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      | $5061.18      | 0.00%             | 2026-06-01      | 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      | $35427.05     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Illinois                                                                | Board of Trustees of the University of Illinois (The), Series 2021A                                                                                    | CUSIP: 9143535P8<br>LEI: 549300VD8PPC4Q5HK850 | Long             | DBT              | MUN               | US        |    450000 | PA      | $482247.68    | 0.01%             | 2029-04-01      | Fixed         | 5.00%                 | 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      | $5001071.00   | 0.08%             | 2038-04-01      | Fixed         | 4.00%                 | 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        |    315000 | PA      | $341147.74    | 0.01%             | 2029-10-01      | Fixed         | 5.00%                 | 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      | $1182669.60   | 0.02%             | 2038-07-01      | 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      | $8000904.52   | 0.13%             | 2038-07-01      | 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: 915130BY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2360976.80   | 0.04%             | 2035-07-01      | Fixed         | 5.00%                 | 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      | $2199985.80   | 0.04%             | 2054-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Wisconsin Hospitals & Clinics                                           | University of Wisconsin Hospitals and Clinics, Series 2024C                                                                                            | CUSIP: 915260FV0<br>LEI: 549300O76DW14JGO7224 | Long             | STIV             | MUN               | US        |  11500000 | PA      | $11500000.00  | 0.18%             | 2054-04-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| County of Utah UT                                                                     | County of Utah, IHC Health Services, Inc., Series 2018C                                                                                                | CUSIP: 917393CY4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  35000000 | PA      | $35000000.00  | 0.56%             | 2058-05-15      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp.                                                                    | Utah Housing Corp., Single Family Mortgage                                                                                                             | CUSIP: 917434DL3<br>LEI: 549300YXWQEI0S47WI02 | Long             | STIV             | MUN               | US        |   2400000 | PA      | $2390212.32   | 0.04%             | 2045-09-01      | Variable      | 3.00%                 | 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        |   6865000 | PA      | $7664464.26   | 0.12%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                            | Utah Infrastructure Agency, Clearfield City Project                                                                                                    | CUSIP: 917466CY8<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    915000 | PA      | $921929.84    | 0.01%             | 2040-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                            | Utah Infrastructure Agency, Tax-Exempt Telecommunications, Series 2018A                                                                                | CUSIP: 917467AS1<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025403.60   | 0.02%             | 2028-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                            | Utah Infrastructure Agency, Series 2021                                                                                                                | CUSIP: 917467BU5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1219271.75   | 0.02%             | 2029-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                            | Utah Infrastructure Agency, Tax-Exempt Telecommunications                                                                                              | CUSIP: 917471AY0<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1583863.63   | 0.03%             | 2038-10-15      | Fixed         | 4.00%                 | 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      | $1358768.12   | 0.02%             | 2041-12-15      | 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      | $1763173.51   | 0.03%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Transit Authority                                                                | Utah Transit Authority, Sales Tax                                                                                                                      | CUSIP: 917567JL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1454580.13   | 0.02%             | 2037-12-15      | 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      | $370000.41    | 0.01%             | 2034-06-01      | Fixed         | 5.25%                 | 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      | $657434.64    | 0.01%             | 2035-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                                 | Utility Debt Securitization Authority                                                                                                                  | CUSIP: 91802RBV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5254613.70   | 0.08%             | 2037-12-15      | Fixed         | 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      | $2038023.80   | 0.03%             | 2055-10-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| King and Pierce Counties Valley Regional Fire Authority                               | King and Pierce Counties Valley Regional Fire Authority, Unlimited Tax                                                                                 | CUSIP: 92007ABV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1166791.70   | 0.02%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King & Pierce Counties Valley Regional Fire Authority                                 | King and Pierce Counties Valley Regional Fire Authority, Unlimited Tax, Series 2024                                                                    | CUSIP: 92007ABX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1753246.14   | 0.03%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King & Pierce Counties Valley Regional Fire Authority                                 | King and Pierce Counties Valley Regional Fire Authority, Unlimited Tax, Series 2024                                                                    | CUSIP: 92007ABY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1139213.30   | 0.02%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King & Pierce Counties Valley Regional Fire Authority                                 | King and Pierce Counties Valley Regional Fire Authority, Unlimited Tax, Series 2024                                                                    | CUSIP: 92007ABZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1468851.28   | 0.02%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King & Pierce Counties Valley Regional Fire Authority                                 | King and Pierce Counties Valley Regional Fire Authority, Unlimited Tax, Series 2024                                                                    | CUSIP: 92007ACA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1218198.40   | 0.02%             | 2039-12-01      | 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        |   1750000 | PA      | $1591833.43   | 0.03%             | 2041-12-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Vancouver Housing Authority                                                           | Vancouver Housing Authority, Series 2025                                                                                                               | CUSIP: 921626PU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9234108.00   | 0.15%             | 2038-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Ventura Unified School District                                                       | Ventura Unified School District, Election of 2022, Series 2022B                                                                                        | CUSIP: 923004UK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000374.60   | 0.02%             | 2051-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Verve Metropolitan District No. 1                                                     | Verve Metropolitan District No. 1                                                                                                                      | CUSIP: 92538YAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2039221.00   | 0.03%             | 2033-12-01      | Fixed         | 5.75%                 | 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      | $202127.86    | 0.00%             | 2028-05-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Village Community Development District No. 15                                         | Village Community Development District No. 15                                                                                                          | CUSIP: 92708KAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033334.60   | 0.02%             | 2038-05-01      | Fixed         | 4.85%                 | Yes           |                  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      | $1221826.05   | 0.02%             | 2030-01-15      | 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      | $1260954.88   | 0.02%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                   | Virginia College Building Authority, Educational Facilities, Washington and Lee University Project                                                     | CUSIP: 927780SJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1122431.52   | 0.02%             | 2026-01-01      | Fixed         | 5.25%                 | 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      | $173104.50    | 0.00%             | 2033-02-01      | 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 2023A                                  | CUSIP: 92778WRM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1409788.87   | 0.02%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Port Authority                                                               | Virginia Port Authority                                                                                                                                | CUSIP: 928077KS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1710731.40   | 0.03%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Port Authority                                                               | Virginia Port Authority                                                                                                                                | CUSIP: 928077KU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1957458.65   | 0.03%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Port Authority                                                               | Virginia Port Authority                                                                                                                                | CUSIP: 928077KY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1465324.36   | 0.02%             | 2044-07-01      | 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: 928097AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7030000 | PA      | $6824113.80   | 0.11%             | 2052-12-31      | 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      | $5653489.46   | 0.09%             | 2056-12-31      | Fixed         | 5.00%                 | 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      | $966274.89    | 0.02%             | 2051-12-01      | Fixed         | 4.00%                 | 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      | $255742.13    | 0.00%             | 2032-07-01      | Fixed         | 4.00%                 | 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      | $2009669.60   | 0.03%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                | Virginia Housing Development Authority, Series 2025G                                                                                                   | CUSIP: 92812XRF1<br>LEI: 549300LW3QBOVLQBP895 | Long             | STIV             | MUN               | US        |   8000000 | PA      | $7999909.60   | 0.13%             | 2056-07-01      | Variable      | 3.13%                 | 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      | $5004125.00   | 0.08%             | 2031-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                                    | Virginia Public Building Authority, Series 2024A                                                                                                       | CUSIP: 928173CW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6660000 | PA      | $7217652.46   | 0.12%             | 2043-08-01      | 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      | $4472441.47   | 0.07%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public School Authority                                                      | Virginia Public School Authority, 1997 Resolution, Series 2025A                                                                                        | CUSIP: 92818HH61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2210000 | PA      | $2546777.04   | 0.04%             | 2038-08-01      | Fixed         | 5.00%                 | 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        |   1200000 | PA      | $1445893.56   | 0.02%             | 2036-05-01      | Fixed         | 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      | $1003890.00   | 0.02%             | 2026-02-01      | 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      | $1907391.00   | 0.03%             | 2026-02-01      | 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      | $1172802.30   | 0.02%             | 2036-05-01      | 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      | $726617.50    | 0.01%             | 2037-05-01      | 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      | $1716874.50   | 0.03%             | 2039-05-01      | 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      | $115283.71    | 0.00%             | 2034-02-01      | Fixed         | 5.25%                 | 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: 93342PFB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $154766.09    | 0.00%             | 2035-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                        | Washington Metropolitan Area Transit Authority, Series 2017B                                                                                           | CUSIP: 938782FM6<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   5750000 | PA      | $5943627.80   | 0.09%             | 2032-07-01      | 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      | $1679341.35   | 0.03%             | 2037-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                      | Washington Metropolitan Area Transit Authority Dedicated, Series 2024A                                                                                 | CUSIP: 93878YDW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10690000 | PA      | $10357287.65  | 0.17%             | 2056-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                      | Washington Metropolitan Area Transit Authority Dedicated, Second Lien, Series 2025A                                                                    | CUSIP: 93878YEB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12500000 | PA      | $13210573.75  | 0.21%             | 2055-07-15      | Fixed         | 5.25%                 | 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      | $55094.96     | 0.00%             | 2029-01-01      | Fixed         | 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      | $5583816.50   | 0.09%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                   | State of Washington Motor Vehicle Fuel Tax, Series R2025C                                                                                              | CUSIP: 93974E5Y8<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4583839.60   | 0.07%             | 2032-07-01      | 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      | $4272238.80   | 0.07%             | 2045-06-01      | 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      | $7464174.61   | 0.12%             | 2029-08-01      | Fixed         | 5.00%                 | 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      | $3310112.48   | 0.05%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                           | Washington State Housing Finance Commission, Rockwood Retirement Communities Project, Series 2020A                                                     | CUSIP: 939783C87<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1920000 | PA      | $1956610.56   | 0.03%             | 2032-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                           | Washington State Housing Finance Commission, Rockwood Retirement Communities Project, Series 2020A                                                     | CUSIP: 939783C95<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   3070000 | PA      | $3002634.38   | 0.05%             | 2041-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                           | Washington State Housing Finance Commission, Bayview Manor II Project, Series 2025A                                                                    | CUSIP: 939783W93<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022179.30   | 0.02%             | 2060-07-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                           | Washington State Housing Finance Commission, Bayview Manor II Project, Series 2025B-2                                                                  | CUSIP: 939783X35<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1130058.20   | 0.02%             | 2029-07-01      | Fixed         | 4.20%                 | Yes           |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                           | Washington Health Care Facilities Authority, Commonspirit Health, Series 2025A                                                                         | CUSIP: 93978HF67<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2090817.60   | 0.03%             | 2050-09-01      | 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: 93978HZB4<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027914.00   | 0.02%             | 2027-03-01      | 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      | $783916.13    | 0.01%             | 2028-03-01      | 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: 93978HZD0<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063191.60   | 0.02%             | 2029-03-01      | 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: 93978HZE8<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1080293.20   | 0.02%             | 2030-03-01      | 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      | $1331255.21   | 0.02%             | 2038-07-01      | Fixed         | 5.62%                 | Yes           |                  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      | $2060842.80   | 0.03%             | 2049-07-01      | Fixed         | 5.50%                 | 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      | $2425362.75   | 0.04%             | 2054-07-01      | Fixed         | 5.00%                 | 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        |   4905000 | PA      | $4951472.91   | 0.08%             | 2050-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                           | Washington State Housing Finance Commission, Blakeley and Laurel Villages Portfolio, Series 2025A                                                      | CUSIP: 93978LJP2<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5102495.00   | 0.08%             | 2060-07-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Washington Suburban Sanitary Commission                                               | Washington Suburban Sanitary Commission                                                                                                                | CUSIP: 940158DL9<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |  12540000 | PA      | $12408054.12  | 0.20%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Suburban Sanitary Commission                                               | Washington Suburban Sanitary Commission                                                                                                                | CUSIP: 940158GJ1<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |   5430000 | PA      | $5191451.41   | 0.08%             | 2053-06-01      | Fixed         | 4.00%                 | 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      | $2023129.20   | 0.03%             | 2036-03-01      | Variable      | 3.63%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                        | Wayne County Airport Authority, Detroit Metropolitan Wayne, Series 2025B                                                                               | CUSIP: 944514U89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1647101.25   | 0.03%             | 2050-12-01      | Fixed         | 5.75%                 | 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        |    670000 | PA      | $762042.05    | 0.01%             | 2037-02-15      | Fixed         | 5.00%                 | 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      | $1128760.30   | 0.02%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Hills Community College District School Facilities Improvement District 1        | West Hills Community College District School Facilities Improvement District 1                                                                         | CUSIP: 95330NCN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1711135.47   | 0.03%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Ottawa Public Schools                                                            | West Ottawa Public Schools, Unlimited Tax                                                                                                              | CUSIP: 955023VV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1076559.35   | 0.02%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of West Palm Beach FL Utility System Revenue                                     | City of West Palm Beach Utility System, Series 2017A                                                                                                   | CUSIP: 955121QA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5095000 | PA      | $5194072.28   | 0.08%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                          | West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Commercial Metal Co. Project                                            | CUSIP: 95648VBV0<br>LEI: 549300WW88TKKF5H1220 | Long             | STIV             | MUN               | US        |   7000000 | PA      | $7105633.50   | 0.11%             | 2055-04-15      | Variable      | 4.62%                 | 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      | $1946118.42   | 0.03%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                            | Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project, Series 2021A                                            | CUSIP: 95737TES1<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   5450000 | PA      | $5431546.85   | 0.09%             | 2041-07-01      | Fixed         | 5.00%                 | Yes           |                  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      | $7940156.40   | 0.13%             | 2056-07-01      | Fixed         | 5.00%                 | Yes           |                  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      | $253505.98    | 0.00%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wilkes-Barre Area School District/PA                                                  | Wilkes-Barre Area School District                                                                                                                      | CUSIP: 968261NP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1349741.25   | 0.02%             | 2044-04-15      | Fixed         | 3.75%                 | 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      | $1047905.20   | 0.02%             | 2043-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Will County Community Unit School District No. 365-U Valley View                      | Will County Community Unit School District No. 365-U Valley View                                                                                       | CUSIP: 969078SY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1656171.11   | 0.03%             | 2036-07-01      | Fixed         | 3.00%                 | 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      | $40195.69     | 0.00%             | 2026-02-15      | 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      | $143270.08    | 0.00%             | 2026-12-01      | 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        |   4665000 | PA      | $5034076.14   | 0.08%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing and Economic Development Authority, Home Ownership                  | Wisconsin Housing and Economic Development Authority, Home Ownership, Series 2024C                                                                     | CUSIP: 97689QWD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $1074387.47   | 0.02%             | 2055-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                                    | State of Wisconsin, Series 2023B                                                                                                                       | CUSIP: 97705MD93<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1449136.26   | 0.02%             | 2035-05-01      | 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      | $50498.74     | 0.00%             | 2026-11-01      | 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      | $5024879.28   | 0.08%             | 2033-05-01      | Fixed         | 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      | $4561402.33   | 0.07%             | 2038-05-01      | 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      | $1009486.20   | 0.02%             | 2027-08-01      | Fixed         | 5.00%                 | Yes           |                  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      | $1607020.97   | 0.03%             | 2028-04-01      | 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      | $3432560.45   | 0.05%             | 2029-04-01      | 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      | $3673414.70   | 0.06%             | 2030-04-01      | 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: 97712JLG6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   3525000 | PA      | $3918651.91   | 0.06%             | 2031-04-01      | 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      | $1761467.47   | 0.03%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                   | Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group                                                                  | CUSIP: 97712JMS9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045397.50   | 0.02%             | 2050-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                   | Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series 2016A                                                     | CUSIP: 97712JMV2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10066.16     | 0.00%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                   | Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series 2016A                                                     | CUSIP: 97712JMW0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1468445.14   | 0.02%             | 2046-11-15      | Fixed         | 4.00%                 | 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      | $2984366.46   | 0.05%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyoming Community Development Authority                                               | Wyoming Community Development Authority, Series 2023-1                                                                                                 | CUSIP: 98322QE78<br>LEI: 549300UQ62NB8FGTHW65 | Long             | DBT              | MUN               | US        |   3950000 | PA      | $4149008.11   | 0.07%             | 2053-06-01      | Fixed         | 5.75%                 | 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        |   2450000 | PA      | $2651788.13   | 0.04%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Wyoming Community Development Authority                                               | Wyoming Community Development Authority, Series 2025-3                                                                                                 | CUSIP: 98322QW45<br>LEI: 549300UQ62NB8FGTHW65 | Long             | DBT              | MUN               | US        |   4195000 | PA      | $4683803.08   | 0.07%             | 2055-12-01      | Fixed         | 6.25%                 | No            |                  2 | 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      | $1843163.13   | 0.03%             | 2039-07-01      | 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      | $1544409.06   | 0.02%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Yuma AZ Water & Sewer Revenue                                                 | City of Yuma Water and Sewer, Series 2025A                                                                                                             | CUSIP: 988522BN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $686041.31    | 0.01%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Yuma AZ Water & Sewer Revenue                                                 | City of Yuma Water and Sewer, Series 2025A                                                                                                             | CUSIP: 988522BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $326006.16    | 0.01%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                   | U.S. Treasury 30 Year Bond                                                                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |     14000 | NC      | $158382.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                                   | U.S. Treasury 30 Year Bond                                                                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |     14000 | NC      | $656250.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                                   | U.S. Treasury 30 Year Bond                                                                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |    -28000 | NC      | $-656264.00   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                                   | U.S. Treasury 10 Year Note                                                                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      1121 | NC      | $278496.48    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                                   | U.S. Treasury Long Bond                                                                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       444 | NC      | $318374.64    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                                   | U.S. Treasury 10 Year Ultra Note                                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -337 | NC      | $-156334.83   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                                   | U.S. Treasury Ultra Bond                                                                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -168 | NC      | $-151359.86   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-30

**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