# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0001752724-23-016759
**Filing Date:** 2023-1
**Character Count:** 2860491
**Document Hash:** fb6c9bcba4ca1627fb5a49e9f05f3f19
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-016759.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001752724-23-016759

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**PERIOD START**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** J.P. Morgan Exchange-Traded Fund Trust
- **CENTRAL INDEX KEY:** 0001485894
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22903
- **FILM NUMBER:** 23563271

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

**JPMorgan Ultra-Short Municipal Income ETF**

**Schedule of Portfolio Investments as of November 30, 2022**

**(Unaudited)** 

---

| |
|:---|
| &nbsp;&nbsp; THE "UNAUDITED MUTUAL FUNDS HOLDINGS" LIST ("the <br> List") IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS <br> NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR <br> SALES LITERATURE WITH THE GENERAL PUBLIC. The list is <br> submitted for the general information of the shareholders of the Fund. <br> It is not authorized for distribution to prospective investors in the Fund <br> unless preceded or accompanied by a prospectus. The list has been <br> created from the books and records of the Fund. Holdings are <br> available 60 days after the fund's fiscal quarter, using a trade date <br> accounting convention, by contacting the appropriate service center. <br> The list is subject to change without notice. The list is for <br> 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., 2022. |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — 85.8%** (a) | **Municipal Bonds — 85.8%** (a) | **Municipal Bonds — 85.8%** (a) |
| **Alabama — 3.9%** | **Alabama — 3.9%** | **Alabama — 3.9%** |
| &nbsp;&nbsp;&nbsp; Alabama Drinking Water Finance Authority, Revolving Fund Loan Series 2013-A, Rev., 3.00%, 8/15/2023 | 50000 | 50146 |
| &nbsp;&nbsp;&nbsp; Alabama Federal Aid Highway Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 9/1/2023 (b) | 90000 | 91670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 9/1/2023 (b) | 25000 | 25464 |
| &nbsp;&nbsp;&nbsp; Alabama Public School and College Authority, Capital Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-A, Rev., 5.00%, 2/1/2023 | 30000 | 30128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012B, Rev., 3.00%, 3/1/2023 | 40000 | 40019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 3.25%, 6/1/2024 | 40000 | 40134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-B, Rev., 5.00%, 1/1/2025 | 75000 | 77767 |
| &nbsp;&nbsp;&nbsp; Auburn University, General Fee Series 2020A, Rev., 5.00%, 6/1/2023 | 10000 | 10122 |
| &nbsp;&nbsp;&nbsp; Autauga County Board of Education Rev., 5.00%, 4/1/2024 | 30000 | 30902 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Prepay Project No. 4 Series 2019A-1, Rev., 4.00%, 12/1/2025 (c) | &nbsp;&nbsp; 40000000 | &nbsp;&nbsp;&nbsp;&nbsp; 39843200 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project Series E, Rev., 5.00%, 6/1/2028 (c) | &nbsp;&nbsp; 27795000 | &nbsp;&nbsp;&nbsp;&nbsp; 28979631 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project No. 6 Series 2021B, Rev., 4.00%, 12/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Supply Subseries 2022D-2, Rev., LIQ : Royal Bank of Canada, (SOFR + 1.40%), <br> 3.96%, 12/5/2022 (d)<br>| &nbsp;&nbsp; 25575000 | &nbsp;&nbsp;&nbsp;&nbsp; 25232073 |
| &nbsp;&nbsp;&nbsp; Board of Water and Sewer Commissioners of the City of Mobile Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160316 |
| &nbsp;&nbsp;&nbsp; City of Auburn, Warrant Series 2014A, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 |
| &nbsp;&nbsp;&nbsp; City of Birmingham |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, GO, 5.00%, 3/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201245 |
| &nbsp;&nbsp;&nbsp; City of Graysville Rev., AGM, 5.38%, 6/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25340 |
| &nbsp;&nbsp;&nbsp; City of Guntersville, Warrants GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; City of Homewood, Warrants GO, 2.00%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29406 |
| &nbsp;&nbsp;&nbsp; City of Huntsville, Warrants |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C, GO, 5.00%, 11/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25551 |
| &nbsp;&nbsp;&nbsp; City of Madison, Warrants GO, 4.00%, 4/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20101 |
| &nbsp;&nbsp;&nbsp; City of Montgomery, Warrants |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15015 |
| &nbsp;&nbsp;&nbsp; City of Trussville, Warrants Series 2014A, GO, 5.00%, 10/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25503 |
| &nbsp;&nbsp;&nbsp; County of Mobile, Warrants |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 4.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26524 |
| &nbsp;&nbsp;&nbsp; County of Montgomery, Warrants GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45278 |
| &nbsp;&nbsp;&nbsp; Escambia County Board of Education, Tax Anticipation Warrants Rev., 5.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; Homewood Educational Building Authority, Educational Facilities, Samford University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., AGM, 4.75%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., AGM, 5.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Development Board of The City of Mobile, Alabama Power Control, Barry Plant Project Series 2007A, Rev., <br> 1.00%, 6/26/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94684 |
| &nbsp;&nbsp;&nbsp; Limestone County Water and Sewer Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014B, Rev., 4.00%, 12/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30421 |
| &nbsp;&nbsp;&nbsp; Lower Alabama Gas District (The), Gas Project Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135000 |
| &nbsp;&nbsp;&nbsp; Madison County Board of Education, Tax Anticipation Warrants Rev., 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20343 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Alabama — continued** | **Alabama — continued** | **Alabama — continued** |
| &nbsp;&nbsp;&nbsp; Madison Water and Wastewater Board |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 12/1/2022 | 60000 | 60000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 | 145000 | 145000 |
| &nbsp;&nbsp;&nbsp; Montgomery County Public Education Cooperative District, Public Schools Project Rev., 5.00%, 4/1/2023 | 200000 | 201532 |
| &nbsp;&nbsp;&nbsp; Muscle Shoals Utilities Board Rev., 5.00%, 12/1/2022 | 45000 | 45000 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1, Rev., 5.00%, 8/1/2023 | 500000 | 503463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1, Rev., 5.00%, 8/1/2024 | 1160000 | 1177408 |
| &nbsp;&nbsp;&nbsp; University of Alabama (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 4.00%, 7/1/2023 | 35000 | 35306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-A, Rev., 5.00%, 7/1/2023 | 150000 | 150298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014B, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-A, Rev., 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014B, Rev., 5.00%, 7/1/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20747 |
| &nbsp;&nbsp;&nbsp; Water Works Board of the City of Birmingham (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 1/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25051 |
| &nbsp;&nbsp;&nbsp; Total Alabama |  | &nbsp;&nbsp;&nbsp; 100367832 |
| **Alaska — 0.1%** | **Alaska — 0.1%** | **Alaska — 0.1%** |
| &nbsp;&nbsp;&nbsp; Alaska Housing Finance Corp., General Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 1.55%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 1.50%, 6/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297967 |
| &nbsp;&nbsp;&nbsp; Alaska Housing Finance Corp., State Capital Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014D, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Alaska Municipal Bond Bank Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1, Rev., 4.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TWO, Rev., 5.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80144 |
| &nbsp;&nbsp;&nbsp; Borough of Matanuska-Susitna Series C, GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40242 |
| &nbsp;&nbsp;&nbsp; Borough of Matanuska-Susitna, Goose Creek Correctional Center Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100599 |
| &nbsp;&nbsp;&nbsp; Borough of North Slope |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 10/30/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 6/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36997 |
| &nbsp;&nbsp;&nbsp; Borough of North Slope, General Purpose Series 2019A, GO, 5.00%, 6/30/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40555 |
| &nbsp;&nbsp;&nbsp; Municipality of Anchorage Series D, GO, 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25440 |
| &nbsp;&nbsp;&nbsp; State of Alaska |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013B, GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013B, GO, 5.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145583 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Alaska — continued** | **Alaska — continued** | **Alaska — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013B, GO, 5.00%, 8/1/2025 | 20000 | 20082 |
| &nbsp;&nbsp;&nbsp; State of Alaska, Native Tribal Health Consortium Housing Facility Project COP, 5.00%, 6/1/2023 | 25000 | 25304 |
| &nbsp;&nbsp;&nbsp; Total Alaska |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1480921 |
| **Arizona — 1.0%** | **Arizona — 1.0%** | **Arizona — 1.0%** |
| &nbsp;&nbsp;&nbsp; Arizona Health Facilities Authority Series 2013-B, Rev., 5.00%, 2/1/2026 | 1065000 | 1068505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Health Facilities Authority, Banner Health Series 2015B, Rev., (SIFMA Municipal Swap Index Yield + 0.25%), <br> 2.10%, 12/8/2022 (d)<br>| 9400000 | 9073914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Series 2019A, Rev., 5.00%, <br> 11/1/2024<br>| 95000 | 98407 |
| &nbsp;&nbsp;&nbsp; Arizona School Facilities Board Series 2015A, COP, 5.00%, 9/1/2023 (b) | 20000 | 20365 |
| &nbsp;&nbsp;&nbsp; Arizona State University Series 2016A, Rev., 5.00%, 7/1/2023 | 25000 | 25366 |
| &nbsp;&nbsp;&nbsp; Arizona State University, Excise Tax, Maricopa County Regional Area Road Fund Rev., 5.00%, 7/1/2025 | 40000 | 42357 |
| &nbsp;&nbsp;&nbsp; Arizona Transportation Board, Excise Tax, Maricopa County Regional Area Road Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91322 |
| &nbsp;&nbsp;&nbsp; City of Buckeye, Excise Tax Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25351 |
| &nbsp;&nbsp;&nbsp; City of Casa Grande Series 2016B, GO, 4.00%, 8/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20196 |
| &nbsp;&nbsp;&nbsp; City of Flagstaff, Road Repair, Street Improvement Project Rev., 4.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20172 |
| &nbsp;&nbsp;&nbsp; City of Goodyear GO, 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35492 |
| &nbsp;&nbsp;&nbsp; City of Mesa, Utility System Rev., 3.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20064 |
| &nbsp;&nbsp;&nbsp; City of Phoenix |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 7/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5045 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230435 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., Junior Lien, Airport System Series 2017D, Rev., 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 532457 |
| &nbsp;&nbsp;&nbsp; City of Scottsdale, Preserve Acquisition GO, 3.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35093 |
| &nbsp;&nbsp;&nbsp; County of Maricopa Series 2018A, COP, 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25883 |
| &nbsp;&nbsp;&nbsp; County of Navajo Rev., 4.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20586 |
| &nbsp;&nbsp;&nbsp; County of Pima |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, COP, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, COP, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, COP, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 |
| &nbsp;&nbsp;&nbsp; County of Pima, Sewer System Series 2020A, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30444 |
| &nbsp;&nbsp;&nbsp; County of Pinal Rev., 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35568 |
| &nbsp;&nbsp;&nbsp; Gila County Unified School District No. 10-Payson GO, 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20269 |
| &nbsp;&nbsp;&nbsp; Glendale Industrial Development Authority, Midwestern University Rev., 5.00%, 5/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65715 |
| &nbsp;&nbsp;&nbsp; Glendale Union High School District No. 205, Project of 2020 Series 2021A, GO, AGM, 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25354 |
| &nbsp;&nbsp;&nbsp; Kyrene Elementary School District No. 28 GO, 4.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison Elementary School District No. 38, School Improvement, Project of 2014 Series 2019C, GO, 5.00%, <br> 7/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25364 |
| &nbsp;&nbsp;&nbsp; Maricopa County Elementary School District No. 79, Litchfield Elementary, School Improvement GO, 3.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25058 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Banner Health Series 2016A, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 576130 |
| &nbsp;&nbsp;&nbsp; Maricopa County School District No. 3, Tempe Elementary, School Improvement GO, 4.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70587 |
| &nbsp;&nbsp;&nbsp; Maricopa County Special Health Care District, Integrated Health Services Series 2018C, GO, 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Unified School District No. 69 Paradise Valley, School Improvement, Project of 2015 Series 2018-C, <br> GO, 5.00%, 7/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20293 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Arizona — continued** | **Arizona — continued** | **Arizona — continued** |
| &nbsp;&nbsp;&nbsp; Maricopa County Unified School District No. 97-Deer Valley, School Improvement Series C, GO, 3.00%, 7/1/2023 | 75000 | 75032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Union High School District No. 210 Phoenix, School Improvement, Project of 2011 and 2017 GO, <br> 5.00%, 7/1/2023<br>| 30000 | 30435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Union High School District No. 216 Agua Fria, School Improvement Series 2014B, GO, 3.00%, <br> 7/1/2023<br>| 30000 | 30087 |
| &nbsp;&nbsp;&nbsp; McAllister Academic Village LLC, Arizona State University Rev., 5.00%, 7/1/2023 | 20000 | 20275 |
| &nbsp;&nbsp;&nbsp; Pima County Regional Transportation Authority, Excise Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2024 | 60000 | 62166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014, Rev., 5.00%, 6/1/2025 | 30000 | 30362 |
| &nbsp;&nbsp;&nbsp; Pima County Unified School District No. 20 Vail, School Improvement GO, AGM, 3.00%, 7/1/2023 | 20000 | 20046 |
| &nbsp;&nbsp;&nbsp; Pinal County Community College District GO, 5.00%, 7/1/2023 | 30000 | 30416 |
| &nbsp;&nbsp;&nbsp; Pinal County School District No. 1 Florence GO, 5.00%, 7/1/2023 | 20000 | 20269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBC Municipal Products, Inc. Trust, Floater Certificates Series E-147, Rev., VRDO, LOC : Royal Bank of Canada, 1.88%, <br> 12/8/2022 (c) (e)<br>| 11000000 | 11000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement and Power District, Arizona Salt River Project Series 2015A, Rev., 5.00%, <br> 12/1/2022<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tempe Industrial Development Authority, Friendship Village of Tempe Project Series 2021C-2, Rev., 1.13%, <br> 12/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1614056 |
| &nbsp;&nbsp;&nbsp; Town of Marana, Excise Tax Series 2017B, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35482 |
| &nbsp;&nbsp;&nbsp; Town of Queen Creek, Excise Tax Series 2018A, Rev., 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40660 |
| &nbsp;&nbsp;&nbsp; University Medical Center Corp., Hospital Rev., 5.63%, 7/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30532 |
| &nbsp;&nbsp;&nbsp; Total Arizona |  | &nbsp;&nbsp;&nbsp;&nbsp; 25707851 |
| **Arkansas — 0.0% ^** | **Arkansas — 0.0% ^** | **Arkansas — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, Cancer Research Project Rev., AMBAC, Zero Coupon, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73717 |
| &nbsp;&nbsp;&nbsp; City of Cabot, Sales Tax Series 2021B, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; City of Van Buren, Water and Sewer Rev., AGM, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Pulaski County Public Facilities Board, Baptist Health Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240000 |
| &nbsp;&nbsp;&nbsp; State of Arkansas, Federal Highway |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45921 |
| &nbsp;&nbsp;&nbsp; State of Arkansas, Waste Disposal and Pollution Abatement Facilities GO, 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30441 |
| &nbsp;&nbsp;&nbsp; University of Arkansas, Various Facility Fayetteville Campus Series 2019A, Rev., 5.00%, 9/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35675 |
| &nbsp;&nbsp;&nbsp; University of Arkansas, Various Facility Pine Bluff Campus Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp; Total Arkansas |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530924 |
| **California — 2.8%** | **California — 2.8%** | **California — 2.8%** |
| &nbsp;&nbsp;&nbsp; Alameda County Joint Powers Authority, Multiple Capital Projects Series 2013A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 |
| &nbsp;&nbsp;&nbsp; Antelope Valley Community College District GO, 5.00%, 2/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73690 |
| &nbsp;&nbsp;&nbsp; Antelope Valley-East Kern Water Agency Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30372 |
| &nbsp;&nbsp;&nbsp; Bay Area Toll Authority, Toll Bridge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017S-7, Rev., 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013S-4, Rev., 5.13%, 4/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25232 |
| &nbsp;&nbsp;&nbsp; Bay Area Water Supply and Conservation Agency Series 2013A, Rev., 3.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100140 |
| &nbsp;&nbsp;&nbsp; Brentwood Infrastructure Financing Authority Series 2012A, AGM, 3.50%, 9/2/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50024 |
| &nbsp;&nbsp;&nbsp; Brentwood Infrastructure Financing Authority, Civic Center Project Rev., 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41557 |
| &nbsp;&nbsp;&nbsp; Burbank Redevelopment Agency Successor Agency Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
| &nbsp;&nbsp;&nbsp; Burlingame School District, Election of 2012 Series 2013A, GO, 4.00%, 8/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20204 |
| &nbsp;&nbsp;&nbsp; California Communities Local Measurer, Sales Tax Series 2013A, COP, AGM, 5.13%, 6/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20265 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, Gold Country Settlement Funding Corp. Series 2020A, Rev., 5.00%, <br> 6/1/2026<br>| 1090000 | 1137738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Educational Facilities Authority, University of Southern California Series 2012A, Rev., 5.00%, <br> 10/1/2023 (b)<br>| 35000 | 35713 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Adventist Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011A, Rev., 3.00%, 3/1/2024 (c) | 495000 | 494460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 3/1/2024 | 90000 | 90461 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Cedars-Sinai Medical Center Rev., 5.00%, 11/15/2024 | 250000 | 261559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Providence St. Joseph Health Series 2016B-2, Rev., 4.00%, <br> 10/1/2024 (c)<br>| 160000 | 163336 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, St. Joseph Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 7/1/2023 (b) | 25000 | 25351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2025 (c) | 420000 | 444382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 7/1/2026 | 60000 | 60603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, Colburn School (The) Rev., (SIFMA Municipal Swap Index Yield <br> + 0.90%), 2.75%, 12/8/2022 (d)<br>| &nbsp;&nbsp;&nbsp; 28500000 | &nbsp;&nbsp;&nbsp;&nbsp; 27360895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank Series 2018C, Rev., (SIFMA Municipal Swap Index Yield + <br> 0.35%), 2.20%, 12/8/2022 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5172063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Infrastructure State Revolving Fund Series 2014A, Rev., <br> 5.00%, 10/1/2023 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25520 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Santa Rosa Community Health Centre Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25100 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, St. John's Well Child and Family Center Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Tuolumne Project Series 2018A, Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, American Water Capital Corp. Project Rev., 0.60%, 9/1/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142161 |
| &nbsp;&nbsp;&nbsp; California State Public Works Board |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5022286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35390 |
| &nbsp;&nbsp;&nbsp; California State Public Works Board, Judicial Council of California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30181 |
| &nbsp;&nbsp;&nbsp; California State Public Works Board, Various Capital Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-I, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40871 |
| &nbsp;&nbsp;&nbsp; California State University, Systemwide Series 2016A, Rev., 5.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Southern California Edison Co. Series D, Rev., 2.63%, <br> 12/1/2023 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camarillo Community Development Commission Successor Agency, Camarillo Corridor Project Rev., AGM, 5.00%, <br> 9/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25428 |
| &nbsp;&nbsp;&nbsp; Campbell Union High School District GO, 5.00%, 8/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castaic Lake Water Agency, Capital Appreciation, Water System Improvement Project Series 1999A, COP, AMBAC, Zero <br> Coupon, 8/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44207 |
| &nbsp;&nbsp;&nbsp; Chabot-Las Positas Community College District GO, 5.00%, 8/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20338 |
| &nbsp;&nbsp;&nbsp; Chaffey Joint Union High School District, Election of 2008 Series A, GO, 5.00%, 8/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30507 |
| &nbsp;&nbsp;&nbsp; Chula Vista Elementary School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAN, Zero Coupon, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, AGM, 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30523 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| &nbsp;&nbsp;&nbsp; Chula Vista Municipal Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, 5.00%, 9/1/2023 | 45000 | 45714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/1/2024 | 10000 | 10333 |
| &nbsp;&nbsp;&nbsp; City & County of San Francisco, Multi-Family, Eastern Park Apartments Series 2019K, Rev., 1.30%, 1/1/2023 (c) | 520000 | 519324 |
| &nbsp;&nbsp;&nbsp; City and County of San Francisco Series 2015A-1, COP, 5.00%, 4/1/2023 | 30000 | 30258 |
| &nbsp;&nbsp;&nbsp; City of Calabasas COP, 5.00%, 12/1/2022 | 60000 | 60000 |
| &nbsp;&nbsp;&nbsp; City of Livermore Series 2020B, COP, 4.00%, 10/1/2023 | 40000 | 40472 |
| &nbsp;&nbsp;&nbsp; City of Long Beach Harbor Series 2014B, Rev., 5.00%, 5/15/2023 | 70000 | 70804 |
| &nbsp;&nbsp;&nbsp; City of Long Beach Harbor, Private Activity Series 2020A, Rev., 4.00%, 5/15/2024 | 20000 | 20406 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Series 2013A, Rev., 5.00%, 6/1/2027 | 75000 | 75964 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, International Airport Subordinate Series 2018E, Rev., 5.00%, 5/15/2024 | 15000 | 15519 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles, Solid Waste Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 2.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25103 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles, Wastewater System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-A, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50643 |
| &nbsp;&nbsp;&nbsp; City of Manhattan Beach, Police and Fire Facility COP, 3.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25011 |
| &nbsp;&nbsp;&nbsp; City of Newark COP, 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45520 |
| &nbsp;&nbsp;&nbsp; City of Oakland, Sewer Series 2014A, Rev., 5.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35475 |
| &nbsp;&nbsp;&nbsp; City of Pico Rivera, Sales Tax Series 2018A, COP, AGM, 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35443 |
| &nbsp;&nbsp;&nbsp; City of Richmond, Wastewater, Capital Appreciation Rev., FGIC, Zero Coupon, 8/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196503 |
| &nbsp;&nbsp;&nbsp; City of San Francisco, Public Utilities Commission Series 2017A, Rev., 5.00%, 11/1/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31390 |
| &nbsp;&nbsp;&nbsp; City of Santa Cruz Rev., 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45286 |
| &nbsp;&nbsp;&nbsp; City of Sausalito, 2016 Financing Project COP, 4.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50319 |
| &nbsp;&nbsp;&nbsp; Clovis Unified School District, Election of 2012 Series B, GO, 5.00%, 8/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20338 |
| &nbsp;&nbsp;&nbsp; Coast Community College District, Election of 2012 Series 2013A, GO, 4.00%, 8/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20212 |
| &nbsp;&nbsp;&nbsp; Colton Joint Unified School District, Election of 2008 Series 2010B, GO, AGM, 5.80%, 8/21/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27795 |
| &nbsp;&nbsp;&nbsp; Contra Costa Community College District, Election of 2006 GO, 5.00%, 8/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20338 |
| &nbsp;&nbsp;&nbsp; Contra Costa Community College District, Election of 2014 Series C, GO, 4.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25242 |
| &nbsp;&nbsp;&nbsp; Contra Costa Transportation Authority, Sales Tax Series 2012B, Rev., 5.00%, 3/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105680 |
| &nbsp;&nbsp;&nbsp; Corona-Norco Unified School District Public Financing Authority, Senior Lien Series A, Rev., 5.00%, 9/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20377 |
| &nbsp;&nbsp;&nbsp; Cupertino Union School District, 2013 Crossover Series 2013A, GO, 5.00%, 8/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25422 |
| &nbsp;&nbsp;&nbsp; Desert Sands Unified School District GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10170 |
| &nbsp;&nbsp;&nbsp; Downey Public Finance Authority Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 |
| &nbsp;&nbsp;&nbsp; East Side Union High School District Series B, GO, NATL-RE, 5.25%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1054773 |
| &nbsp;&nbsp;&nbsp; El Dorado Irrigation District Series 2016B, COP, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55349 |
| &nbsp;&nbsp;&nbsp; El Dorado Union High School District, 2021 Energy Efficiency Projects COP, AGM, 2.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 |
| &nbsp;&nbsp;&nbsp; El Monte City School District, Election of 2004 Series 2008C, GO, AGC, Zero Coupon, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Folsom Cordova Unified School District School Facilities Improvement Dist No. 4, Election of 2012 Series A, GO, <br> 5.00%, 10/1/2023 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20416 |
| &nbsp;&nbsp;&nbsp; Folsom Public Financing Authority Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp; Fontana Redevelopment Agency, Successor Agency, Tax Allocation Series 2017A, Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30574 |
| &nbsp;&nbsp;&nbsp; Fremont Public Financing Authority Series 2017B, Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25487 |
| &nbsp;&nbsp;&nbsp; Fresno County Financing Authority Rev., 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 554652 |
| &nbsp;&nbsp;&nbsp; Garden Grove Agency Community Development Successor Agency, Tax Allocation Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20378 |
| &nbsp;&nbsp;&nbsp; Garden Grove Unified School District, Election of 2010 Series C, GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10166 |
| &nbsp;&nbsp;&nbsp; Gateway Unified School District, Election of 2008 GO, AGM, 5.00%, 8/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20338 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| &nbsp;&nbsp;&nbsp; Grossmont Healthcare District Series C, GO, 5.00%, 7/15/2024 | 25000 | 25767 |
| &nbsp;&nbsp;&nbsp; Grossmont Union High School District, Election of 2008 Series E, GO, 5.00%, 8/1/2023 (b) | 20000 | 20338 |
| &nbsp;&nbsp;&nbsp; Grossmont-Cuyamaca Community College District GO, 5.00%, 8/1/2023 | 30000 | 30499 |
| &nbsp;&nbsp;&nbsp; Helendale School District COP, AGM, 2.50%, 12/1/2022 | 20000 | 20000 |
| &nbsp;&nbsp;&nbsp; Hermosa Beach Public Financing Authority Rev., 4.00%, 11/1/2024 | 25000 | 25623 |
| &nbsp;&nbsp;&nbsp; Hesperia Unified School District Series 2013B, COP, 5.53%, 2/1/2023 (b) | 25000 | 25029 |
| &nbsp;&nbsp;&nbsp; Huntington Beach Union High School District GO, 5.00%, 8/1/2023 (b) | 50000 | 50845 |
| &nbsp;&nbsp;&nbsp; Inglewood Unified School District, Election of 2012 Series 2013A, GO, AGM, 5.13%, 8/1/2023 (b) | 20000 | 20348 |
| &nbsp;&nbsp;&nbsp; La Mirada Public Financing Authority Rev., 5.00%, 5/1/2023 | 25000 | 25262 |
| &nbsp;&nbsp;&nbsp; Lancaster School District, Election of 2012 Series A, GO, AGM, 4.00%, 8/1/2023 (b) | 20000 | 20198 |
| &nbsp;&nbsp;&nbsp; Lodi Unified School District, Election of 2006 GO, 3.00%, 8/1/2023 | 40000 | 40152 |
| &nbsp;&nbsp;&nbsp; Long Beach Community College District Series 2017G, GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35591 |
| &nbsp;&nbsp;&nbsp; Los Angeles Community College District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015C, GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Metropolitan Transportation Authority, Measure J Junior Subordinate Sales Tax Series 2020A, Rev., <br> 5.00%, 6/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Metropolitan Transportation Authority, Measure R Senior Sales Tax Series 2016A, Rev., 5.00%, <br> 6/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25328 |
| &nbsp;&nbsp;&nbsp; Los Angeles County Public Works Financing Authority Series 2019E1, Rev., 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86301 |
| &nbsp;&nbsp;&nbsp; Los Angeles County Public Works Financing Authority, MLK Hospital Project Series 2016D, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Public Works Financing Authority, Multiple Capital Projects II Series 2015A, Rev., 5.00%, <br> 12/1/2022<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Redevelopment Refunding Authority Redevelopment Agency Successor Agency, CRA/LA Bunker Hill <br> Project Rev., 5.00%, 12/1/2022<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power, Power System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496038 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power, Water System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1052142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013B, Rev., 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013B, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35516 |
| &nbsp;&nbsp;&nbsp; Los Angeles Unified School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20304 |
| &nbsp;&nbsp;&nbsp; Madera County Board of Education COP, 4.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20203 |
| &nbsp;&nbsp;&nbsp; Merced Union High School District GO, AGM, Zero Coupon, 2/18/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105945 |
| &nbsp;&nbsp;&nbsp; Metropolitan Water District of Southern California, Waterworks Series 2017B, Rev., 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71015 |
| &nbsp;&nbsp;&nbsp; Middletown Unified School District, Election of 2018 Series 2019A, GO, 4.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25239 |
| &nbsp;&nbsp;&nbsp; Mount San Antonio Community College District, Election of 2008 Series A, GO, Zero Coupon, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20025 |
| &nbsp;&nbsp;&nbsp; Municipal Improvement Corp., of Los Angeles, Real Property Series 2016B, Rev., 5.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norco Community Redevelopment Agency Successor Agency, Redevelopment Project Area #1 Series 2017A, Rev., <br> 4.00%, 3/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20068 |
| &nbsp;&nbsp;&nbsp; Oakland State Building Authority, Elihu M. Harris State Office Building Series A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Orange County Sanitation District, Wastewater Series 2014A, Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85359 |
| &nbsp;&nbsp;&nbsp; Orange County Water District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, COP, 2.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003B, COP, NATL-RE, 4.75%, 8/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25400 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 8/15/2023 (b) | 25000 | 25447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, COP, 4.00%, 2/15/2025 | 175000 | 180039 |
| &nbsp;&nbsp;&nbsp; Orchard School District GO, 5.00%, 8/1/2023 | 45000 | 45745 |
| &nbsp;&nbsp;&nbsp; Otay Water District Financing Authority Series 2018A, Rev., 5.00%, 9/1/2023 | 30000 | 30554 |
| &nbsp;&nbsp;&nbsp; Padre Dam Municipal Water District Series 2017A, COP, 5.00%, 10/1/2024 | 50000 | 52083 |
| &nbsp;&nbsp;&nbsp; Palmdale Community Redevelopment Agency Successor Agency Series 2016A, Rev., 5.00%, 9/1/2023 | 45000 | 45771 |
| &nbsp;&nbsp;&nbsp; Palomar Community College District GO, 5.00%, 5/1/2024 | 50000 | 51665 |
| &nbsp;&nbsp;&nbsp; Paramount Unified School District, Election of 2006 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Zero Coupon, 8/1/2023 (b) | 355000 | 47865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.50%, 8/1/2023 (b) | 40000 | 40540 |
| &nbsp;&nbsp;&nbsp; Perris Union High School District GO, 5.00%, 9/1/2023 | 10000 | 10183 |
| &nbsp;&nbsp;&nbsp; Pismo Beach Public Financing Agency, Beach Municipal Pier Project Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30729 |
| &nbsp;&nbsp;&nbsp; Plumas Unified School District, Election of 2016 Series B, GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poway Unified School District Public Financing Authority, Special Tax Community Facilities District No. 2 Series 2015C, <br> Rev., AGM, 5.00%, 9/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40718 |
| &nbsp;&nbsp;&nbsp; Puente Basin Water Agency, Walnut Valley Water District Project Series 2013A, Rev., 5.00%, 6/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25323 |
| &nbsp;&nbsp;&nbsp; Riverside County Transportation Commission, Limited Tax Series 2013A, Rev., 5.25%, 6/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25347 |
| &nbsp;&nbsp;&nbsp; Riverside County Transportation Commission, Sales Tax Series 2017A, Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25316 |
| &nbsp;&nbsp;&nbsp; Sacramento City Financing Authority, Master Lease Program Facilities Series E, Rev., AMBAC, 5.25%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 |
| &nbsp;&nbsp;&nbsp; Sacramento County Sanitation Districts Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35850 |
| &nbsp;&nbsp;&nbsp; Sacramento Municipal Utility District, Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 10/17/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1186503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 10/15/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298727 |
| &nbsp;&nbsp;&nbsp; San Bernardino City Unified School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, GO, AGM, 5.00%, 8/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25422 |
| &nbsp;&nbsp;&nbsp; San Bernardino City Unified School District, Election of 2012 Series A, GO, AGM, 4.00%, 8/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20198 |
| &nbsp;&nbsp;&nbsp; San Bernardino County Transportation Authority, Sales Tax Series 2014A, Rev., 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20127 |
| &nbsp;&nbsp;&nbsp; San Diego Community College District, CABS, Election of 2006 GO, Zero Coupon, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55721 |
| &nbsp;&nbsp;&nbsp; San Diego Community College District, Election of 2002 GO, 5.00%, 8/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40696 |
| &nbsp;&nbsp;&nbsp; San Diego County Water Authority Series 2013A, Rev., 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20027 |
| &nbsp;&nbsp;&nbsp; San Diego Public Facilities Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20336 |
| &nbsp;&nbsp;&nbsp; San Diego Redevelopment Agency Successor Agency Series 2017A, Rev., 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10180 |
| &nbsp;&nbsp;&nbsp; San Diego Unified School District, Election of 1998 Series D-1, GO, NATL-RE, 5.50%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25445 |
| &nbsp;&nbsp;&nbsp; San Francisco Bay Area Rapid Transit District, Election of 2004 Series 2013C, GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10168 |
| &nbsp;&nbsp;&nbsp; San Francisco Bay Area Rapid Transit District, Sales Tax Series 2016A, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55824 |
| &nbsp;&nbsp;&nbsp; San Francisco City and County Airport Commission, San Francisco International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019D, Rev., 5.00%, 5/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 4.00%, 5/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25767 |
| &nbsp;&nbsp;&nbsp; San Francisco City and County Public Utilities Commission Wastewater Series 2016B, Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35737 |
| &nbsp;&nbsp;&nbsp; San Joaquin County Transportation Authority, Measure K Sales Tax Rev., 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20126 |
| &nbsp;&nbsp;&nbsp; San Joaquin County Transportation Authority, Sales Tax Rev., 3.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20029 |
| &nbsp;&nbsp;&nbsp; San Joaquin Delta Community College District Series A, GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25414 |
| &nbsp;&nbsp;&nbsp; San Joaquin Hills Transportation Corridor Agency, Toll Road, Senior Lien Rev., Zero Coupon, 1/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113323 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| &nbsp;&nbsp;&nbsp; San Jose Financing Authority, Civic Center Project Series 2013A, Rev., 5.00%, 6/1/2023 (b) | 80000 | 81033 |
| &nbsp;&nbsp;&nbsp; San Jose Unified School District Series 2013-GO, GO, 5.00%, 8/1/2023 (b) | 25000 | 25422 |
| &nbsp;&nbsp;&nbsp; San Juan Unified School District, Election of 2002 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 8/1/2023 | 75000 | 75311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2023 (b) | 40000 | 40676 |
| &nbsp;&nbsp;&nbsp; San Juan Water District Rev., 5.00%, 2/1/2025 | 45000 | 47147 |
| &nbsp;&nbsp;&nbsp; San Marcos Unified School, District No. 4, Community Facilities, Special Tax Rev., 4.00%, 9/1/2023 | 25000 | 25273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Mateo Foster City Public Financing Authority, Street and Flood Control Project Series 2020A, Rev., 5.00%, <br> 5/1/2023<br>| 20000 | 20220 |
| &nbsp;&nbsp;&nbsp; Santa Clara County Financing Authority Series 2021A, Rev., 5.00%, 5/1/2023 | 140000 | 141479 |
| &nbsp;&nbsp;&nbsp; Santa Clara County Financing Authority, Fire District Facilities Series 2020A, Rev., 5.00%, 5/1/2023 | 45000 | 45475 |
| &nbsp;&nbsp;&nbsp; Santa Clara Valley Transportation Authority, Measure A Sales Tax Series 2015A, Rev., 5.00%, 4/1/2023 | 15000 | 15131 |
| &nbsp;&nbsp;&nbsp; Santa Clara Valley Transportation Authority, Sales Tax Series 2017B, Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25326 |
| &nbsp;&nbsp;&nbsp; Santa Monica-Malibu Unified School District, Election of 2006 Series D, GO, 4.00%, 7/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30272 |
| &nbsp;&nbsp;&nbsp; Sequoia Union High School District GO, 5.00%, 7/1/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41545 |
| &nbsp;&nbsp;&nbsp; Sierra Joint Community College District No. 1, School Facilities Improvement Series A, GO, 5.00%, 8/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45760 |
| &nbsp;&nbsp;&nbsp; Silicon Valley Clean Water, Wastewater Series 2019A, Rev., 3.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 627527 |
| &nbsp;&nbsp;&nbsp; Solano County Community College District Series 2014A, GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40662 |
| &nbsp;&nbsp;&nbsp; Sonoma County Community Redevelopment Agency Successor Agency Rev., 4.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20177 |
| &nbsp;&nbsp;&nbsp; Sonoma County Junior College District Series 2013A, GO, 5.00%, 8/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66098 |
| &nbsp;&nbsp;&nbsp; Sonoma County Transportation Authority, Limited Tax Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 |
| &nbsp;&nbsp;&nbsp; South San Francisco Public Facilities Financing Authority, Police Station Project Series 2020A, Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40506 |
| &nbsp;&nbsp;&nbsp; Southern California Public Power Authority, Windy Point/Windy Flats Project Rev., 5.00%, 4/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77001 |
| &nbsp;&nbsp;&nbsp; State of California GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175754 |
| &nbsp;&nbsp;&nbsp; State of California Department of Water Resources, Central Valley Project, Water System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AN, Rev., 5.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AR, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AS, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AW, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AX, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BB, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AP, Rev., 4.00%, 6/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AQ, Rev., 4.00%, 6/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AM, Rev., 5.00%, 6/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AW, Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46161 |
| &nbsp;&nbsp;&nbsp; State of California, Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 11/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50421 |
| &nbsp;&nbsp;&nbsp; State of California, Various Purpose, Tax Exempt GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66141 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| &nbsp;&nbsp;&nbsp; Suisun City Redevelopment Agency, Redevelopment Project Series B, Rev., 5.00%, 10/1/2023 | 40000 | 40755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sulphur Springs Union School District, Community Facilities District No. 2002-1, Special Tax Series 2014A, Rev., <br> 3.00%, 9/1/2023 (b)<br>| 25000 | 25104 |
| &nbsp;&nbsp;&nbsp; Tahoe-Truckee Sanitation Agency, Wastewater Rev., 5.00%, 7/1/2024 | 30000 | 31083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tahoe-Truckee Unified School District, Election of 2014, School Facilities Improvement District No. 1 Series C, GO, <br> 3.00%, 8/1/2023<br>| 20000 | 20076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2017-XX1045, Rev., VRDO, LIQ: Barclays Bank plc, 1.88%, <br> 12/8/2022 (c)<br>| 17000000 | 17000000 |
| &nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Southern California Series 2019A, Class 1, Rev., 5.00%, 6/1/2025 | 55000 | 56722 |
| &nbsp;&nbsp;&nbsp; Torrance Unified School District, Election of 2008 GO, 5.00%, 8/1/2023 (b) | 25000 | 25422 |
| &nbsp;&nbsp;&nbsp; Tuolumne Wind Project Authority, Tuolumne Wind Project Series 2016A, Rev., 5.00%, 1/1/2023 | 180000 | 180329 |
| &nbsp;&nbsp;&nbsp; Tustin Unified School District, School Facilities Improvement Districts No. 2002-1 and 2008-1 GO, 5.00%, 8/1/2025 | 30000 | 31900 |
| &nbsp;&nbsp;&nbsp; Twin Rivers Unified School District Series 2014A, GO, Zero Coupon, 2/1/2024 (b) | 350000 | 166131 |
| &nbsp;&nbsp;&nbsp; University of California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013AF, Rev., 5.00%, 5/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015AO, Rev., 5.00%, 5/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017AV, Rev., 5.00%, 5/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20237 |
| &nbsp;&nbsp;&nbsp; Ventura County Public Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013B, Rev., 5.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 11/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26110 |
| &nbsp;&nbsp;&nbsp; West Hollywood Public Financing Authority, Hollywood Park Phase II Rev., 5.00%, 4/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77306 |
| &nbsp;&nbsp;&nbsp; Westminster School District, Refinancing of 2015 Energy Conservation Projects COP, 4.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35190 |
| &nbsp;&nbsp;&nbsp; William S Hart Union High School District, Election of 2008 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013C, GO, 4.00%, 8/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013C, GO, 5.00%, 8/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20338 |
| &nbsp;&nbsp;&nbsp; Total California |  | &nbsp;&nbsp;&nbsp;&nbsp; 74198909 |
| **Colorado — 2.6%** | **Colorado — 2.6%** | **Colorado — 2.6%** |
| &nbsp;&nbsp;&nbsp; Adams & Arapahoe Joint School District 28J Aurora |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Zero Coupon, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 |
| &nbsp;&nbsp;&nbsp; Adams 12 Five Star Schools, The City & County of Broomfield |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.50%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30057 |
| &nbsp;&nbsp;&nbsp; Adams and Weld Counties School District No. 27J Brighton Series A, GO, 1.75%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Adams County of Colorado, Schoot District No. 50 GO, 4.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 |
| &nbsp;&nbsp;&nbsp; Adams County School District No. 1, Mapleton Public Schools GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Apex Park and Recreation District GO, 3.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50358 |
| &nbsp;&nbsp;&nbsp; Arapahoe County School District No. 5 Cherry Creek |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1101025 |
| &nbsp;&nbsp;&nbsp; Arapahoe County School District No. 6 Littleton |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000 |
| &nbsp;&nbsp;&nbsp; Arapahoe County Water and Wastewater Authority Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Arapahoe County Water and Wastewater Public Improvement District GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| &nbsp;&nbsp;&nbsp; Board of Governors of Colorado State University System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 3.00%, 3/1/2023 (b) | 105000 | 105146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 3/1/2023 (b) | 20000 | 20077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 3/1/2025 (b) | 45000 | 47336 |
| &nbsp;&nbsp;&nbsp; Boulder Larimer and Weld Counties St. Vrain Valley School District Re1J |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/15/2022 | 45000 | 45042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-B, GO, 5.00%, 12/15/2022 | 140000 | 140130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 12/15/2022 | 110000 | 110103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, GO, 5.00%, 12/15/2022 | 55000 | 55051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, GO, 5.00%, 12/15/2023 | 40000 | 41008 |
| &nbsp;&nbsp;&nbsp; Boulder Valley School District No. Re-2 Boulder |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 6.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp; Brush School District No. RE-2J GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; City & County of Broomfield, Sales and Use Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.50%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180338 |
| &nbsp;&nbsp;&nbsp; City and County of Denver Series 2018A, COP, 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20243 |
| &nbsp;&nbsp;&nbsp; City and County of Denver, Airport System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/8/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/8/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 1045000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1045437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.25%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25557 |
| &nbsp;&nbsp;&nbsp; City and County of Denver, Buell Theatre Property Series 2013A, COP, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp; City and County of Denver, Fire Station and Library Series 20015A, COP, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; City of Aspen COP, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 |
| &nbsp;&nbsp;&nbsp; City of Aurora COP, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 |
| &nbsp;&nbsp;&nbsp; City of Brighton COP, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; City of Colorado Springs, Utilities System Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A-1, Rev., 5.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Rev., 5.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25569 |
| &nbsp;&nbsp;&nbsp; City of Englewood GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; City of Fort Collins, Wastewater Utility Series 2016A, Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; City of Glendale COP, AGM, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 |
| &nbsp;&nbsp;&nbsp; City of Grand Junction COP, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; City of Greeley COP, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; City of Lone Tree, Sales Tax, Recreational Projects Series 2017A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; City of Longmont Series A, COP, 5.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; City of Longmont, Electric and Broadband Utility Rev., AGM, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
| &nbsp;&nbsp;&nbsp; City of Longmont, Storm Drainage Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; City of Longmont, Wastewater Rev., 5.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25554 |
| &nbsp;&nbsp;&nbsp; City of Northglenn COP, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 |
| &nbsp;&nbsp;&nbsp; City of Northglenn, Wastewater System Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; City of Thornton |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, AMBAC, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 | 25000 | 25000 |
| &nbsp;&nbsp;&nbsp; City of Westminster, Sales and Use Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 | 95000 | 95000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 12/1/2022 | 65000 | 65000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado Educational and Cultural Facilities Authority, Johnson and Wales University Project Series B, Rev., 5.00%, <br> 4/1/2023 (b)<br>| 35000 | 35275 |
| &nbsp;&nbsp;&nbsp; Colorado Educational and Cultural Facilities Authority, Stargate Charter School Project Rev., 7.25%, 6/1/2023 (b) | 235000 | 244698 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 11/1/2023 | 25000 | 25524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2023 (b) (c) | 130000 | 132664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2023 (c) | 370000 | 376775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Rev., 5.00%, 11/19/2026 (b) (c) | 130000 | 140086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Rev., 5.00%, 11/19/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1368414 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group Rev., 5.00%, 11/20/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126439 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Catholic Health Initiatives Series 2013A, Rev., 5.25%, 1/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1974200 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Children's Hospital Colorado Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20755 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-2, Rev., 5.00%, 8/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 458130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-2, Rev., 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5328965 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Craig Hospital Project Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, NCMC, Inc., Project Rev., 4.00%, 5/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20780 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, School Health System Series 2019A, Rev., 5.00%, 1/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1267401 |
| &nbsp;&nbsp;&nbsp; Colorado Housing and Finance Authority, Multi-Family Project Series 2020A-2, Class I, Rev., 1.55%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99621 |
| &nbsp;&nbsp;&nbsp; Colorado Mesa University Series 2009A, Rev., 5.00%, 5/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45482 |
| &nbsp;&nbsp;&nbsp; Colorado Springs School District No. 11 Facilities Corp. GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado State Board for Community Colleges and Occupational Educational System Series 2017A, Rev., 3.00%, <br> 11/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20061 |
| &nbsp;&nbsp;&nbsp; Colorado State Education Loan Program Series 2022A, Rev., TRAN, 5.00%, 6/29/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 573259 |
| &nbsp;&nbsp;&nbsp; Conservatory Metropolitan District, Limited Tax GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; Copperleaf Metropolitan District No. 2, Limited Tax GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 |
| &nbsp;&nbsp;&nbsp; County of Adams |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 880041 |
| &nbsp;&nbsp;&nbsp; County of Boulder, Flood Reconstruction Project Series 2021A, COP, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; County of Eagle COP, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 |
| &nbsp;&nbsp;&nbsp; County of El Paso, Pikes Peak Regional Development Center Project COP, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; County of El Paso, Terry R. Harris Judicial Complex Project COP, AGM, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 |
| &nbsp;&nbsp;&nbsp; County of Gunnison Series 2020B, COP, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; County of Jefferson COP, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20478 |
| &nbsp;&nbsp;&nbsp; Denver City and County School District No. 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, COP, 2.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010C, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012B, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010C, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012B, GO, 5.00%, 12/1/2022 (b) | 340000 | 340000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, GO, 5.00%, 12/1/2022 | 25000 | 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, COP, 5.00%, 12/1/2022 | 35000 | 35000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, COP, 5.00%, 12/1/2022 | 200000 | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005A, GO, NATL-RE, 5.50%, 12/1/2022 | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013C, COP, 5.00%, 12/15/2022 | 225000 | 225201 |
| &nbsp;&nbsp;&nbsp; Denver Urban Renewal Authority, Stapleton Senior Subordinated Tax Series 2010B-1, Rev., 4.25%, 12/1/2022 | 300000 | 300000 |
| &nbsp;&nbsp;&nbsp; Denver Urban Renewal Authority, Stapleton Senior Tax Series 2013A-1, Rev., 5.00%, 12/1/2022 | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp; Douglas County School District No. Re-1 Douglas and Elbert Counties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.50%, 12/15/2022 | 50000 | 50017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/15/2022 | 130000 | 130124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.25%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20021 |
| &nbsp;&nbsp;&nbsp; Eagle County School District No. Re50J GO, 3.00%, 12/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20077 |
| &nbsp;&nbsp;&nbsp; El Paso County School District No. 2 Harrison GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; El Paso County School District No. 20 Academy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, GO, 5.00%, 12/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20504 |
| &nbsp;&nbsp;&nbsp; El Paso County School District No. 3 Widefield |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; El Paso County School District No. 49 Falcon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, COP, 3.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, COP, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, COP, 5.00%, 12/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10235 |
| &nbsp;&nbsp;&nbsp; Foothills Park and Recreation District COP, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
| &nbsp;&nbsp;&nbsp; Garfield County School District No. RE-2 Garfield GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 |
| &nbsp;&nbsp;&nbsp; Harmony Technology Park Metropolitan District GO, 4.50%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 973350 |
| &nbsp;&nbsp;&nbsp; Interlocken Metropolitan District Series 2018A-1, GO, AGM, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; Jefferson County School District R-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/15/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/15/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20504 |
| &nbsp;&nbsp;&nbsp; Larimer County School District No. R-1 Poudre |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230211 |
| &nbsp;&nbsp;&nbsp; Larimer Weld & Boulder County School District, R-2J Thompson |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.25%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35040 |
| &nbsp;&nbsp;&nbsp; Mesa County Valley School District No. 51 Grand Junction |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35840 |
| &nbsp;&nbsp;&nbsp; Moffat County School District No.1 GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Pueblo County School District No. 70 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| &nbsp;&nbsp;&nbsp; Regional Transportation District Series 2014A, COP, 5.00%, 6/1/2023 (b) | 80000 | 80941 |
| &nbsp;&nbsp;&nbsp; Rio Blanco County School District No. Re-1 Meeker GO, 4.00%, 12/1/2022 | 25000 | 25000 |
| &nbsp;&nbsp;&nbsp; Routt County School District Re-2 Steamboat Springs GO, 5.00%, 12/1/2022 | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp; Serenity Ridge Metropolitan District No. 2 Series 2018-B, GO, 7.25%, 12/15/2023 (b) | 636000 | 681676 |
| &nbsp;&nbsp;&nbsp; State of Colorado Series 2018A, COP, 5.00%, 12/15/2022 | 180000 | 180168 |
| &nbsp;&nbsp;&nbsp; State of Colorado, Tax-Exempt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, COP, 5.00%, 12/15/2022 | 505000 | 505471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018N, COP, 5.00%, 3/15/2023 | 30000 | 30201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, COP, 5.00%, 9/1/2023 | 35000 | 35647 |
| &nbsp;&nbsp;&nbsp; State of Colorado, UCDHSC Fitzsimons Academic Series 2013A, COP, 5.00%, 11/1/2023 (b) | 25000 | 25540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thornton Development Authority, Tax Increment, North Washington Street Corridor Project Series N, Rev., 5.00%, <br> 12/1/2022<br>| 50000 | 50000 |
| &nbsp;&nbsp;&nbsp; Town of Breckenridge Series 2020B, COP, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; Town of Castle Rock, Sales and Use Tax Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26360 |
| &nbsp;&nbsp;&nbsp; Town of Castle Rock, Water and Sewer Enterprise |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 |
| &nbsp;&nbsp;&nbsp; Town of Winter Park COP, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; University of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1, Rev., 4.00%, 6/1/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 6/1/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Colorado Hospital Authority, University of Colorado Health Series 2017B-2, Rev., VRDO, 1.94%, <br> 12/9/2022 (c)<br>| &nbsp;&nbsp; 35000000 | &nbsp;&nbsp;&nbsp;&nbsp; 35000000 |
| &nbsp;&nbsp;&nbsp; University of Colorado, Enterprise System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 6/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C-3B, Rev., 2.00%, 10/15/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5970146 |
| &nbsp;&nbsp;&nbsp; Weld County School District No. Re-1 GO, AGM, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25023 |
| &nbsp;&nbsp;&nbsp; Weld County School District No. RE-2 Eaton GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Westminster Public Schools, District No. 50 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Total Colorado |  | &nbsp;&nbsp;&nbsp;&nbsp; 67791503 |
| **Connecticut — 0.5%** | **Connecticut — 0.5%** | **Connecticut — 0.5%** |
| &nbsp;&nbsp;&nbsp; City of Hastings Series 2016A, GO, GTD, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp; City of Meriden Series 2016B, GO, 5.00%, 5/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25277 |
| &nbsp;&nbsp;&nbsp; City of New Britain Series 2016A, GO, 5.00%, 3/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15092 |
| &nbsp;&nbsp;&nbsp; City of New Haven Series 2013B, GO, AGM, 3.75%, 9/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25216 |
| &nbsp;&nbsp;&nbsp; City of Stamford GO, 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60744 |
| &nbsp;&nbsp;&nbsp; City of Waterbury GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health and Educational Facilities Authority, Connecticut State University System Series L, Rev., <br> 4.00%, 11/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100107 |
| &nbsp;&nbsp;&nbsp; Connecticut State Health and Educational Facilities Authority, Middlesex Hospital Series O, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25293 |
| &nbsp;&nbsp;&nbsp; Connecticut State Health and Educational Facilities Authority, Quinnipiac University Series L, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20258 |
| &nbsp;&nbsp;&nbsp; Connecticut State Health and Educational Facilities Authority, Trinity Health Credit Group Rev., 3.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health and Educational Facilities Authority, University System Issue Series L, Rev., 3.00%, <br> 11/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120015 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Connecticut — continued** | **Connecticut — continued** | **Connecticut — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health and Educational Facilities Authority, Yale New Haven Health Issue Series 2010A3, Rev., <br> 0.25%, 2/9/2024 (c)<br>| 950000 | 912568 |
| &nbsp;&nbsp;&nbsp; Connecticut State Health and Educational Facilities Authority, Yale University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C-2, Rev., 5.00%, 2/1/2023 (c) | 345000 | 346434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 1.10%, 2/7/2023 (c) | 1465000 | 1458695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series X-2, Rev., 0.25%, 2/9/2024 (c) | 635000 | 609979 |
| &nbsp;&nbsp;&nbsp; State of Connecticut |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, GO, (SIFMA Municipal Swap Index Yield + 0.99%), 2.84%, 12/8/2022 (d) | 175000 | 177007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014C, GO, 5.00%, 12/15/2022 | 135000 | 135124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, GO, 3.00%, 1/15/2023 | 45000 | 45031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 3/15/2023 | 25000 | 25181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 5/15/2023 | 35000 | 35399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, GO, 5.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014E, GO, 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012G, GO, 5.00%, 10/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, GO, 5.00%, 10/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 4/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012G, GO, 5.00%, 10/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, GO, 5.00%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50984 |
| &nbsp;&nbsp;&nbsp; State of Connecticut Clean Water Fund, State Revolving Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45273 |
| &nbsp;&nbsp;&nbsp; State of Connecticut, GAAP Conversion Series 2013A, GO, 5.00%, 10/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25511 |
| &nbsp;&nbsp;&nbsp; State of Connecticut, Special Tax Transportation Infrastructure Purposes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 5965000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5977267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56084 |
| &nbsp;&nbsp;&nbsp; Town of Berlin GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; Town of Branford GO, 3.13%, 8/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30111 |
| &nbsp;&nbsp;&nbsp; Town of East Haddam Series 2020A, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 |
| &nbsp;&nbsp;&nbsp; Town of East Lyme GO, 5.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35586 |
| &nbsp;&nbsp;&nbsp; Town of South Windsor |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, GO, 3.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30094 |
| &nbsp;&nbsp;&nbsp; Town of Stratford GO, 5.00%, 12/15/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225204 |
| &nbsp;&nbsp;&nbsp; University of Connecticut |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 980025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A, Rev., 5.00%, 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146051 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Connecticut — continued** | **Connecticut — continued** | **Connecticut — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 2/15/2024 | 120000 | 120582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 2/15/2026 | 25000 | 26197 |
| &nbsp;&nbsp;&nbsp; Total Connecticut |  | &nbsp;&nbsp;&nbsp;&nbsp; 13906999 |
| **Delaware — 0.0% ^** | **Delaware — 0.0% ^** | **Delaware — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; City of Wilmington GO, 5.00%, 12/1/2022 | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp; County of New Castle GO, 5.00%, 4/1/2024 | 25000 | 25808 |
| &nbsp;&nbsp;&nbsp; Delaware River and Bay Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012B, Rev., 5.00%, 1/1/2023 | 25000 | 25043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2023 | 170000 | 170336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 1/1/2027 | 85000 | 87020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware State Economic Development Authority, Delmarva Power and Light Co. Project Series 2020A, Rev., 1.05%, <br> 7/1/2025 (c)<br>| 715000 | 675799 |
| &nbsp;&nbsp;&nbsp; State of Delaware Series 2016C, GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30192 |
| &nbsp;&nbsp;&nbsp; University of Delaware Series 2013A, Rev., 5.00%, 5/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25261 |
| &nbsp;&nbsp;&nbsp; Total Delaware |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1089459 |
| **District of Columbia — 1.0%** | **District of Columbia — 1.0%** | **District of Columbia — 1.0%** |
| &nbsp;&nbsp;&nbsp; District of Columbia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35431 |
| &nbsp;&nbsp;&nbsp; District of Columbia Housing Finance Agency, Multi-Family Development Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B-2, Rev., FHA, 1.70%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B-1, Rev., FHA, 1.75%, 9/1/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538872 |
| &nbsp;&nbsp;&nbsp; District of Columbia Housing Finance Agency, Paxton Project Series 2022, Rev., 4.00%, 9/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3795924 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Deed Tax Series 2012A, Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20039 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Federal Highway |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320656 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Gallery Place Project Rev., 5.00%, 6/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100194 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Income Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012C, Rev., 3.25%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012C, Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012B, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012C, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012D, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60382 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Water and Sewer Authority, Public Utility, Senior Lien Rev., AGM, 5.50%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien Series 2014C, Rev., 5.00%, <br> 10/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Subseries C-2, Rev., VRDO, LOC : TD Bank NA, 1.83%, <br> 12/8/2022 (c)<br>| &nbsp;&nbsp; 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority Series 2017B, Rev., 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20728 |
| &nbsp;&nbsp;&nbsp; Total District of Columbia |  | &nbsp;&nbsp;&nbsp;&nbsp; 26915100 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — 3.8%** | **Florida — 3.8%** | **Florida — 3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alachua County Health Facilities Authority, Shands Teaching Hospital and Clinic Series 2019B-1, Rev., 5.00%, <br> 12/1/2022<br>| 205000 | 205000 |
| &nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., Mission Spring Apartments Project Series 2017A, Rev., 4.38%, 12/1/2022 (b) | 125000 | 131250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., Multi-Family Housing, Mission Springs Apartments Project Series A, Rev., 4.25%, <br> 12/1/2022 (b)<br>| 620000 | 651000 |
| &nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., Multi-Family, GMF Jacksonville Pool Project Series 2012A, Rev., 3.75%, 12/1/2022 (b) | 155000 | 155000 |
| &nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., Sustainability Bonds - The Marie |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 6/15/2023 (e) | 575000 | 572435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 6/15/2024 (e) | 1000000 | 985372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 6/15/2025 (e) | 240000 | 233845 |
| &nbsp;&nbsp;&nbsp; Central Florida Expressway Authority, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2023 | 10000 | 10133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 7/1/2025 | 25000 | 26351 |
| &nbsp;&nbsp;&nbsp; City of Apopka, Utility System Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30060 |
| &nbsp;&nbsp;&nbsp; City of Clearwater, Water and Sewer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51160 |
| &nbsp;&nbsp;&nbsp; City of Delray Beach Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40484 |
| &nbsp;&nbsp;&nbsp; City of Deltona, Utility System Rev., 5.00%, 10/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25482 |
| &nbsp;&nbsp;&nbsp; City of Fort Myers |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp; City of Hallandale Beach Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25466 |
| &nbsp;&nbsp;&nbsp; City of Jacksonville Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10200 |
| &nbsp;&nbsp;&nbsp; City of Jacksonville, Florida Power and Light Co., Project Series 1995, Rev., VRDO, 1.37%, 12/1/2022 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3150000 |
| &nbsp;&nbsp;&nbsp; City of Lakeland, Department of Electric Utilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21407 |
| &nbsp;&nbsp;&nbsp; City of Miami Rev., 5.00%, 3/1/2023 (b) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5024488 |
| &nbsp;&nbsp;&nbsp; City of Orlando, Capital Improvement Series 2016B, Rev., 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26064 |
| &nbsp;&nbsp;&nbsp; City of Orlando, Florida Contract Tourist Development Tax Payments Series 2014A, Rev., 5.00%, 5/1/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20658 |
| &nbsp;&nbsp;&nbsp; City of Pompano Beach, John Knox Village Project Series 2021B-2, Rev., 1.45%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665361 |
| &nbsp;&nbsp;&nbsp; City of Sarasota, St. Armands Paid Parking Area Improvements Series 2017A, Rev., 4.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25274 |
| &nbsp;&nbsp;&nbsp; City of St. Petersburg, Public Utility Series 2014B, Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30596 |
| &nbsp;&nbsp;&nbsp; City of Tallahassee Rev., 5.00%, 12/2/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 |
| &nbsp;&nbsp;&nbsp; City of Tallahassee, Utility System Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30591 |
| &nbsp;&nbsp;&nbsp; City of Venice, Utility System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.13%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.50%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.63%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; County of Brevard, Water and Wastewater Utility Rev., 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40676 |
| &nbsp;&nbsp;&nbsp; County of Broward, Airport System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series P-2, Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q-1, Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q-1, Rev., 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q-1, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195339 |
| &nbsp;&nbsp;&nbsp; County of Broward, Half-Cent Sales Tax Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30586 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp; County of Hernando, Water and Sewer Series 2013A, Rev., 5.00%, 6/1/2023 (b) | 40000 | 40500 |
| &nbsp;&nbsp;&nbsp; County of Hillsborough, Communications Services Tax Rev., 5.00%, 10/1/2024 | 35000 | 36496 |
| &nbsp;&nbsp;&nbsp; County of Hillsborough, Community Investment Tax Rev., 5.00%, 11/1/2025 | 25000 | 26520 |
| &nbsp;&nbsp;&nbsp; County of Lee, Tourist Development Tax Series 2019A, Rev., 5.00%, 10/1/2024 | 25000 | 26000 |
| &nbsp;&nbsp;&nbsp; County of Lee, Water and Sewer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.25%, 10/1/2023 (b) | 25000 | 25346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/1/2023 (b) | 40000 | 40805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 10/1/2023 | 55000 | 56084 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Aviation System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 10/1/2023 | 225000 | 225218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012B, Rev., 5.00%, 10/1/2024 | 400000 | 400688 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Building Better Communities Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-D, GO, 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31126 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Water and Sewer System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 10/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.25%, 10/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20443 |
| &nbsp;&nbsp;&nbsp; County of Okaloosa, Sales Tax Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25493 |
| &nbsp;&nbsp;&nbsp; County of Palm Beach Rev., 5.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30670 |
| &nbsp;&nbsp;&nbsp; County of Pasco, Fire-Rescue Projects Series 2019B, GO, 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35699 |
| &nbsp;&nbsp;&nbsp; County of Pasco, Half-Cent Sales Tax and Improvement Series 2013A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295000 |
| &nbsp;&nbsp;&nbsp; County of Polk, Public Facilities Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; County of Polk, Utility System Rev., 5.00%, 10/1/2023 (b) | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10201314 |
| &nbsp;&nbsp;&nbsp; County of Sarasota Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25510 |
| &nbsp;&nbsp;&nbsp; County of Sarasota, Utility System Rev., 5.00%, 10/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25503 |
| &nbsp;&nbsp;&nbsp; County of St. Johns, Sales Tax Rev., AGM, 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35699 |
| &nbsp;&nbsp;&nbsp; County of St. Johns, Water and Sewer System Series A, Rev., 5.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
| &nbsp;&nbsp;&nbsp; County of St. Lucie, Power and Light Co. Project Rev., VRDO, 1.15%, 12/1/2022 (c) | &nbsp;&nbsp; 45750000 | &nbsp;&nbsp;&nbsp;&nbsp; 45750000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escambia County Housing Finance Authority, Multi-County Program Series 2019B, Rev., GNMA COLL, 1.65%, <br> 4/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69723 |
| &nbsp;&nbsp;&nbsp; Florida Department of Management Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, COP, 5.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 11/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21657 |
| &nbsp;&nbsp;&nbsp; Florida Gulf Coast University Financing Corp., Housing Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., VRDO, LOC : TD Bank NA, 1.83%, 12/8/2022 (c) | &nbsp;&nbsp; 10300000 | &nbsp;&nbsp;&nbsp;&nbsp; 10300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120417 |
| &nbsp;&nbsp;&nbsp; Florida Higher Educational Facilities Financial Authority, Rollins College Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 2.63%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012B, Rev., 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 3.50%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 5.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp; FSU Financial Assistance, Inc. Series 2012C, Rev., 3.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99906 |
| &nbsp;&nbsp;&nbsp; Hillsborough County School Board Series 2017A, COP, 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25337 |
| &nbsp;&nbsp;&nbsp; Hollywood Community Redevelopment Agency Rev., 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40216 |
| &nbsp;&nbsp;&nbsp; Inland Protection Financing Corp. Series 2019A, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30430 |
| &nbsp;&nbsp;&nbsp; Jacksonville Transportation Authority, Senior Lien Gas Tax Rev., 5.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25902 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp; JEA Water and Sewer System Series 2008A-1, Rev., VRDO, LIQ: US Bank NA, 1.20%, 12/1/2022 (c) | 13200000 | 13200000 |
| &nbsp;&nbsp;&nbsp; Key West Utility Board, Electric System Rev., 5.00%, 10/1/2023 | 25000 | 25499 |
| &nbsp;&nbsp;&nbsp; Lee County School Board (The) Series 2012B, COP, 5.00%, 8/1/2023 | 30000 | 30059 |
| &nbsp;&nbsp;&nbsp; Lee Memorial Health System Series 2019A-1, Rev., 5.00%, 4/1/2023 | 20000 | 20136 |
| &nbsp;&nbsp;&nbsp; Marion County School Board Series 2015B, COP, 5.00%, 6/1/2023 | 20000 | 20240 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Expressway Authority, Toll System Series 2014B, Rev., 5.00%, 7/1/2023 | 30000 | 30343 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Health Facilities Authority, Miami Children's Hospital Rev., 5.00%, 8/1/2023 (b) | 25000 | 25401 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Health Facilities Authority, Niklaus Children's Hospital Rev., 5.00%, 8/1/2023 | 25000 | 25331 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Housing Finance Authority, Multi-family Rev., 0.25%, 8/1/2023 (c) | 100000 | 97984 |
| &nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, Orlando Health Obligated Group Series 2016A, Rev., 5.00%, 10/1/2023 | 115000 | 116867 |
| &nbsp;&nbsp;&nbsp; Orlando Utilities Commission, Utility System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46883 |
| &nbsp;&nbsp;&nbsp; Orlando-Orange County Expressway Authority Series 2013B, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20259 |
| &nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, Baptist Health South Florida Obligated Group Rev., 5.00%, 8/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580358 |
| &nbsp;&nbsp;&nbsp; Palm Beach County School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, COP, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, COP, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, COP, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42163 |
| &nbsp;&nbsp;&nbsp; Pasco County School Board Series 2015A, COP, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40596 |
| &nbsp;&nbsp;&nbsp; Pasco County School Board, Sales Tax Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35670 |
| &nbsp;&nbsp;&nbsp; Polk County School District, Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31293 |
| &nbsp;&nbsp;&nbsp; Reedy Creek Improvement District, Ad Valorem Tax Series A, GO, 5.00%, 6/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25313 |
| &nbsp;&nbsp;&nbsp; Santa Rosa County School Board COP, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75301 |
| &nbsp;&nbsp;&nbsp; Sarasota County Public Hospital District, Sarasota Memorial Hospital Series 1998B, Rev., NATL-RE, 5.25%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 707143 |
| &nbsp;&nbsp;&nbsp; School Board of Miami-Dade County (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014D, COP, 5.00%, 11/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015D, COP, 5.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014D, COP, 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014D, COP, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, COP, AGM, 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89315 |
| &nbsp;&nbsp;&nbsp; School District of Broward County |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, COP, 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, COP, 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221950 |
| &nbsp;&nbsp;&nbsp; Seacoast Utility Authority, Water and Sewer Utility System Series B, Rev., 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20125 |
| &nbsp;&nbsp;&nbsp; South Broward Hospital District, Memorial Healthcare System Rev., 4.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25899 |
| &nbsp;&nbsp;&nbsp; St. Johns County Industrial Development Authority, Vicar's Landing Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 12/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 12/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142251 |
| &nbsp;&nbsp;&nbsp; St. Johns County School Board Series 2020A, COP, 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20283 |
| &nbsp;&nbsp;&nbsp; St. Johns County School Board, Sales Tax Rev., 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36394 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp; St. Lucie County School Board Series 2013A, COP, 5.00%, 7/1/2023 | 45000 | 45624 |
| &nbsp;&nbsp;&nbsp; State of Florida Board of Education, Public Education Capital Outlay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, GO, 5.00%, 6/1/2023 | 45000 | 45574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 6/1/2023 | 45000 | 45574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013C, GO, 5.00%, 6/1/2026 | 20000 | 20243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 6/1/2026 | 35000 | 36242 |
| &nbsp;&nbsp;&nbsp; State of Florida Department of Transportation Rev., 5.00%, 7/1/2024 | 35000 | 36341 |
| &nbsp;&nbsp;&nbsp; State of Florida Department of Transportation Turnpike System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 7/1/2023 | 35000 | 35512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2023 | 40000 | 40585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 7/1/2023 | 45000 | 45658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 2.50%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19863 |
| &nbsp;&nbsp;&nbsp; State of Florida, State Board of Education, Lottery Series 2014A, Rev., 3.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70132 |
| &nbsp;&nbsp;&nbsp; Sunshine State Governmental Financing Commission Series 2010A-1, Rev., 5.00%, 9/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25456 |
| &nbsp;&nbsp;&nbsp; Sunshine State Governmental Financing Commission, Miami Dade County Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011B-1, Rev., 3.75%, 9/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011B-1, Rev., 4.00%, 9/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010A-1, Rev., 4.13%, 9/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011B-1, Rev., 5.00%, 9/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011B-1, Rev., 5.50%, 9/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011C-1, Rev., 5.50%, 9/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45970 |
| &nbsp;&nbsp;&nbsp; Tampa Bay Water, Water Supply Rev., NATL-RE, 5.50%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40975 |
| &nbsp;&nbsp;&nbsp; Town of Palm Beach, Public Improvement Series 2016A, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25052 |
| &nbsp;&nbsp;&nbsp; USF Financing Corp., Master Lease Program Series 2012A, COP, 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50688 |
| &nbsp;&nbsp;&nbsp; Waterset North Community Development District, Senior Lien Series A-1, 3.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25023 |
| &nbsp;&nbsp;&nbsp; Total Florida |  | &nbsp;&nbsp;&nbsp; 100161089 |
| **Georgia — 0.5%** | **Georgia — 0.5%** | **Georgia — 0.5%** |
| &nbsp;&nbsp;&nbsp; Athens-Clarke County Unified Government, Sales Tax GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415000 |
| &nbsp;&nbsp;&nbsp; Atlanta and Fulton County Recreation Authority, Park Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25595 |
| &nbsp;&nbsp;&nbsp; Atlanta Public Safety and Judicial Facilities Authority, Public Safety Facilities Project Rev., 2.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Atlanta Urban Residential Finance Authority, Multi-Family Rev., 0.44%, 3/1/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1726989 |
| &nbsp;&nbsp;&nbsp; Braselton Urban Redevelopment Agency, Municipal Facilities Project Rev., GTD, 4.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30510 |
| &nbsp;&nbsp;&nbsp; Bulloch County Board of Education, Sales Tax GO, 3.25%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20075 |
| &nbsp;&nbsp;&nbsp; Carroll City-County Hospital Authority, Tanner Medical Center Project Rev., GTD, 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20275 |
| &nbsp;&nbsp;&nbsp; Carrollton Independent School System GO, 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20169 |
| &nbsp;&nbsp;&nbsp; Cherokee County Board of Education, School System Series B, GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20331 |
| &nbsp;&nbsp;&nbsp; City of Atlanta Series 2019B, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 |
| &nbsp;&nbsp;&nbsp; City of Atlanta Airport Passenger Facility Charge, Sub Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., AMT, 5.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., AMT, 5.00%, 1/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., AMT, 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30689 |
| &nbsp;&nbsp;&nbsp; City of Atlanta, Department of Aviation Series 2014B, Rev., AMT, 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25050 |
| &nbsp;&nbsp;&nbsp; City of Atlanta, Public Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Georgia — continued** | **Georgia — continued** | **Georgia — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.75%, 12/1/2024 (b) | 30000 | 31278 |
| &nbsp;&nbsp;&nbsp; City of Atlanta, Water and Wastewater |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013B, Rev., 5.25%, 11/1/2023 (b) | 35000 | 35850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2026 | 25000 | 26352 |
| &nbsp;&nbsp;&nbsp; City of Columbus, Water and Sewerage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 3.00%, 5/1/2023 | 50000 | 50011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/1/2023 | 40000 | 40422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 5/1/2023 (b) | 20000 | 20209 |
| &nbsp;&nbsp;&nbsp; Cobb County Kennestone Hospital Authority Rev., 5.00%, 4/1/2024 | 80000 | 80669 |
| &nbsp;&nbsp;&nbsp; Cobb-Marietta Coliseum and Exhibit Hall Authority, Performing Arts Center Project Rev., GTD, 4.00%, 1/1/2024 | 85000 | 85101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coffee County Hospital Authority, Coffee Regional Medical Center Inc., Project Series 2016A, Rev., GTD, 5.00%, <br> 12/1/2022<br>| 25000 | 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbus Medical Center Hospital Authority, Piedmont Healthcare Inc., Project Series 2019A, Rev., 5.00%, <br> 7/1/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247056 |
| &nbsp;&nbsp;&nbsp; County of Clayton, Water Authority Rev., 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160322 |
| &nbsp;&nbsp;&nbsp; County of Cobb GO, 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45094 |
| &nbsp;&nbsp;&nbsp; County of DeKalb, Special Transportation, Parks and Greenspace and Libraries Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42735 |
| &nbsp;&nbsp;&nbsp; County of Henry, Sales Tax GO, 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DeKalb Newton and Gwinnett Counties Joint Development Authority, GPC Real Estate Student Support I, LLC Project <br> Rev., 5.00%, 6/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35434 |
| &nbsp;&nbsp;&nbsp; Development Authority for Fulton County, Georgia Tech Facilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25259 |
| &nbsp;&nbsp;&nbsp; Forsyth County School District GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45190 |
| &nbsp;&nbsp;&nbsp; Gainesville and Hall County Development Authority, Hall County Facilities Project Rev., 5.00%, 5/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20666 |
| &nbsp;&nbsp;&nbsp; Gilmer County Schools, Sales Tax GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 |
| &nbsp;&nbsp;&nbsp; Gwinnett County School District GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25107 |
| &nbsp;&nbsp;&nbsp; Lowndes County Public Facilies Authority, Lowndes County School District Projects Rev., 3.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20020 |
| &nbsp;&nbsp;&nbsp; Lumpkin County School District GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas Supply |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., LIQ: Royal Bank of Canada, (SIFMA Municipal Swap Index Yield + 0.57%), 2.42%, 12/8/2022 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 6590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6522772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., (ICE LIBOR USD 1 Month + 0.75%), 3.51%, 1/3/2023 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 368017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 4.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries C, Rev., LIQ: Royal Bank of Canada, 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100449 |
| &nbsp;&nbsp;&nbsp; Metropolitan Atlanta Rapid Transit Authority, Sales Tax Series 2007A, Rev., NATL-RE, 5.25%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40617 |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia Series GG, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1016778 |
| &nbsp;&nbsp;&nbsp; Paulding County School District GO, 5.00%, 2/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52504 |
| &nbsp;&nbsp;&nbsp; Richmond County Hospital Authority, University Health Services, Inc., Project Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295493 |
| &nbsp;&nbsp;&nbsp; State of Georgia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, GO, 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, GO, 5.00%, 1/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50096 |
| &nbsp;&nbsp;&nbsp; Tift County Hospital Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GTD, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Georgia — continued** | **Georgia — continued** | **Georgia — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GTD, 5.00%, 12/1/2022 (b) | 135000 | 135000 |
| &nbsp;&nbsp;&nbsp; Whitfield County School District GO, 5.00%, 4/1/2023 | 25000 | 25211 |
| &nbsp;&nbsp;&nbsp; Total Georgia |  | &nbsp;&nbsp;&nbsp;&nbsp; 13206052 |
| **Hawaii — 0.0% ^** | **Hawaii — 0.0% ^** | **Hawaii — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; City and County Honolulu |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 10/1/2023 | 40000 | 40812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 10/1/2024 | 25000 | 26064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012C, GO, 3.00%, 11/1/2025 | 175000 | 175047 |
| &nbsp;&nbsp;&nbsp; City and County Honolulu, Wastewater System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 7/1/2023 | 30000 | 30432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 7/1/2024 | 25000 | 25926 |
| &nbsp;&nbsp;&nbsp; City and County of Honolulu Series C, GO, 4.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20243 |
| &nbsp;&nbsp;&nbsp; County of Hawaii Series 2013B, GO, 3.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45016 |
| &nbsp;&nbsp;&nbsp; State of Hawaii |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FK, GO, 4.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FK, GO, 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series EL, GO, 3.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FG, GO, 4.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FG, GO, 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FH, GO, 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36515 |
| &nbsp;&nbsp;&nbsp; State of Hawaii State Highway Fund Series B, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25052 |
| &nbsp;&nbsp;&nbsp; Total Hawaii |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 572048 |
| **Idaho — 0.2%** | **Idaho — 0.2%** | **Idaho — 0.2%** |
| &nbsp;&nbsp;&nbsp; Boise State University Series 2015A, Rev., 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35256 |
| &nbsp;&nbsp;&nbsp; Canyon County School District No. 134 Middleton GO, 5.00%, 9/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10192 |
| &nbsp;&nbsp;&nbsp; Idaho Health Facilities Authority, Trinity Health Credit Group Series 2015D, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440000 |
| &nbsp;&nbsp;&nbsp; Idaho Housing and Finance Association, Federal Highway Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21502 |
| &nbsp;&nbsp;&nbsp; Idaho Housing and Finance Association, Idaho Arts Charter School Series 2012A, Rev., 6.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Idaho Housing and Finance Association, Single Family Mortgage Series 2009A, Class I, Rev., VRDO, 2.03%, <br> 12/9/2022 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4360000 |
| &nbsp;&nbsp;&nbsp; Total Idaho |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4998649 |
| **Illinois — 6.4%** | **Illinois — 6.4%** | **Illinois — 6.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boone Mchenry and Dekalb Counties Community Unit School District 100 Series 2005B, GO, AGM-CR, NATL-RE, Zero <br> Coupon, 12/1/2022<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Bureau County Township High School District No. 502 Series 2017A, GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; Champaign Coles Et Al Counties Community College District No. 505 Series 2018B, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp; Champaign County Community Unit School District No. 7 Tolono Series 2014B, GO, 3.45%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Chicago Board of Education, Capital Appreciation School Reform |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1998B-1, GO, NATL-RE, Zero Coupon, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 3855000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3855000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1999A, GO, NATL-RE, Zero Coupon, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 3420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3297314 |
| &nbsp;&nbsp;&nbsp; Chicago Board of Education, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-B, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 1575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1575000 |
| &nbsp;&nbsp;&nbsp; Chicago Midway International Airport, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013B, Rev., 5.00%, 1/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 721067 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013B, Rev., 5.00%, 1/1/2026 | 360000 | 360526 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, General Airport, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013B, Rev., 5.00%, 1/1/2023 | 1195000 | 1197408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2023 | 1580000 | 1583259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 1/1/2023 | 1015000 | 1017112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 1/1/2026 | 40000 | 42535 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.13%, 1/1/2023 | 25000 | 25026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013B, Rev., 5.00%, 1/1/2023 | 25000 | 25050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 1/1/2023 | 155000 | 155323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 1/1/2026 | 30000 | 31902 |
| &nbsp;&nbsp;&nbsp; Chicago Park District Series 2015A, GO, 5.00%, 1/1/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35888 |
| &nbsp;&nbsp;&nbsp; City of Aurora Series 2015-C, GO, 3.00%, 12/30/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50018 |
| &nbsp;&nbsp;&nbsp; City of Canton GO, 4.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25010 |
| &nbsp;&nbsp;&nbsp; City of Chicago, Second Lien Waterworks Project Series 2012, Rev., 4.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501209 |
| &nbsp;&nbsp;&nbsp; City of Chicago, Wastewater Transmission, Second Lien Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25049 |
| &nbsp;&nbsp;&nbsp; City of Chicago, Waterworks, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008C, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 626224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1454662 |
| &nbsp;&nbsp;&nbsp; City of Decatur |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207811 |
| &nbsp;&nbsp;&nbsp; City of Elgin GO, 3.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; City of Evanston |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, GO, 2.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 |
| &nbsp;&nbsp;&nbsp; City of Naperville GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; City of Rochelle GO, AGM, 3.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100049 |
| &nbsp;&nbsp;&nbsp; City of Rockford, Sales Tax Alternative Revenue Source Series 2016A, GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25021 |
| &nbsp;&nbsp;&nbsp; City of Waukegan, First Lien, Water and Sewer System Rev., AGM, 4.00%, 12/30/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105113 |
| &nbsp;&nbsp;&nbsp; Cook and Du Page Counties High School District No. 210 Lemont Series 2015A, GO, 3.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25011 |
| &nbsp;&nbsp;&nbsp; Cook and Will Counties Community College District No. 515, Limited Community College GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 |
| &nbsp;&nbsp;&nbsp; Cook and Will Counties School District No. 194 Series B, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp; Cook County Community College District No. 527 Morton GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25021 |
| &nbsp;&nbsp;&nbsp; Cook County Community Consolidated School District No. 146 Tinley Park GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; Cook County Community Consolidated School District No. 15 Palatine GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 |
| &nbsp;&nbsp;&nbsp; Cook County Community Consolidated School District No. 34, Glenview GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 |
| &nbsp;&nbsp;&nbsp; Cook County Community Consolidated School District No. 65, Evanston, Limited Tax GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 |
| &nbsp;&nbsp;&nbsp; Cook County Community High School District No. 234, Ridgewood GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 |
| &nbsp;&nbsp;&nbsp; Cook County Community School District No. 97, Oak Park GO, 4.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90112 |
| &nbsp;&nbsp;&nbsp; Cook County Community Unit School District No. 401, Elmwood Park GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520000 |
| &nbsp;&nbsp;&nbsp; Cook County High School District No. 203 New Trier Township Series 2016B, GO, 3.50%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25009 |
| &nbsp;&nbsp;&nbsp; Cook County High School District No. 203, Thornton Township, Limited Tax Series 2016A, GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25022 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| &nbsp;&nbsp;&nbsp; Cook County High School District No. 205, Thornton Township, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, GO, 5.00%, 12/1/2022 | 125000 | 125000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, GO, 5.00%, 12/1/2023 | 30000 | 30640 |
| &nbsp;&nbsp;&nbsp; Cook County School District No. 109, Indian Springs, Limited Tax GO, 3.00%, 12/1/2022 | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp; Cook County School District No. 111, Burbank GO, AGM, 4.00%, 12/1/2022 | 90000 | 90000 |
| &nbsp;&nbsp;&nbsp; Cook County School District No. 122 Ridgeland Series 2012D, GO, 4.00%, 12/1/2022 | 35000 | 35000 |
| &nbsp;&nbsp;&nbsp; Cook County School District No. 123 Oak Lawn, Capital Appreciation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, NATL-RE, Zero Coupon, 12/1/2022 | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, FGIC, Zero Coupon, 12/1/2022 (b) | 20000 | 20000 |
| &nbsp;&nbsp;&nbsp; Cook County School District No. 123 Oak Lawn, Limited Tax Series A, GO, 4.00%, 12/1/2022 | 30000 | 30000 |
| &nbsp;&nbsp;&nbsp; Cook County School District No. 130 Blue Island, Limited Tax Series 2018C, GO, AGM, 5.00%, 12/1/2022 | 30000 | 30000 |
| &nbsp;&nbsp;&nbsp; Cook County School District No. 144 Prairie Hills Series 2011C, GO, AGM, Zero Coupon, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 |
| &nbsp;&nbsp;&nbsp; Cook County School District No. 159, Matteson-Richton Park, Capital Appreciation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, Zero Coupon, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, Zero Coupon, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 |
| &nbsp;&nbsp;&nbsp; Cook County School District No. 23, Prospect Heights GO, 4.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25014 |
| &nbsp;&nbsp;&nbsp; Cook County School District No. 95-Brookfield GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp; Cook County School District No. 99 Cicero, Limited Tax Series 2019B, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Cook County School District No., 73.5 Skokie, East Prairie GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Cook County School District No., 74 Lincolnwood GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 |
| &nbsp;&nbsp;&nbsp; Cook County School District No., 78 Rosemont GO, AGM, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 |
| &nbsp;&nbsp;&nbsp; Cook County School District No., 81 Schiller Park GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 |
| &nbsp;&nbsp;&nbsp; Cook County School District No., 87 Berkeley Series 2012B, GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; Cook County School District No., 88 Bellwood Series 2021A, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 |
| &nbsp;&nbsp;&nbsp; Cook County Township High School District No. 220 Reavis GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp; Cook County Township High School District No. 225, Glenbrook Series 2016A, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 |
| &nbsp;&nbsp;&nbsp; County of Kendall GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160149 |
| &nbsp;&nbsp;&nbsp; County of Rock Island GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp; County of Winnebago, Public Safety Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, GO, 4.00%, 12/30/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, GO, 5.00%, 12/30/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas and Champaign Counties Community Unit School District No. 302 Villa Grove, Alternative Revenue Source <br> Series 2019A, GO, AGM, 3.00%, 12/1/2022<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; Du Page County High School District No. 88, Villa Park GO, 4.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45084 |
| &nbsp;&nbsp;&nbsp; DuPage and Cook Counties Township High School District No. 86 Hinsdale, School Building GO, 5.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140384 |
| &nbsp;&nbsp;&nbsp; DuPage County Forest Preserve District GO, 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Etc. Counties Community Unit School District No. 10 Paxton-Buckley-Loda, School Building Series 2017A, GO, <br> AGM, 4.00%, 12/1/2022<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Fox Valley Park District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, GO, 4.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45040 |
| &nbsp;&nbsp;&nbsp; Fulton Mason Knox Schuyler Etc Counties Community College District No. 534 GO, 4.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 |
| &nbsp;&nbsp;&nbsp; Godfrey Fire Protection District GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; Greene and Scott Counties Community Unit School District No. 3 Series 2017B, GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; Greene Jersey and Macoupin Counties Community Unit School District No. 9 Southwestern GO, 2.70%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; Grundy Kendall and Will Counties Community Consolidated School District No. 111 Minooka GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 |
| &nbsp;&nbsp;&nbsp; Highland Park District, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25014 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **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%, 12/15/2022 | 95000 | 95088 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2024 | 1680000 | 1683034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2027 | 1000000 | 1063302 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Downers Grove Community High School |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/15/2022 | 35000 | 35020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 12/15/2022 | 160000 | 160091 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Mercy Health System Rev., 5.00%, 12/1/2022 | 40000 | 40000 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Northwestern Memorial Healthcare |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, Rev., VRDO, LIQ: Barclays Bank plc, 1.15%, 12/1/2022 (c) | 11000000 | 11000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 12/15/2022 (c) | 90000 | 90073 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, OSF Healthcare System Series 2015A, Rev., 5.00%, 11/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Presbyterian Homes Obligated Group Series 2021B, Rev., (SIFMA Municipal Swap Index Yield <br> + 0.70%), 2.55%, 12/8/2022 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5618675 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Presence Health Network Series 2016C, Rev., 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266164 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Regency Park at Lincolnwood Series 1991A, Rev., Zero Coupon, 7/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59036 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Riverside Health System Rev., 5.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215417 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Rush Medical Center Obligated Group Series 2015A, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26196 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Social Bonds-Learn Chapter School Project Rev., 4.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135405 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Southern Illinois Healthcare Enterprises, Inc. Series 2017-C, Rev., 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45229 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, State Clean Water Initiative |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25052 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Swedish Covenant Hospital Series 2016A, Rev., 5.00%, 8/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166944 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, The University of Chicago Series 2013A, Rev., 4.00%, 4/1/2023 (b) | &nbsp;&nbsp;&nbsp; 15220000 | &nbsp;&nbsp;&nbsp;&nbsp; 15291438 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, The University of Chicago Medical Center Series 2016A, Rev., 5.00%, 8/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243146 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Unitypoint Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016D, Rev., 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1527458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016D, Rev., 5.00%, 2/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236277 |
| &nbsp;&nbsp;&nbsp; Illinois Municipal Electric Agency, Power Supply System Series 2015A, Rev., 5.00%, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317838 |
| &nbsp;&nbsp;&nbsp; Illinois Sports Facilities Authority (The) Rev., 5.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1017837 |
| &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014D, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 781578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35060 |
| &nbsp;&nbsp;&nbsp; Kane and DeKalb Counties Community Unit School District No. 302 Kaneland GO, NATL-RE, Zero Coupon, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19908 |
| &nbsp;&nbsp;&nbsp; Kane County Community Unit School District No. 101 Batavia GO, 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40082 |
| &nbsp;&nbsp;&nbsp; Kane County Forest Preserve District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260242 |
| &nbsp;&nbsp;&nbsp; Kane County School District No. 131 Aurora East Side Series 2020C, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 |
| &nbsp;&nbsp;&nbsp; Kane McHenry Cook and De Kalb Counties Unit School District No. 300 Series 2021A, GO, 4.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kankakee and Will Counties Community Unit School District No. 5, Capital Appreciation GO, AGM, Zero Coupon, <br> 5/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24717 |
| &nbsp;&nbsp;&nbsp; Kankakee and Will Counties Community Unit School District No. 5, Limited Tax GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kankakee County Community High School District No. 307 Bradley-Bourbonnais, Alternative Revenue Source GO, <br> 4.00%, 12/1/2022<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 |
| &nbsp;&nbsp;&nbsp; Kendall County Community Unit School District No. 88 Plano GO, AMBAC, Zero Coupon, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| &nbsp;&nbsp;&nbsp; Lake County Community Consolidated School District No. 3 Beach Park GO, AGM, 4.00%, 2/1/2023 | 300000 | 300682 |
| &nbsp;&nbsp;&nbsp; Lake County Consolidated High School District No. 120 Mundelein, Limited Tax GO, 5.00%, 12/1/2022 | 135000 | 135000 |
| &nbsp;&nbsp;&nbsp; Lake County School District No. 76-Diamond Lake, School Building GO, 5.00%, 1/1/2023 | 35000 | 35070 |
| &nbsp;&nbsp;&nbsp; Lake County Township High School District No. 121 Warren Series 2016A, GO, 3.00%, 1/1/2024 (b) | 370000 | 371756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison and Jersey Counties Unit School District No. 11-Alton, Capital Appreciation GO, AGM, Zero Coupon, <br> 12/1/2022<br>| 50000 | 50000 |
| &nbsp;&nbsp;&nbsp; McHenry County Conservation District GO, 5.00%, 2/1/2024 | 20000 | 20531 |
| &nbsp;&nbsp;&nbsp; McLean and Woodford Counties Community Unit School District No. 5 Normal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 4.00%, 12/1/2022 | 460000 | 460000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 4.00%, 12/1/2023 | 30000 | 30326 |
| &nbsp;&nbsp;&nbsp; McLean County Community Unit School District No. 3, Tri-Valley GO, 3.00%, 12/1/2022 | 25000 | 25000 |
| &nbsp;&nbsp;&nbsp; McLean County Public Building Commission Rev., 5.00%, 12/1/2022 | 180000 | 180000 |
| &nbsp;&nbsp;&nbsp; Metropolitan Water Reclamation District of Greater Chicago Series 2014D, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 |
| &nbsp;&nbsp;&nbsp; Mundelein Park and Recreation District, Limited Tax GO, 3.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25001 |
| &nbsp;&nbsp;&nbsp; Peoria Metropolitan Airport Authority Series 2017D, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 |
| &nbsp;&nbsp;&nbsp; Peoria Tazewell Etc Counties Community College District No. 514 Series 2014A, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 |
| &nbsp;&nbsp;&nbsp; Piatt and Dewitt Counties Community Unit School District No. 57 Deland-Weldon GO, 3.13%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; Pleasant Dale Park District Series A, GO, 4.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255120 |
| &nbsp;&nbsp;&nbsp; Railsplitter Tobacco Settlement Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 692715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 2905000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2993414 |
| &nbsp;&nbsp;&nbsp; Regional Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003B, Rev., NATL-RE, 5.50%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 577988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003A, Rev., NATL-RE, 5.50%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25859 |
| &nbsp;&nbsp;&nbsp; Rock Island County Community Unit School District No. 40 Moline Series 2019A, GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175725 |
| &nbsp;&nbsp;&nbsp; Rock Island County Community Unit School District No. 40 Moline, Alternative Revenue Source GO, 3.00%, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20016 |
| &nbsp;&nbsp;&nbsp; Sangamon County School District No. 186 Springfield Series 2014B, GO, 5.00%, 2/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95381 |
| &nbsp;&nbsp;&nbsp; Skokie Park District, Capital Appreciation GO, AMBAC, Zero Coupon, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 |
| &nbsp;&nbsp;&nbsp; South Suburban College Community School District No. 510 GO, AGC, Zero Coupon, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24210 |
| &nbsp;&nbsp;&nbsp; Southwestern Illinois Development Authority, Flood Prevention District Council Project Rev., 4.00%, 4/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125599 |
| &nbsp;&nbsp;&nbsp; Southwestern Illinois Development Authority, Memorial Group Rev., 7.13%, 11/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2078540 |
| &nbsp;&nbsp;&nbsp; St. Charles Park District, Master Lease Program Series 2017B, GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25021 |
| &nbsp;&nbsp;&nbsp; St. Clair County Township High School District No. 203 O'Fallon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; State of Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, GO, 4.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 8500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8515165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3012650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, GO, 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 643578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1849679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, GO, 4.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 830447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, GO, 5.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 4865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4955965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, GO, 5.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5602838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.50%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, GO, 5.00%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1234529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.50%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3444849 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 8/1/2025 | 75000 | 75012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 5.00%, 10/1/2025 | 20000 | 20621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 11/1/2025 | 20700000 | 21359794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/1/2026 | 25000 | 25836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/1/2026 | 250000 | 259085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B, GO, 5.00%, 10/1/2026 | 1175000 | 1220985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 10/1/2026 | 25000 | 25978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 11/1/2026 | 1055000 | 1097044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 3/1/2027 | 50000 | 52099 |
| &nbsp;&nbsp;&nbsp; State of Illinois, Sales Tax Series 2016D, Rev., 5.00%, 6/15/2023 | 120000 | 120966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2017-XF2500, Rev., VRDO, LIQ: Citibank NA, 1.90%, <br> 12/8/2022 (c)<br>| 10220000 | 10220000 |
| &nbsp;&nbsp;&nbsp; Town of Normal Series 2017A, GO, 4.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35233 |
| &nbsp;&nbsp;&nbsp; Township of Campton GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40036 |
| &nbsp;&nbsp;&nbsp; University of Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, COP, 5.00%, 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-A, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4120231 |
| &nbsp;&nbsp;&nbsp; University of Illinois, Auxiliary Facilities System Series 2013A, Rev., 5.00%, 4/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40261 |
| &nbsp;&nbsp;&nbsp; Vermilion and Edgar Counties Community Unit School District No. 4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B, GO, AGM, 3.50%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B, GO, AGM, 3.50%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; Village of Arlington Heights GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 |
| &nbsp;&nbsp;&nbsp; Village of Bolingbrook Series 1999A, GO, NATL-RE, 5.25%, 1/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30067 |
| &nbsp;&nbsp;&nbsp; Village of Channahon GO, 4.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Village of Elk Grove Village GO, 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20040 |
| &nbsp;&nbsp;&nbsp; Village of Elmwood Park GO, 4.75%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; Village of Glendale Heights GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155145 |
| &nbsp;&nbsp;&nbsp; Village of Glenview Series 2012B, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Village of Hoffman Estates GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 |
| &nbsp;&nbsp;&nbsp; Village of La Grange GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; Village of Lyons Series 2014B, GO, AGM, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp; Village of Midlothian |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 1/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40914 |
| &nbsp;&nbsp;&nbsp; Village of Morton Grove GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75065 |
| &nbsp;&nbsp;&nbsp; Village of Northbrook Series 2014A, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 |
| &nbsp;&nbsp;&nbsp; Village of Rantoul GO, 4.00%, 1/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357993 |
| &nbsp;&nbsp;&nbsp; Village of Schaumburg Series 2012A, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Village of South Holland Series 2015B, GO, 4.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195070 |
| &nbsp;&nbsp;&nbsp; Village of Streamwood GO, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20420 |
| &nbsp;&nbsp;&nbsp; Village of Villa Park, Sales Tax Series 2018A, GO, 4.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135063 |
| &nbsp;&nbsp;&nbsp; Village of Western Springs GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; Village of Wheeling GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 |
| &nbsp;&nbsp;&nbsp; Will County Community Consolidated School District No. 33-C Homer Glen Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Will County Community Unit School District No. 201-U Crete-Monee GO, AGM, Zero Coupon, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291419 |
| &nbsp;&nbsp;&nbsp; Will County Forest Preserve District GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215193 |
| &nbsp;&nbsp;&nbsp; Will County Forest Preserve District, Limited Tax Series 2016A, GO, 2.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99973 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| &nbsp;&nbsp;&nbsp; Will County School District No. 86 Joliet Series 2015C, GO, AGM-CR, 5.00%, 3/1/2024 | 6005000 | 6163512 |
| &nbsp;&nbsp;&nbsp; Will County Township High School District No. 204 Joliet, Limited Tax Series 2013A, GO, 2.75%, 1/1/2023 | 35000 | 35000 |
| &nbsp;&nbsp;&nbsp; Will Grundy Counties Community College District No. 525 Series 2012A, GO, 4.00%, 12/1/2022 (b) | 25000 | 25000 |
| &nbsp;&nbsp;&nbsp; Will Grundy Etc Counties Community College District No. 525 Series 2013B, GO, 5.25%, 12/1/2023 (b) | 25000 | 25661 |
| &nbsp;&nbsp;&nbsp; Winnebago and Boone Counties School District No. 205 Rockford GO, 4.00%, 2/1/2023 | 14250000 | 14283567 |
| &nbsp;&nbsp;&nbsp; Total Illinois |  | &nbsp;&nbsp;&nbsp; 167080630 |
| **Indiana — 0.9%** | **Indiana — 0.9%** | **Indiana — 0.9%** |
| &nbsp;&nbsp;&nbsp; Anderson Redevelopment District Series 2018A, Rev., 5.00%, 2/1/2023 | 175000 | 175637 |
| &nbsp;&nbsp;&nbsp; Anderson School Building Corp., First Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/20/2023 | 45000 | 45149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/20/2023 | 20000 | 20304 |
| &nbsp;&nbsp;&nbsp; Avon Community School Building Corp., Ad Valorem Property Tax First Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 2.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 2275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2270906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25506 |
| &nbsp;&nbsp;&nbsp; Ball State University, Housing & Dining System Rev., 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brownsburg 1999 School Building Corp., Ad Valorem Property Tax First Mortgage Series 2015B, Rev., 5.00%, <br> 7/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31055 |
| &nbsp;&nbsp;&nbsp; Carmel Local Public Improvement Bond Bank Series 2021A, Rev., 4.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66944 |
| &nbsp;&nbsp;&nbsp; Carmel Redevelopment Authority, Option Income Tax Lease Rental |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014B, Rev., 5.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014B, Rev., 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72494 |
| &nbsp;&nbsp;&nbsp; City of Fishers, Local Income Tax Rev., 3.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65031 |
| &nbsp;&nbsp;&nbsp; City of Knox, Sewage Works Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 |
| &nbsp;&nbsp;&nbsp; City of La Porte, Sewage Works Rev., 3.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40041 |
| &nbsp;&nbsp;&nbsp; Clark Pleasant Middle School Corp., Ad Valorem Property Tax First Mortgage Rev., 4.00%, 1/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35726 |
| &nbsp;&nbsp;&nbsp; Clay Multi School Building Corp. Rev., 5.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210606 |
| &nbsp;&nbsp;&nbsp; Concord Community Schools Building Corp., First Mortgage Rev., 5.00%, 7/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25376 |
| &nbsp;&nbsp;&nbsp; County of Johnson, Local Income Tax Series 2020A, Rev., 4.00%, 7/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25219 |
| &nbsp;&nbsp;&nbsp; Decatur Township Multi-School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 4.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20033 |
| &nbsp;&nbsp;&nbsp; East Allen Multi School Building Corp., Indiana Ad Valorem Property Tax, First Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40523 |
| &nbsp;&nbsp;&nbsp; East Porter County School Corp. GO, 2.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29971 |
| &nbsp;&nbsp;&nbsp; Fishers Industrial Redevelopment District, Income Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35602 |
| &nbsp;&nbsp;&nbsp; Fort Wayne Redevelopment Authority, Lease Rental Series 2014A, Rev., 3.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Township-Marion County Multiple School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 4.00%, <br> 1/15/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40072 |
| &nbsp;&nbsp;&nbsp; GCS School Building Corp. One, Unlimited Ad Valorem Property Tax First Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48037 |
| &nbsp;&nbsp;&nbsp; Greenfield Middle School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 5.00%, 7/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30451 |
| &nbsp;&nbsp;&nbsp; Hamilton County Public Building Corp., First Mortgage Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hamilton Southeastern Consolidated School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 4.00%, <br> 1/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25369 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Indiana — continued** | **Indiana — continued** | **Indiana — continued** |
| &nbsp;&nbsp;&nbsp; Indiana Bond Bank, Special Program, Columbus Learning Center Project Series 2012C, Rev., 5.00%, 8/1/2023 | 200000 | 200389 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010A, Rev., 5.00%, 12/1/2022 | 130000 | 130000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 12/1/2022 | 75000 | 75000 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Butler University Project Series 2014A, Rev., 5.00%, 2/1/2023 | 100000 | 100381 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Community Foundation of Northwest Indiana Obligated Group Rev., 5.00%, 3/1/2023 | 25000 | 25156 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Deaconess Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 3/1/2023 | 25000 | 25140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 3/1/2023 (b) | 25000 | 25151 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, First Lien, CWA Authority Project Series 2021-1, Rev., 5.00%, 10/1/2023 | 10000 | 10198 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Franciscan Alliance, Inc., Obligated Group Series 2016B, Rev., 5.00%, 11/1/2024 | 345000 | 359007 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Goshen Health Series B, Rev., 2.10%, 11/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57650 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Indiana University Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 2.25%, 7/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146912 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, State Revolving Fund Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012C, Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012C, Rev., 5.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25102 |
| &nbsp;&nbsp;&nbsp; Indiana Health Facility Financing Authority, Ascension Health Credit Group Rev., 4.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30923 |
| &nbsp;&nbsp;&nbsp; Indiana University Series 2015A, Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70882 |
| &nbsp;&nbsp;&nbsp; Indiana University, Student Fee Series W-2, Rev., 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10165 |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank Series 2019E, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Capital Appreciation Series 1999E, Rev., AMBAC, Zero Coupon, <br> 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport Authority Series 2019I-2, Rev., 5.00%, <br> 1/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25049 |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project Series 2017C, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35072 |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Stormwater Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013D, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013D, Rev., 3.25%, 1/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100022 |
| &nbsp;&nbsp;&nbsp; Indianapolis-Marion County Public Library GO, 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60117 |
| &nbsp;&nbsp;&nbsp; Ivy Tech Community College of Indiana, Student Fee |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-1, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series W, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26249 |
| &nbsp;&nbsp;&nbsp; Jackson County Building Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 2.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 2.00%, 7/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 2.00%, 1/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122033 |
| &nbsp;&nbsp;&nbsp; Jennings County School Building Corp., First Mortgage Series 2019A, Rev., 2.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59936 |
| &nbsp;&nbsp;&nbsp; LaPorte Multi School Building Corp., Ad Valorem Property Tax, First Mortgage Series 2017A, Rev., 2.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24976 |
| &nbsp;&nbsp;&nbsp; Lawrence Township School Building Corp., Unlimited Tax Rev., 4.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25048 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Indiana — continued** | **Indiana — continued** | **Indiana — continued** |
| &nbsp;&nbsp;&nbsp; Merrillville Community School Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 2.00%, 7/15/2023 | 1025000 | 1017365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 2.00%, 1/15/2024 | 1040000 | 1024351 |
| &nbsp;&nbsp;&nbsp; Merrillville Multi School Building Corp., Ad Valorem Property Tax, First Mortgage Rev., 5.00%, 7/15/2023 | 40000 | 40549 |
| &nbsp;&nbsp;&nbsp; Michigan City School Building Corp., Ad Valorem Property Tax First Mortgage Series 2016B, Rev., 4.00%, 7/15/2023 | 30000 | 30246 |
| &nbsp;&nbsp;&nbsp; Mooresville Redevelopment District, Tax Increment Rev., 4.00%, 1/15/2023 (b) | 25000 | 25043 |
| &nbsp;&nbsp;&nbsp; Munster School Building Corp., Valorem Tax First Mortgage Rev., 4.00%, 7/15/2023 | 85000 | 85707 |
| &nbsp;&nbsp;&nbsp; New Palestine Multi-School Building Corp., First Mortgage, Ad Valorem Property Tax Rev., 4.00%, 1/15/2023 | 45000 | 45082 |
| &nbsp;&nbsp;&nbsp; New Prairie United School District Building Corp., First Mortgage Rev., 4.00%, 1/15/2025 | 35000 | 35842 |
| &nbsp;&nbsp;&nbsp; North Adams Community Schools Renovation Building Corp., First Mortgage, Ad Valorem Property Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/15/2023 | 20000 | 20057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35505 |
| &nbsp;&nbsp;&nbsp; North West Hendricks Multi-Building Corp., First Mortgage Series 2016A, Rev., 4.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25045 |
| &nbsp;&nbsp;&nbsp; Perry Township Schools |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, GO, 4.00%, 7/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 2520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2533530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, GO, 4.00%, 7/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1015423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, GO, 4.00%, 1/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2824289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, GO, 4.00%, 1/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 2950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2975591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, GO, 4.00%, 1/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 2375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2395603 |
| &nbsp;&nbsp;&nbsp; Pike Township Multi-School Building Corp., First Mortgage Rev., 5.00%, 7/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plainfield High School Building Corp., Ad Valorem Property Tax, First Mortgage Series 2019A, Rev., 5.00%, <br> 7/15/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35533 |
| &nbsp;&nbsp;&nbsp; Purdue University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016CC, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series EE, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20282 |
| &nbsp;&nbsp;&nbsp; South Bend Community School Building Corp., First Mortgage Rev., 4.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30052 |
| &nbsp;&nbsp;&nbsp; South Bend Redevelopment Authority, Eddy Street Commons Project Rev., 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100491 |
| &nbsp;&nbsp;&nbsp; South Gibson School Building Corp., First Mortgage Rev., 4.00%, 1/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41006 |
| &nbsp;&nbsp;&nbsp; Southmont School Building Corp., Ad Valorem Property Tax, First Mortgage Rev., 5.00%, 1/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tell City-Troy Township Elementary School Building Corp., First Mortgage Refunding and Improvement Rev., 5.00%, <br> 1/15/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50142 |
| &nbsp;&nbsp;&nbsp; Twin Lakes Regional Sewer District Rev., AGM, 3.00%, 7/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25059 |
| &nbsp;&nbsp;&nbsp; Twin Lakes School Building Corp., First Mortgage Rev., 4.00%, 7/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35636 |
| &nbsp;&nbsp;&nbsp; Wa-Nee Community Schools GO, 3.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125071 |
| &nbsp;&nbsp;&nbsp; Warsaw Multi-School Building Corp., First Mortgage Rev., 5.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85241 |
| &nbsp;&nbsp;&nbsp; West Clark 2000 School Building Corp., First Mortgage Rev., 5.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25073 |
| &nbsp;&nbsp;&nbsp; West Lafayette School Building Corp., Ad Valorem Property Tax, First Mortgage Rev., 5.00%, 7/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86278 |
| &nbsp;&nbsp;&nbsp; Whitestown Redevelopment Authority Rev., 3.00%, 1/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25037 |
| &nbsp;&nbsp;&nbsp; Winfield Building Corp., Indiana Lease Rental, Sewage Works Treatment Plant Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41026 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Indiana — continued** | **Indiana — continued** | **Indiana — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/15/2026 | 150000 | 154489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zionsville Community Schools Building Corp., First Mortgage, Capital Appreciation Series 2003Z, Rev., NATL-RE, Zero <br> Coupon, 1/15/2025<br>| 25000 | 23407 |
| &nbsp;&nbsp;&nbsp; Total Indiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 23626438 |
| **Iowa — 0.6%** | **Iowa — 0.6%** | **Iowa — 0.6%** |
| &nbsp;&nbsp;&nbsp; Ames Community School District GO, 5.00%, 6/1/2023 | 25000 | 25308 |
| &nbsp;&nbsp;&nbsp; Ankeny Community School District Series 2015A, GO, 5.00%, 6/1/2023 | 20000 | 20251 |
| &nbsp;&nbsp;&nbsp; City of Bettendorf Series 2013A, GO, 4.00%, 6/1/2023 | 50000 | 50350 |
| &nbsp;&nbsp;&nbsp; City of Cedar Rapids Series 2018D, Rev., 5.00%, 6/1/2023 | 30000 | 30365 |
| &nbsp;&nbsp;&nbsp; City of Des Moines Series 2016B, GO, 4.00%, 6/1/2023 | 25000 | 25181 |
| &nbsp;&nbsp;&nbsp; County of Polk Series 2017C, GO, 5.00%, 6/1/2023 | 45000 | 45558 |
| &nbsp;&nbsp;&nbsp; County of Scott, Solid Waste Disposal Series 2015A, GO, 4.00%, 6/1/2023 | 25000 | 25181 |
| &nbsp;&nbsp;&nbsp; GMG Community School District GO, 4.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40243 |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, Health System Rev., (SIFMA Municipal Swap Index Yield + 0.58%), 2.43%, 12/8/2022 (d) (e) | &nbsp;&nbsp; 14990000 | &nbsp;&nbsp;&nbsp;&nbsp; 14952051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iowa Finance Authority, Single Family Mortgage-Backed Securities Program Series 2017C, Rev., GNMA / FNMA / <br> FHLMC, 1.70%, 1/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164863 |
| &nbsp;&nbsp;&nbsp; Janesville Consolidated School District GO, 3.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25058 |
| &nbsp;&nbsp;&nbsp; Linn-Mar Community School District GO, 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80835 |
| &nbsp;&nbsp;&nbsp; North Polk Community School District Series 2017A, GO, 3.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30070 |
| &nbsp;&nbsp;&nbsp; State of Iowa Board of Regents, University of Iowa, Hospitals and Clinics Series 2019SUI, Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26466 |
| &nbsp;&nbsp;&nbsp; State of Iowa, Special Obligation Rev., 5.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25315 |
| &nbsp;&nbsp;&nbsp; University of Iowa (The), Recreational Facilities Series 2017B, Rev., 4.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20176 |
| &nbsp;&nbsp;&nbsp; Total Iowa |  | &nbsp;&nbsp;&nbsp;&nbsp; 15587271 |
| **Kansas — 0.1%** | **Kansas — 0.1%** | **Kansas — 0.1%** |
| &nbsp;&nbsp;&nbsp; Blue Valley Recreation Commission Series B, COP, AGM, 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30592 |
| &nbsp;&nbsp;&nbsp; Butler County Unified School District No. 375 Circle Series 2013-1, GO, AGM, 3.38%, 9/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20110 |
| &nbsp;&nbsp;&nbsp; City of Derby |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015C, GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp; City of Goddard Series 2019-1, GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 |
| &nbsp;&nbsp;&nbsp; City of Manhattan, Temporary Notes Series 2020-03, GO, 0.75%, 6/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179179 |
| &nbsp;&nbsp;&nbsp; City of Oswego Series 2012A, GO, 4.13%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp; City of Wichita |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 823, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 |
| &nbsp;&nbsp;&nbsp; County of Anderson Series 2013A, GO, AGM, 4.75%, 8/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50713 |
| &nbsp;&nbsp;&nbsp; County of Shawnee COP, 3.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35097 |
| &nbsp;&nbsp;&nbsp; Johnson County Unified School District No. 233 Olathe Series 2016C, GO, 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50905 |
| &nbsp;&nbsp;&nbsp; Kansas Development Finance Authority Series 2015A, Rev., 5.00%, 5/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 783088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas Development Finance Authority, Kansas Department of Commerce Impact Program Series 2020T, Rev., 5.00%, <br> 12/1/2022<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas Development Finance Authority, National Bio and Agro-Defense Facility Series 2015G, Rev., 5.00%, <br> 4/1/2023 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176375 |
| &nbsp;&nbsp;&nbsp; Kansas Development Finance Authority, University Project Series 2014C, Rev., 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195254 |
| &nbsp;&nbsp;&nbsp; Neosho County Unified School District No. 413 GO, AGM, 4.00%, 9/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25260 |
| &nbsp;&nbsp;&nbsp; Sedgwick County Unified School District No. 266 Maize Series 2015A, GO, 4.00%, 9/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25269 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Kansas — continued** | **Kansas — continued** | **Kansas — continued** |
| &nbsp;&nbsp;&nbsp; Seward County Unified School District No. 480 Liberal Series 2017-B, GO, 5.00%, 9/1/2023 | 10000 | 10174 |
| &nbsp;&nbsp;&nbsp; State of Kansas Department of Transportation Series 2015A, Rev., 5.00%, 9/1/2023 | 45000 | 45801 |
| &nbsp;&nbsp;&nbsp; Total Kansas |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2552817 |
| **Kentucky — 0.8%** | **Kentucky — 0.8%** | **Kentucky — 0.8%** |
| &nbsp;&nbsp;&nbsp; Augusta Independent School District Finance Corp. Rev., 2.00%, 2/1/2023 | 45000 | 44932 |
| &nbsp;&nbsp;&nbsp; City of Ashland Series 2016-A, Rev., 5.00%, 2/1/2023 | 1525000 | 1529715 |
| &nbsp;&nbsp;&nbsp; County of Campbell GO, 2.00%, 12/1/2022 | 45000 | 45000 |
| &nbsp;&nbsp;&nbsp; County of Daviess Series 2012A, GO, 2.00%, 9/1/2023 | 50000 | 49675 |
| &nbsp;&nbsp;&nbsp; Eastern Kentucky University, General Receipts Series 2012A, Rev., 5.00%, 4/1/2023 | 35000 | 35252 |
| &nbsp;&nbsp;&nbsp; Fayette County School District Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 4.00%, 12/1/2022 | 20000 | 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 10/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25503 |
| &nbsp;&nbsp;&nbsp; Glasgow Electric Plant Board, Electric System Series 2014B, Rev., 2.75%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Kenton County Public Properties Corp., Court Facilities Project Rev., 3.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500732 |
| &nbsp;&nbsp;&nbsp; Kentucky Asset Liability Commission, Federal Highway Trust Fund Series 2013A, Rev., 5.25%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority Series 2011-B, Rev., (SIFMA Municipal Swap Index Yield + 1.40%), <br> 3.25%, 12/8/2022 (d)<br>| &nbsp;&nbsp;&nbsp; 12715000 | &nbsp;&nbsp;&nbsp;&nbsp; 12738701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority, Catholic Health Initiatives Series 2013A, Rev., 5.25%, <br> 1/1/2023 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100221 |
| &nbsp;&nbsp;&nbsp; Kentucky Infrastructure Authority, Wastewater and Drinking Water Revolving Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 3.00%, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25098 |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, Gas Supply |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 4.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 956095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 4.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1054099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 4.00%, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2513925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.00%, 4/1/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 6/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89349 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 106 Series 2013A, Rev., 5.00%, 10/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56135 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 115 Rev., 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120939 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 119 Rev., 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25244 |
| &nbsp;&nbsp;&nbsp; Kentucky Turnpike Authority, Revitalization Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99988 |
| &nbsp;&nbsp;&nbsp; Lexington-Fayette Urban County Government, Various Purpose Series 2012B, GO, 3.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100008 |
| &nbsp;&nbsp;&nbsp; Louisville and Jefferson County Metropolitan Government Series 2016A, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc. Series 2020B, Rev., 5.00%, <br> 10/1/2023 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424435 |
| &nbsp;&nbsp;&nbsp; Louisville and Jefferson County Metropolitan Sewer District, Sewer and Drainage System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013C, Rev., 3.25%, 5/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 5/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25300 |
| &nbsp;&nbsp;&nbsp; Louisville Water Co., Metro Government Waterworks Board Rev., 5.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25574 |
| &nbsp;&nbsp;&nbsp; McCracken County School District Finance Corp. Rev., 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Nelson County School District Finance Corp., School Building Rev., 2.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 |
| &nbsp;&nbsp;&nbsp; Pendleton County Public Properties Corp., First Mortgage, Court Facilities Project Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Scott County School District Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25024 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Kentucky — continued** | **Kentucky — continued** | **Kentucky — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2025 | 20000 | 21054 |
| &nbsp;&nbsp;&nbsp; University of Kentucky, General Receipts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 4/1/2023 | 25000 | 25206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 10/1/2024 | 20000 | 20807 |
| &nbsp;&nbsp;&nbsp; Versailles Public Properties, Inc., KCTCS Project Rev., 5.00%, 12/1/2022 | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp; Total Kentucky |  | &nbsp;&nbsp;&nbsp;&nbsp; 21610658 |
| **Louisiana — 0.8%** | **Louisiana — 0.8%** | **Louisiana — 0.8%** |
| &nbsp;&nbsp;&nbsp; City of Hammond, Sales and Use Tax Rev., 4.00%, 12/1/2022 | 80000 | 80000 |
| &nbsp;&nbsp;&nbsp; City of New Orleans GO, 5.00%, 12/1/2022 | 25000 | 25000 |
| &nbsp;&nbsp;&nbsp; City of New Orleans, Sewerage Service Rev., 5.00%, 6/1/2023 | 15000 | 15173 |
| &nbsp;&nbsp;&nbsp; City of Shreveport, Water and Sewer Series 2014A, Rev., 5.00%, 12/1/2022 | 80000 | 80000 |
| &nbsp;&nbsp;&nbsp; City of West Monroe, Sales & Use Tax Rev., 2.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; East Baton Rouge Sewerage Commission Series 2021A, Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75317 |
| &nbsp;&nbsp;&nbsp; Jefferson Sales Tax District Series 2019A, Rev., AGM, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 |
| &nbsp;&nbsp;&nbsp; Louisiana Energy & Power Authority, Power Project Series 2013A, Rev., AGM, 4.50%, 6/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities and Community Development Authority, Calcasieu Parish Project <br> Rev., 5.00%, 12/1/2022<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities and Community Development Authority, City of Lake Charles <br> Public Improvement Project Rev., 5.00%, 5/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities and Community Development Authority, Jefferson Parish Projects <br> Rev., 5.00%, 4/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100796 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/15/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35031 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287707 |
| &nbsp;&nbsp;&nbsp; Louisiana Stadium and Exposition District Rev., BAN, 5.00%, 7/3/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 5700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5709364 |
| &nbsp;&nbsp;&nbsp; Parish of St. John the Baptist, Marathon Oil Corp., Project Series 2017A-1, Rev., 2.00%, 4/1/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3634262 |
| &nbsp;&nbsp;&nbsp; State of Louisiana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D-1, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C, GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15275 |
| &nbsp;&nbsp;&nbsp; State of Louisiana Gasoline and Fuels Tax, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., (SOFR + 0.50%), 3.17%, 12/5/2022 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 7940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7705767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 0.60%, 5/1/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2842164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, Rev., 0.60%, 5/1/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113489 |
| &nbsp;&nbsp;&nbsp; Total Louisiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 21290913 |
| **Maine — 0.0% ^** | **Maine — 0.0% ^** | **Maine — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; City of Lewiston, Public Improvement GO, 4.00%, 4/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25145 |
| &nbsp;&nbsp;&nbsp; County of Cumberland |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 2.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29932 |
| &nbsp;&nbsp;&nbsp; Maine Governmental Facilities Authority, Lease Rental Series 2015B, Rev., 2.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9938 |
| &nbsp;&nbsp;&nbsp; Maine Health and Higher Educational Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39855 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Maine — continued** | **Maine — continued** | **Maine — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2023 | 60690 | 61472 |
| &nbsp;&nbsp;&nbsp; Maine Municipal Bond Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 4.00%, 11/1/2023 | 25000 | 25314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 11/1/2023 | 20000 | 20430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014C, Rev., 5.00%, 11/1/2024 | 25000 | 26120 |
| &nbsp;&nbsp;&nbsp; Maine School Administrative District No. 51 GO, 4.00%, 8/1/2025 | 50000 | 51717 |
| &nbsp;&nbsp;&nbsp; Maine Turnpike Authority Rev., 5.00%, 7/1/2023 | 10000 | 10141 |
| &nbsp;&nbsp;&nbsp; State of Maine Series 2017B, GO, 5.00%, 6/1/2023 | 10000 | 10130 |
| &nbsp;&nbsp;&nbsp; Town of Cumberland GO, 5.00%, 5/1/2023 | 35000 | 35367 |
| &nbsp;&nbsp;&nbsp; University of Maine System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2023 | 70000 | 70425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57781 |
| &nbsp;&nbsp;&nbsp; Total Maine |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660950 |
| **Maryland — 0.1%** | **Maryland — 0.1%** | **Maryland — 0.1%** |
| &nbsp;&nbsp;&nbsp; City of Baltimore Series D, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25351 |
| &nbsp;&nbsp;&nbsp; City of Baltimore, Wastewater Projects Series 2013C, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30422 |
| &nbsp;&nbsp;&nbsp; County of Anne Arundel, Arundel Mills Project Rev., GTD, 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50734 |
| &nbsp;&nbsp;&nbsp; County of Anne Arundel, Consolidated General Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10085 |
| &nbsp;&nbsp;&nbsp; County of Baltimore, Consolidated Public Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26279 |
| &nbsp;&nbsp;&nbsp; County of Baltimore, Metropolitan District 76th Issue GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25106 |
| &nbsp;&nbsp;&nbsp; County of Cecil GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 |
| &nbsp;&nbsp;&nbsp; County of Charles, Consolidated Public Improvement GO, 5.00%, 7/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45710 |
| &nbsp;&nbsp;&nbsp; County of Howard, Consolidated Public Improvement GO, 5.00%, 2/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20103 |
| &nbsp;&nbsp;&nbsp; County of Howard, Metropolitan District Project Series 2015A, GO, 3.38%, 2/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20036 |
| &nbsp;&nbsp;&nbsp; County of Montgomery, Consolidated Public Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, GO, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117795 |
| &nbsp;&nbsp;&nbsp; County of Prince George's, Consolidated Public Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, GO, 3.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013B, GO, 3.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, GO, 3.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30030 |
| &nbsp;&nbsp;&nbsp; County of Queen Anne's, Public Facilities GO, 5.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50154 |
| &nbsp;&nbsp;&nbsp; County of Washington GO, 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35070 |
| &nbsp;&nbsp;&nbsp; County of Washington, Consolidated Public Improvement GO, 4.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland Community Development Administration, Housing and Community Development Series 2019A, Rev., 2.10%, <br> 3/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19786 |
| &nbsp;&nbsp;&nbsp; Maryland Health and Higher Educational Facilities Authority, Lifebridge Health Issue Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland National Capital Park and Planning Commission, Park Acquisition and Development Project Series MC-2021A, <br> GO, GTD, 5.00%, 12/1/2022 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; State of Maryland Department of Transportation, Second Issue Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65778 |
| &nbsp;&nbsp;&nbsp; State of Maryland Department of Transportation, Third Issue Rev., 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150140 |
| &nbsp;&nbsp;&nbsp; State of Maryland, Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Maryland — continued** | **Maryland — continued** | **Maryland — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/15/2023 | 255000 | 256335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/1/2023 | 20000 | 20212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2023 | 40000 | 40897 |
| &nbsp;&nbsp;&nbsp; State of Maryland, State and Local Facilities Loan of 2015 Series 2015A, GO, 4.00%, 3/1/2023 (b) | 20000 | 20076 |
| &nbsp;&nbsp;&nbsp; University System of Maryland, Auxiliary Facility and Tuition Series 2017B, Rev., 5.00%, 4/1/2023 | 25000 | 25216 |
| &nbsp;&nbsp;&nbsp; Washington Suburban Sanitary Commission, Consolidated Public Improvement Rev., GTD, 5.00%, 6/1/2023 (b) | 35000 | 35438 |
| &nbsp;&nbsp;&nbsp; Total Maryland |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1669088 |
| **Massachusetts — 2.4%** | **Massachusetts — 2.4%** | **Massachusetts — 2.4%** |
| &nbsp;&nbsp;&nbsp; Boston Water and Sewer Commission Series B, Rev., 5.00%, 11/1/2023 (b) | 25000 | 25551 |
| &nbsp;&nbsp;&nbsp; Bristol-Plymouth Regional Vocational Technical School District GO, BAN, 3.25%, 2/28/2023 | 6000000 | 6003286 |
| &nbsp;&nbsp;&nbsp; Brockton Area Transit Authority Rev., RAN, 3.75%, 7/28/2023 | 6100000 | 6118879 |
| &nbsp;&nbsp;&nbsp; City of Boston |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, GO, 4.00%, 3/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010B, GO, 3.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013B, GO, 4.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20023 |
| &nbsp;&nbsp;&nbsp; City of Cambridge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 4.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25130 |
| &nbsp;&nbsp;&nbsp; City of Fall River GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 |
| &nbsp;&nbsp;&nbsp; City of Framingham, Municipal Purpose Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45041 |
| &nbsp;&nbsp;&nbsp; City of Franklin, Otterbeit Homes GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45041 |
| &nbsp;&nbsp;&nbsp; City of Malden, Municipal Purpose Loan Series 2012A, GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50047 |
| &nbsp;&nbsp;&nbsp; City of Northampton, Municipal Purpose Loan GO, 4.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25201 |
| &nbsp;&nbsp;&nbsp; City of Waltham, Municipal Purpose Loan GO, 4.10%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35048 |
| &nbsp;&nbsp;&nbsp; City of Woburn, Municipal Purpose Loan GO, 2.63%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99697 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, AMBAC, 5.50%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, GO, 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, GO, 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 5/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80804 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts Federal Highway, Accelerated Bridge Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., GAN, 5.00%, 6/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., GAN, 5.00%, 6/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., GAN, 5.00%, 6/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20266 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts Transportation Fund Series 2016A, Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20243 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Consolidated Loan of 2014 Series C, GO, 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50101 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Consolidated Loan of 2016 Series 2016H, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Consolidated Loan of 2017 Series 2017C, GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40169 |
| &nbsp;&nbsp;&nbsp; Lynn Water and Sewer Commission Series 2013A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; Manchester Essex Regional School District GO, 4.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25046 |
| &nbsp;&nbsp;&nbsp; Manchester Essex Regional School District, Unlimited Tax GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35145 |
| &nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority, Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10147 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Massachusetts — continued** | **Massachusetts — continued** | **Massachusetts — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003C, Rev., 5.25%, 7/1/2023 | 30000 | 30484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Clean Water Trust (The), Revolving Fund, Abatement Trust Series 17, Subseries 17A, Rev., 5.00%, <br> 2/1/2027<br>| 35000 | 35134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Department of Transportation, Capital Appreciation Series 1997C, Rev., NATL-RE, Zero Coupon, <br> 1/1/2023<br>| 130000 | 129698 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Boston University Issue Series 2019DD-1, Rev., 5.00%, 4/1/2024 (c) | 5110000 | 5206929 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Caregroup Issue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015H-1, Rev., 5.00%, 7/1/2023 | 50000 | 50630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015H-1, Rev., 5.00%, 7/1/2025 | 35000 | 36767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, North Hill Community Issue Series 2013A, Rev., 6.50%, 11/15/2023 (b) <br> (e)<br>| 675000 | 697591 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Partners Healthcare System Issue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017S, Rev., (SIFMA Municipal Swap Index Yield + 0.50%), 2.35%, 12/8/2022 (d) | 250000 | 250053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019T-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 2.45%, 12/8/2022 (d) (e) | 1075000 | 1064135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017S-4, Rev., 5.00%, 1/25/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016S-2, Rev., 5.00%, 1/30/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172228 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Salem Community Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364272 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Trustees of Boston University Series DD-2, Rev., 5.00%, 4/1/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40759 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Williams College Series 2013P, Rev., 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45596 |
| &nbsp;&nbsp;&nbsp; Massachusetts Housing Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015D, Rev., 2.60%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C-2, Rev., FHA, 0.50%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 756468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A-3, Rev., FHA, 0.88%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Housing Finance Agency, Single Family Housing Series 220, Rev., GNMA / FNMA / FHLMC, 5.00%, <br> 6/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298220 |
| &nbsp;&nbsp;&nbsp; Massachusetts School Building Authority, Dedicated Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 3.00%, 5/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 5/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 2/15/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20551 |
| &nbsp;&nbsp;&nbsp; Massachusetts State College Building Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 5/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011A, Rev., 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 5/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75783 |
| &nbsp;&nbsp;&nbsp; Massachusetts Transportation Trust Fund Metropolitan Highway System, Senior Series 2019A, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200416 |
| &nbsp;&nbsp;&nbsp; Massachusetts Water Resources Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-F, Rev., 5.00%, 8/1/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-F, Rev., 5.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Rev., 5.00%, 8/1/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15588 |
| &nbsp;&nbsp;&nbsp; Pentucket Regional School District, Unlimited Tax GO, 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25313 |
| &nbsp;&nbsp;&nbsp; Pioneer Valley Transit Authority Rev., RAN, 4.00%, 7/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 9500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9553522 |
| &nbsp;&nbsp;&nbsp; Town of Avon, Municipal Purpose Loan GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Town of Billerica, School Project Loan GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35144 |
| &nbsp;&nbsp;&nbsp; Town of Bourne, Municipal Purpose Loan GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 |
| &nbsp;&nbsp;&nbsp; Town of Brewster, Municipal Purpose Loan GO, 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20211 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Massachusetts — continued** | **Massachusetts — continued** | **Massachusetts — continued** |
| &nbsp;&nbsp;&nbsp; Town of Brookline, Municipal Purpose Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 3/15/2023 | 20000 | 20090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/15/2023 | 20000 | 20147 |
| &nbsp;&nbsp;&nbsp; Town of Hamilton GO, BAN, 3.50%, 8/17/2023 | 2257767 | 2254051 |
| &nbsp;&nbsp;&nbsp; Town of Hanover GO, 4.00%, 5/15/2023 | 45000 | 45318 |
| &nbsp;&nbsp;&nbsp; Town of Marblehead GO, 4.00%, 8/15/2023 | 50000 | 50058 |
| &nbsp;&nbsp;&nbsp; Town of Marshfield, Municipal Purpose Loan GO, 5.00%, 11/1/2024 | 25000 | 25047 |
| &nbsp;&nbsp;&nbsp; Town of Medfield, Municipal Purpose Loan GO, 2.13%, 9/15/2023 | 100000 | 99676 |
| &nbsp;&nbsp;&nbsp; Town of Middleton, Municipal Purpose Loan GO, 2.50%, 8/15/2025 | 40000 | 39848 |
| &nbsp;&nbsp;&nbsp; Town of Millis GO, BAN, 3.50%, 5/24/2023 | 4120000 | 4131424 |
| &nbsp;&nbsp;&nbsp; Town of Nantucket GO, 4.00%, 12/15/2022 | 70000 | 70040 |
| &nbsp;&nbsp;&nbsp; Town of Norwood GO, 5.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45611 |
| &nbsp;&nbsp;&nbsp; Town of Plainville GO, BAN, 3.50%, 6/28/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2502466 |
| &nbsp;&nbsp;&nbsp; Town of Scituate Series B, GO, BAN, 2.00%, 1/26/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 7490248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7484967 |
| &nbsp;&nbsp;&nbsp; Town of Tewksbury, Municipal Purpose Loan GO, 4.00%, 1/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25711 |
| &nbsp;&nbsp;&nbsp; Town of Wayland, Municipal Purpose Loan GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25023 |
| &nbsp;&nbsp;&nbsp; Town of Wellesley, Municipal Purpose Loan GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; Town of West Newbury GO, BAN, 3.50%, 7/13/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1061404 |
| &nbsp;&nbsp;&nbsp; Town of Weston GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 |
| &nbsp;&nbsp;&nbsp; Wachusett Regional School District, State Qualified School GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; Worcester Regional Transit Authority Rev., RAN, 3.25%, 6/23/2023 | &nbsp;&nbsp;&nbsp; 11300000 | &nbsp;&nbsp;&nbsp;&nbsp; 11315732 |
| &nbsp;&nbsp;&nbsp; Total Massachusetts |  | &nbsp;&nbsp;&nbsp;&nbsp; 63802038 |
| **Michigan — 1.2%** | **Michigan — 1.2%** | **Michigan — 1.2%** |
| &nbsp;&nbsp;&nbsp; Adrian City School District, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201121 |
| &nbsp;&nbsp;&nbsp; Ann Arbor School District, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40406 |
| &nbsp;&nbsp;&nbsp; Bloomfield Hills School District, Unlimited Tax GO, 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20203 |
| &nbsp;&nbsp;&nbsp; Caledonia Community Schools, Unlimited Tax Series 2020I, GO, Q-SBLF, 4.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10063 |
| &nbsp;&nbsp;&nbsp; Charter Township of Canton, Limited Tax GO, 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20162 |
| &nbsp;&nbsp;&nbsp; Charter Township of Lyon Series 2006-A, GO, XLCA, 4.13%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45296 |
| &nbsp;&nbsp;&nbsp; Chippewa Valley Schools |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Q-SBLF, 3.50%, 5/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Q-SBLF, 3.63%, 5/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Q-SBLF, 5.00%, 5/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Q-SBLF, 5.25%, 5/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30344 |
| &nbsp;&nbsp;&nbsp; Chippewa Valley Schools, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Q-SBLF, 4.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, Q-SBLF, 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20186 |
| &nbsp;&nbsp;&nbsp; City of Ann Arbor, Limited Tax GO, 3.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25085 |
| &nbsp;&nbsp;&nbsp; City of Auburn Hills, Limited tax GO, 3.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35073 |
| &nbsp;&nbsp;&nbsp; City of Battle Creek, Limited Tax GO, 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25253 |
| &nbsp;&nbsp;&nbsp; City of Grand Rapids, Capital Improvement, Limited Tax GO, 5.00%, 4/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51510 |
| &nbsp;&nbsp;&nbsp; City of Grand Rapids, Sanitary Sewer System Rev., 4.00%, 1/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40048 |
| &nbsp;&nbsp;&nbsp; City of Grand Rapids, Water Supply System Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30059 |
| &nbsp;&nbsp;&nbsp; City of Lathrup Village, Limited Tax GO, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47675 |
| &nbsp;&nbsp;&nbsp; City of Marquette, Capital Improvement GO, 4.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201030 |
| &nbsp;&nbsp;&nbsp; City of Marquette, Transportation Fund, Limited Tax GO, 4.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170875 |
| &nbsp;&nbsp;&nbsp; City of South Haven, Limited Tax GO, 4.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70653 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Michigan — continued** | **Michigan — continued** | **Michigan — continued** |
| &nbsp;&nbsp;&nbsp; City of Southfield, Water and Sewer Capital Improvement, Limited Tax GO, 3.00%, 5/1/2023 | 85000 | 85202 |
| &nbsp;&nbsp;&nbsp; Clarkston Community Schools, Unlimited Tax Series 2016A, GO, Q-SBLF, 5.00%, 5/1/2023 | 40000 | 40404 |
| &nbsp;&nbsp;&nbsp; Constantine Public Schools GO, Q-SBLF, 5.00%, 5/1/2023 | 35000 | 35355 |
| &nbsp;&nbsp;&nbsp; County of Jackson, Transportation GO, 2.00%, 5/1/2024 | 250000 | 246510 |
| &nbsp;&nbsp;&nbsp; County of Macomb, Limited Tax GO, 4.00%, 5/1/2023 | 35000 | 35226 |
| &nbsp;&nbsp;&nbsp; Dansville Schools, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2023 | 25000 | 25255 |
| &nbsp;&nbsp;&nbsp; Dearborn School District, School Building and Site Series 2014A, GO, Q-SBLF, 4.00%, 11/1/2023 (b) | 35000 | 35436 |
| &nbsp;&nbsp;&nbsp; East Lansing School District, Unlimited Tax Series 2020-II, GO, Q-SBLF, 4.00%, 5/1/2023 | 180000 | 181128 |
| &nbsp;&nbsp;&nbsp; Farmington Public School District, School Building Site, Unlimited Tax GO, 4.00%, 5/1/2023 | 20000 | 20121 |
| &nbsp;&nbsp;&nbsp; Forest Hills Public Schools, 2021 School Building and Site, Unlimited Tax GO, 4.00%, 5/1/2023 | 20000 | 20127 |
| &nbsp;&nbsp;&nbsp; Forest Hills Public Schools, Unlimited Tax GO, 5.00%, 5/1/2023 | 20000 | 20209 |
| &nbsp;&nbsp;&nbsp; Fraser Public School District, School Building and Site, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35356 |
| &nbsp;&nbsp;&nbsp; Genesee Intermediate School District GO, 3.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30058 |
| &nbsp;&nbsp;&nbsp; Gerald R Ford International Airport Authority, Limited Tax Rev., GTD, 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20042 |
| &nbsp;&nbsp;&nbsp; Grand Valley State University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014B, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014B, Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 698325 |
| &nbsp;&nbsp;&nbsp; Great Lakes Water Authority, Water Supply System, Second Lien Series 2018A, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86199 |
| &nbsp;&nbsp;&nbsp; Hanover Horton School District, Unlimited tax GO, AGM, 4.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20106 |
| &nbsp;&nbsp;&nbsp; Healthsource Saginaw, Inc., Unlimited Tax GO, 4.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50059 |
| &nbsp;&nbsp;&nbsp; Hudsonville Public Schools, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25257 |
| &nbsp;&nbsp;&nbsp; Ingham County Building Authority, Limited Tax Rev., 2.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34855 |
| &nbsp;&nbsp;&nbsp; Kalamazoo Hospital Finance Authority, Bronson Healthcare Group, Inc. Rev., 5.00%, 5/15/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5158 |
| &nbsp;&nbsp;&nbsp; Kent Hospital Finance Authority, Mary Free Bed Rehabilitation Hospital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 4/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 551327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 4/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 583184 |
| &nbsp;&nbsp;&nbsp; Lake Michigan College District, Building and Site, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 9/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.25%, 9/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20252 |
| &nbsp;&nbsp;&nbsp; Lake Orion Community School District GO, Q-SBLF, 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25259 |
| &nbsp;&nbsp;&nbsp; L'Anse Creuse Public Schools, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50466 |
| &nbsp;&nbsp;&nbsp; Lansing School District, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Linden Community School District, School Building and Site, Unlimited Tax Series 2021-I, GO, Q-SBLF, 4.00%, <br> 5/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30857 |
| &nbsp;&nbsp;&nbsp; Livonia Municipal Building Authority, Limited Tax Rev., 4.00%, 5/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40719 |
| &nbsp;&nbsp;&nbsp; Macomb Interceptor Drain Drainage District, Limited Tax Series 2017A, GTD, 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80828 |
| &nbsp;&nbsp;&nbsp; Madison District Public Schools, School Building and Site |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Q-SBLF, 4.00%, 5/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Q-SBLF, 4.25%, 5/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30206 |
| &nbsp;&nbsp;&nbsp; Marquette Board of Light and Power Series 2016A, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45562 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Ascension Senior Credit Group Series 2016E-1, Rev., 4.00%, 8/15/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60503 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Beaumont Health Credit Group Series 2015A, Rev., 5.00%, 8/1/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41569 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Clean Water Revolving Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25509 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Michigan — continued** | **Michigan — continued** | **Michigan — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 10/1/2024 | 150000 | 156522 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Henry Ford Health System Rev., 5.00%, 11/15/2023 | 20000 | 20366 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Trinity Health Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 (b) | 485000 | 485000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 | 460000 | 460000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A-MI, Rev., 5.00%, 12/1/2022 | 1045000 | 1045000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019MI-1, Rev., 5.00%, 12/1/2022 | 135000 | 135000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019MI-1, Rev., 5.00%, 12/1/2023 | 125000 | 127900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 12/1/2024 | 240000 | 250384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019MI-2, Rev., 5.00%, 2/1/2025 (c) | 5835000 | 6067221 |
| &nbsp;&nbsp;&nbsp; Michigan State Building Authority, Multi Modal Program Rev., VRDO, 1.91%, 12/9/2022 (c) | 8635000 | 8635000 |
| &nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Ascension Health Credit Group Series F-5, Rev., 2.40%, 3/15/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1228891 |
| &nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Trinity Health Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008C, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008C, Rev., 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266033 |
| &nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, Single Family Mortgage Series 2020A, Rev., 0.80%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148548 |
| &nbsp;&nbsp;&nbsp; Michigan State University Series 2013A, Rev., 5.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10170 |
| &nbsp;&nbsp;&nbsp; Mount Clemens Community School District, Unlimited Tax Series 2017A, GO, Q-SBLF, 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25253 |
| &nbsp;&nbsp;&nbsp; Northern Michigan University Series 2018A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; Oakland University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-A, Rev., 5.00%, 3/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2009296 |
| &nbsp;&nbsp;&nbsp; Plymouth-Canton Community School District GO, Q-SBLF, 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45473 |
| &nbsp;&nbsp;&nbsp; Plymouth-Canton Community School District, School Building and Site Series 2013A, GO, 4.00%, 5/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20125 |
| &nbsp;&nbsp;&nbsp; Port Huron Area School District, School Building and Site, Unlimited Tax GO, AGM, 4.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25148 |
| &nbsp;&nbsp;&nbsp; Rochester Community School District, School Building and Site, Unlimited Tax Series II, GO, 3.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40061 |
| &nbsp;&nbsp;&nbsp; Saginaw City School District, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36018 |
| &nbsp;&nbsp;&nbsp; Saline Area Schools, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90891 |
| &nbsp;&nbsp;&nbsp; Schoolcraft Community College District, Limited Tax GO, 3.00%, 5/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115403 |
| &nbsp;&nbsp;&nbsp; Shepherd Public Schools, Unlimited Tax Series 2017A, GO, Q-SBLF, 3.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45083 |
| &nbsp;&nbsp;&nbsp; South Lake Schools, School Building and Site GO, Q-SBLF, 4.00%, 11/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25422 |
| &nbsp;&nbsp;&nbsp; Southfield Library Building Authority, Limited Tax Rev., 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40404 |
| &nbsp;&nbsp;&nbsp; State of Michigan, Environmental Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 |
| &nbsp;&nbsp;&nbsp; Troy School District, School Building and Site GO, Q-SBLF, 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25259 |
| &nbsp;&nbsp;&nbsp; Troy School District, Unlimited Tax, School Building and Site GO, Q-SBLF, 5.00%, 11/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20423 |
| &nbsp;&nbsp;&nbsp; Utica Community Schools, School Building and Site, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45245 |
| &nbsp;&nbsp;&nbsp; Vicksburg Community Schools, Unlimited Tax Series 2020-I, GO, Q-SBLF, 4.50%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40309 |
| &nbsp;&nbsp;&nbsp; Walled Lake Consolidated School District, School Building and Site GO, Q-SBLF, 5.00%, 11/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30648 |
| &nbsp;&nbsp;&nbsp; Warren Woods Public Schools, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20175 |
| &nbsp;&nbsp;&nbsp; Waterford School District, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60559 |
| &nbsp;&nbsp;&nbsp; Wayne County Airport Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 |
| &nbsp;&nbsp;&nbsp; Wayne County Airport Authority, Detroit Metropolitan Airport Series 2010-C, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp; Wayne State University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 11/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102103 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Michigan — continued** | **Michigan — continued** | **Michigan — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 11/15/2024 | 210000 | 218934 |
| &nbsp;&nbsp;&nbsp; West Ottawa Public Schools, School Building and Site, Unlimited Tax GO, 4.00%, 5/1/2023 | 20000 | 20128 |
| &nbsp;&nbsp;&nbsp; White Cloud Public Schools, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2023 | 25000 | 25131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ypsilanti Community Utilities Authority, Water Supply System No. 7, Charter Township Ypsilanti, Limited Tax Rev., <br> 4.00%, 4/1/2023<br>| 175000 | 175763 |
| &nbsp;&nbsp;&nbsp; Ypsilanti School District, Unlimited Tax Series 2016A, GO, Q-SBLF, 5.00%, 5/1/2023 | 40000 | 40406 |
| &nbsp;&nbsp;&nbsp; Total Michigan |  | &nbsp;&nbsp;&nbsp;&nbsp; 31370451 |
| **Minnesota — 1.5%** | **Minnesota — 1.5%** | **Minnesota — 1.5%** |
| &nbsp;&nbsp;&nbsp; Alexandria Lake Area Sanitation District, Sanitary Sewer Board Series 2015A, GO, 5.00%, 2/1/2023 | 25000 | 25103 |
| &nbsp;&nbsp;&nbsp; Bloomington Independent School District No. 271, Enhancement Program Series 2015A, GO, 5.00%, 2/1/2023 | 90000 | 90374 |
| &nbsp;&nbsp;&nbsp; Cass Lake-Bena Independent School District No. 115 Series 2019A, GO, 5.00%, 2/1/2023 | 10000 | 10039 |
| &nbsp;&nbsp;&nbsp; City of Alexandria Series 2020A, GO, 4.00%, 2/1/2023 | 50000 | 50117 |
| &nbsp;&nbsp;&nbsp; City of Burnsville GO, 4.00%, 12/20/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30024 |
| &nbsp;&nbsp;&nbsp; City of Chaska Series 2020C, GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20079 |
| &nbsp;&nbsp;&nbsp; City of Columbia Heights Series 2017B, GO, 3.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35030 |
| &nbsp;&nbsp;&nbsp; City of Fife Series 2017A, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; City of Minneapolis GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 |
| &nbsp;&nbsp;&nbsp; City of Minneapolis, Improvement and Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45666 |
| &nbsp;&nbsp;&nbsp; City of Minneapolis, University Gateway Project Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
| &nbsp;&nbsp;&nbsp; City of New Hope, Hennepin County Series 2018A, GO, 4.00%, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50771 |
| &nbsp;&nbsp;&nbsp; City of New ULM Series 2017B, GO, 2.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 |
| &nbsp;&nbsp;&nbsp; City of Red Wing Series 2017A, GO, 3.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35026 |
| &nbsp;&nbsp;&nbsp; City of Redwood Falls Series 2018A, GO, 3.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20016 |
| &nbsp;&nbsp;&nbsp; City of Rochester Series 2015B, GO, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20482 |
| &nbsp;&nbsp;&nbsp; City of Rochester, Electric Utility Series 2015E, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; City of St. Cloud, Infrastructure Management Fund Series 2013A, GO, 3.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45003 |
| &nbsp;&nbsp;&nbsp; City of St. Paul, Sales Tax Series 2019C, Rev., 3.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25080 |
| &nbsp;&nbsp;&nbsp; City of St. Paul, Sewer Series 2020D, Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; City of St. Paul, Street Improvement, Special Assessment Series 2018B, GO, 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20211 |
| &nbsp;&nbsp;&nbsp; City of Wayzata Series 2017A, GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp; City of West St. Paul Series 2017A, GO, 4.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30774 |
| &nbsp;&nbsp;&nbsp; County of Anoka, Capital Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41081 |
| &nbsp;&nbsp;&nbsp; County of Blue Earth Series 2015A, GO, 2.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp; County of Blue Earth, Capital Improvement Series 2018A, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; County of Clay Series 2017A, GO, 5.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52505 |
| &nbsp;&nbsp;&nbsp; County of Hennepin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014B, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 |
| &nbsp;&nbsp;&nbsp; County of Hennepin, Sales Tax Series 2020C, GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20020 |
| &nbsp;&nbsp;&nbsp; County of Martin Series 2021A, GO, 3.00%, 12/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40175 |
| &nbsp;&nbsp;&nbsp; County of Mille Lacs, Drainage Series 2019B, GO, 3.00%, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45120 |
| &nbsp;&nbsp;&nbsp; County of Scott, Capital Improvement Series 2014B, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Minnesota — continued** | **Minnesota — continued** | **Minnesota — continued** |
| &nbsp;&nbsp;&nbsp; County of Sherburne, Capital Improvement Series 2017A, GO, 3.00%, 2/1/2023 | 25000 | 25018 |
| &nbsp;&nbsp;&nbsp; County of St. Louis, Capital Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015C, GO, 3.00%, 12/1/2022 | 25000 | 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, GO, 3.00%, 12/1/2023 | 75000 | 75325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 12/1/2023 | 35000 | 35837 |
| &nbsp;&nbsp;&nbsp; County of Wright Series 2019A, COP, 5.00%, 12/1/2022 | 65000 | 65000 |
| &nbsp;&nbsp;&nbsp; County of Wright, Jail Series 2017A, GO, 4.00%, 12/1/2022 | 240000 | 240000 |
| &nbsp;&nbsp;&nbsp; Duluth Economic Development Authority, Benedictine Health System Series 2021A, Rev., 3.00%, 7/1/2023 | 205000 | 203437 |
| &nbsp;&nbsp;&nbsp; Duluth Independent School District No. 709 Series 2016A, COP, 5.00%, 2/1/2023 | 100000 | 100381 |
| &nbsp;&nbsp;&nbsp; Hutchinson Utilities Commission Series 2017B, Rev., 4.00%, 12/1/2022 | 25000 | 25000 |
| &nbsp;&nbsp;&nbsp; Jackson County Central Independent School District No. 2895 Series 2020A, GO, 4.00%, 2/1/2023 | 80000 | 80195 |
| &nbsp;&nbsp;&nbsp; Lakeville Independent School District No. 194 Series 2016A, GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25100 |
| &nbsp;&nbsp;&nbsp; Metropolitan Council, Minneapolis St. Paul Metropolitan Area Series 2017B, GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35218 |
| &nbsp;&nbsp;&nbsp; Metropolitan Council, Minneapolis St. Paul Metropolitan Area, Wastewater Series 2016C, GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30187 |
| &nbsp;&nbsp;&nbsp; Minneapolis Special School District No. 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 4.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014D, COP, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30120 |
| &nbsp;&nbsp;&nbsp; Minneapolis-St. Paul Metropolitan Airports Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20457 |
| &nbsp;&nbsp;&nbsp; Minnesota Higher Education Facilities Authority, Carleton College Rev., 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221314 |
| &nbsp;&nbsp;&nbsp; Minnesota Higher Education Facilities Authority, St. Olaf College Series 8-G, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minnesota Municipal Gas Agency Series 2022B, Rev., LIQ: Royal Bank of Canada, (SOFR + 1.00%), 3.56%, <br> 12/5/2022 (d)<br>| &nbsp;&nbsp; 35000000 | &nbsp;&nbsp;&nbsp;&nbsp; 33231485 |
| &nbsp;&nbsp;&nbsp; Minnesota Public Facilities Authority Series 2010A, Rev., 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50315 |
| &nbsp;&nbsp;&nbsp; Minnesota State Colleges and Universities Foundation Series 2019A, Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25495 |
| &nbsp;&nbsp;&nbsp; Minnetonka Independent School District No. 276 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016F, COP, 5.00%, 2/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, COP, 4.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116263 |
| &nbsp;&nbsp;&nbsp; Monticello Independent School District No. 882, School Building Series 2016A, GO, 2.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24963 |
| &nbsp;&nbsp;&nbsp; Northern Municipal Power Agency Series 2013A, Rev., 5.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50088 |
| &nbsp;&nbsp;&nbsp; Owatonna Independent School District No. 761 Series 2020A, GO, 4.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80199 |
| &nbsp;&nbsp;&nbsp; Prior Lake-Savage Independent School District No. 719 Series 2013C, GO, 4.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200508 |
| &nbsp;&nbsp;&nbsp; Rochester Independent School District No. 535 Series 2014A, COP, 3.00%, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25018 |
| &nbsp;&nbsp;&nbsp; Rosemount-Apple Valley-Eagan Independent School District No. 196 Series 2016A, GO, 5.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36768 |
| &nbsp;&nbsp;&nbsp; South Washington County Independent School District No. 833, School Building |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35147 |
| &nbsp;&nbsp;&nbsp; Southern Minnesota Municipal Power Agency Series 1994A, Rev., NATL-RE, Zero Coupon, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48489 |
| &nbsp;&nbsp;&nbsp; St. Cloud Independent School District No. 742 Series 2021A, COP, 3.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125312 |
| &nbsp;&nbsp;&nbsp; St. Francis Independent School District No. 15 Series 2018A, GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35142 |
| &nbsp;&nbsp;&nbsp; St. Paul Port Authority, State of Minnesota Freeman Office Building Series 2013-2, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 |
| &nbsp;&nbsp;&nbsp; Staples United Hospital District GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 |
| &nbsp;&nbsp;&nbsp; State of Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012B, GO, 2.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24885 |
| &nbsp;&nbsp;&nbsp; State of Minnesota, Tax-Exempt Series A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70785 |
| &nbsp;&nbsp;&nbsp; State of Minnesota, Trunk Highway Series 2018B, GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25414 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Minnesota — continued** | **Minnesota — continued** | **Minnesota — continued** |
| &nbsp;&nbsp;&nbsp; State of Minnesota, Various Purpose Series 2014A, GO, 5.00%, 8/1/2023 | 10000 | 10166 |
| &nbsp;&nbsp;&nbsp; Three Rivers Park District Series 2015B, GO, 3.00%, 2/1/2023 | 20000 | 20016 |
| &nbsp;&nbsp;&nbsp; West St. Paul-Mendota Heights-Eagan Independent School District No. 197 Series 2021A, GO, 5.00%, 2/1/2023 | 55000 | 55223 |
| &nbsp;&nbsp;&nbsp; White Bear Lake Independent School District No. 624 Series 2020A, GO, 4.00%, 2/1/2023 | 80000 | 80206 |
| &nbsp;&nbsp;&nbsp; Total Minnesota |  | &nbsp;&nbsp;&nbsp;&nbsp; 37813639 |
| **Mississippi — 0.2%** | **Mississippi — 0.2%** | **Mississippi — 0.2%** |
| &nbsp;&nbsp;&nbsp; City of Ridgeland GO, 4.00%, 8/1/2024 | 25000 | 25547 |
| &nbsp;&nbsp;&nbsp; City of Starkville, Water and Sewer System Rev., 4.00%, 5/1/2023 | 55000 | 55313 |
| &nbsp;&nbsp;&nbsp; County of DeSoto GO, 5.00%, 7/1/2023 | 40000 | 40518 |
| &nbsp;&nbsp;&nbsp; County of Madison GO, 2.50%, 5/1/2023 | 30000 | 30000 |
| &nbsp;&nbsp;&nbsp; Jackson State University Educational Building Corp. Series 2015A, Rev., 5.00%, 3/1/2023 | 150000 | 150855 |
| &nbsp;&nbsp;&nbsp; Madison County School District GO, 5.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25713 |
| &nbsp;&nbsp;&nbsp; Mississippi Business Finance Corp., Waste Management, Inc. Project Rev., 0.70%, 9/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1085894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mississippi Development Bank, Department of Corrections Walnut Grove Correctional Facility Refunding Bonds Project <br> Rev., 5.00%, 8/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37305 |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, Desoto Highway Construction Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30056 |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, Harrison County Series 2013A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2328808 |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, Hinds Project Rev., 5.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96559 |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, Industrial Development Authority Series B, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mississippi Development Bank, Jackson Public School District, Limited Tax Refunding Note Project Rev., 5.00%, <br> 4/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mississippi Development Bank, Madison County, Mississippi Highway Refunding Project Series 2013C, Rev., 5.00%, <br> 1/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20471 |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, Rankin County School District Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36827 |
| &nbsp;&nbsp;&nbsp; Mississippi Home Corp., Single Family Mortgage Series A, Rev., GNMA / FNMA / FHLMC COLL, 1.80%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp; Neshoba County School District COP, 3.25%, 2/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480516 |
| &nbsp;&nbsp;&nbsp; Rankin County School District, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26484 |
| &nbsp;&nbsp;&nbsp; State of Mississippi |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012H, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012H, GO, 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 5.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156240 |
| &nbsp;&nbsp;&nbsp; State of Mississippi, Tax-Exempt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012H, GO, 3.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012H, GO, 3.13%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012H, GO, 4.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Mississippi Educational Building Corp., Campus Improvement Project Series 2015C, Rev., 5.00%, <br> 11/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35778 |
| &nbsp;&nbsp;&nbsp; University of Mississippi Educational Building Corp., Facilities Refinancing Project Rev., 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203301 |
| &nbsp;&nbsp;&nbsp; University of Southern Mississippi (The), Educational Building Corp. Series 2015A, Rev., 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35199 |
| &nbsp;&nbsp;&nbsp; West Rankin Utility Authority Rev., AGM, 3.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25006 |
| &nbsp;&nbsp;&nbsp; Total Mississippi |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5503698 |
| **Missouri — 2.7%** | **Missouri — 2.7%** | **Missouri — 2.7%** |
| &nbsp;&nbsp;&nbsp; Cape Girardeau School District No. 63 GO, 4.00%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25723 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Missouri — continued** | **Missouri — continued** | **Missouri — continued** |
| &nbsp;&nbsp;&nbsp; City of Chesterfield COP, 5.00%, 12/1/2023 | 75000 | 76763 |
| &nbsp;&nbsp;&nbsp; City of Clayton Rev., 5.00%, 12/1/2022 | 115000 | 115000 |
| &nbsp;&nbsp;&nbsp; City of Excelsior Springs Series 2020B, COP, 4.00%, 3/1/2023 | 25000 | 25090 |
| &nbsp;&nbsp;&nbsp; City of Kansas City |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 3.00%, 12/1/2022 | 30000 | 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 4.00%, 12/1/2022 | 35000 | 35000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 12/1/2022 | 40000 | 40000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 12/1/2022 | 40000 | 40000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 12/1/2022 | 25000 | 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 12/1/2023 | 35000 | 35816 |
| &nbsp;&nbsp;&nbsp; City of Kansas City, Special Obligation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009E, Rev., Zero Coupon, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., Zero Coupon, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264436 |
| &nbsp;&nbsp;&nbsp; County of Clay Series 2018A, COP, 4.00%, 5/1/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30594 |
| &nbsp;&nbsp;&nbsp; County of Dunklin Rev., 3.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398180 |
| &nbsp;&nbsp;&nbsp; County of Jackson, Harry S. Truman Sports Complex Project Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135000 |
| &nbsp;&nbsp;&nbsp; County of Jackson, Special Obligation Rev., 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35473 |
| &nbsp;&nbsp;&nbsp; County of St. Louis, Special Obligation Series 2021F, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp; Hazelwood School District GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20123 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, BJC Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., VRDO, LIQ : BJC HEALTH SYSTEM, 1.81%, 12/8/2022 (c) | &nbsp;&nbsp; 13110000 | &nbsp;&nbsp;&nbsp;&nbsp; 13110000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 4.00%, 5/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5538166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, SSM Health Care Series 2014A, Rev., 5.00%, <br> 6/1/2024 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, SSM Healthcare Series F, Rev., VRDO, 1.20%, <br> 12/1/2022 (c)<br>| &nbsp;&nbsp; 40000000 | &nbsp;&nbsp;&nbsp;&nbsp; 40000000 |
| &nbsp;&nbsp;&nbsp; Hickman Mills C-1 School District Series 2020C-1, GO, 4.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50177 |
| &nbsp;&nbsp;&nbsp; Jackson County Reorganized School District No. 7, Lee's Summit R-7 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20119 |
| &nbsp;&nbsp;&nbsp; Joplin Schools, Direct Deposit Program GO, 4.00%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100249 |
| &nbsp;&nbsp;&nbsp; Ladue School District GO, 4.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20077 |
| &nbsp;&nbsp;&nbsp; Metropolitan St. Louis Sewer District, Wastewater System Series 2013B, Rev., 5.00%, 5/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65678 |
| &nbsp;&nbsp;&nbsp; Missouri Development Finance Board, Office Building Project Series 2013A, Rev., 3.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program Series <br> 2021C, Rev., GNMA / FNMA / FHLMC, 0.35%, 11/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 469204 |
| &nbsp;&nbsp;&nbsp; Missouri Joint Municipal Electric Utility Commission, Prairie State Project Series 2015A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 |
| &nbsp;&nbsp;&nbsp; Missouri State Board of Public Buildings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 4.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Environmental Improvement and Energy Resources Authority, State Revolving Funds Program Series <br> 2015B, Rev., 5.00%, 7/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking <br> Water<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60969 |
| &nbsp;&nbsp;&nbsp; Park Hill School District of Platte County, Missouri Direct Deposit Program GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40254 |
| &nbsp;&nbsp;&nbsp; Plaza at Noah's Ark Community Improvement District Rev., 3.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149048 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Missouri — continued** | **Missouri — continued** | **Missouri — continued** |
| &nbsp;&nbsp;&nbsp; Springfield School District No. R-12, Missouri Direct Deposit Program Series 2014B, GO, 5.00%, 3/1/2023 | 20000 | 20127 |
| &nbsp;&nbsp;&nbsp; St. Charles Community College GO, 4.00%, 2/15/2023 | 35000 | 35099 |
| &nbsp;&nbsp;&nbsp; St. Charles County Public Water Supply District No. 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/1/2022 | 80000 | 80000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, COP, 5.00%, 12/1/2022 | 30000 | 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 3.00%, 12/1/2023 | 45000 | 45124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, COP, 5.00%, 12/1/2023 | 50000 | 50090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Joseph Industrial Development Authority, Sewer System Improvements Project Series 2015B, Rev., 5.00%, <br> 4/1/2023<br>| 20000 | 20160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates Series 2018-XG0176, Rev., VRDO, LIQ : Royal Bank of Canada, 1.97%, <br> 12/8/2022 (c)<br>| 9500000 | 9500000 |
| &nbsp;&nbsp;&nbsp; Total Missouri |  | &nbsp;&nbsp;&nbsp;&nbsp; 71549278 |
| **Montana — 0.0% ^** | **Montana — 0.0% ^** | **Montana — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; City of Billings Series 2012A, GO, 3.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35015 |
| &nbsp;&nbsp;&nbsp; Montana Facility Finance Authority, School Health System Series 2019A, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70135 |
| &nbsp;&nbsp;&nbsp; Total Montana |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105150 |
| **Nebraska — 0.8%** | **Nebraska — 0.8%** | **Nebraska — 0.8%** |
| &nbsp;&nbsp;&nbsp; City of Lincoln, Electric System Rev., 2.70%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10016 |
| &nbsp;&nbsp;&nbsp; City of Lincoln, Stormwater Drainage and Flood Management System GO, 3.00%, 12/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40163 |
| &nbsp;&nbsp;&nbsp; City of Omaha, Sanitary Sewerage System Series 2020A, Rev., 4.00%, 4/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County of Douglas, Creighton University Projects Rev., (SIFMA Municipal Swap Index Yield + 0.53%), 2.38%, <br> 12/8/2022 (d)<br>| &nbsp;&nbsp;&nbsp; 16100000 | &nbsp;&nbsp;&nbsp;&nbsp; 15841210 |
| &nbsp;&nbsp;&nbsp; Douglas County School District No. 010, Elkhorn Public Schools Series 2019, GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25023 |
| &nbsp;&nbsp;&nbsp; Loup River Public Power District Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Metropolitan Utilities District of Omaha Gas System Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 |
| &nbsp;&nbsp;&nbsp; Metropolitan Utilities District of Omaha Water System Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 |
| &nbsp;&nbsp;&nbsp; Municipal Energy Agency of Nebraska, Power Supply System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105863 |
| &nbsp;&nbsp;&nbsp; Nebraska Cooperative Republican Platte Enhancement Project Series 2020A, Rev., 2.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 444832 |
| &nbsp;&nbsp;&nbsp; Nebraska Public Power District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 0.60%, 7/1/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012B, Rev., 5.00%, 1/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 1/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36581 |
| &nbsp;&nbsp;&nbsp; Omaha Public Facilities Corp., Omaha Baseball Stadium Project Series 2016A, Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25303 |
| &nbsp;&nbsp;&nbsp; Omaha Public Power District Nebraska City Station Unit 2 Series 2016A, Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20081 |
| &nbsp;&nbsp;&nbsp; Omaha Public Power District, Electric System Series 2016A, Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80332 |
| &nbsp;&nbsp;&nbsp; Papillion-La Vista School District No. 27 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35497 |
| &nbsp;&nbsp;&nbsp; Public Power Generation Agency, Whelan Energy Center Unit 2 Series 2015A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 829059 |
| &nbsp;&nbsp;&nbsp; State of Nebraska Series 2020A, COP, 3.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45120 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Nebraska — continued** | **Nebraska — continued** | **Nebraska — continued** |
| &nbsp;&nbsp;&nbsp; University of Nebraska Facilities Corp., UNMC Cancer Center Series 2014A, Rev., 5.00%, 2/15/2023 | 20000 | 20101 |
| &nbsp;&nbsp;&nbsp; University of Nebraska, OMAHA Student Housing Project Rev., 3.25%, 5/15/2024 (b) | 60000 | 60531 |
| &nbsp;&nbsp;&nbsp; Total Nebraska |  | &nbsp;&nbsp;&nbsp;&nbsp; 19866856 |
| **Nevada — 0.2%** | **Nevada — 0.2%** | **Nevada — 0.2%** |
| &nbsp;&nbsp;&nbsp; Carson City School District, Limited Tax Series 2019A, GO, 5.00%, 6/1/2023 | 75000 | 75893 |
| &nbsp;&nbsp;&nbsp; City of Henderson |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, GO, 4.00%, 12/1/2022 (b) | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, GO, 5.00%, 12/1/2022 (b) | 30000 | 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, GO, 5.00%, 6/1/2023 | 25000 | 25050 |
| &nbsp;&nbsp;&nbsp; Clark County School District, Limited Tax Series 2016D, GO, 5.00%, 6/15/2023 | 75000 | 75990 |
| &nbsp;&nbsp;&nbsp; Clark County School District, Limited Tax, Various Purpose Series 2016F, GO, 3.00%, 6/15/2026 | 100000 | 100014 |
| &nbsp;&nbsp;&nbsp; County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019D, Rev., 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019D, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien, McCarran International Airport <br> Series 2019A, Rev., 5.00%, 7/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192603 |
| &nbsp;&nbsp;&nbsp; County of Clark, Las Vegas Convention and Visitors Authority, Limited Tax GO, 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20291 |
| &nbsp;&nbsp;&nbsp; County of Clark, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 11/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47033 |
| &nbsp;&nbsp;&nbsp; County of Clark, Nevada Power Co. Rev., 1.65%, 3/31/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1592464 |
| &nbsp;&nbsp;&nbsp; County of Clark, Park Improvement, Limited Tax GO, 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26176 |
| &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%, 7/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25342 |
| &nbsp;&nbsp;&nbsp; County of Clark, Sales and Excise Tax Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25363 |
| &nbsp;&nbsp;&nbsp; County of Clark, Transportation Improvement, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37320 |
| &nbsp;&nbsp;&nbsp; County of Washoe, Fuel Tax Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35142 |
| &nbsp;&nbsp;&nbsp; County of Washoe, Sales Tax Series 2016A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 |
| &nbsp;&nbsp;&nbsp; Las Vegas Valley Water District, Limited Tax Series 2016B, GO, 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20249 |
| &nbsp;&nbsp;&nbsp; Las Vegas Valley Water District, Water Improvement, Limited Tax Series 2016A, GO, 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65810 |
| &nbsp;&nbsp;&nbsp; Nevada System of Higher Education Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25332 |
| &nbsp;&nbsp;&nbsp; State of Nevada Series 2012-A, GO, 4.00%, 11/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55013 |
| &nbsp;&nbsp;&nbsp; State of Nevada Highway Improvement, Motor Vehicle Fuel Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40972 |
| &nbsp;&nbsp;&nbsp; State of Nevada, Capital Improvement and Cultural Affairs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, GO, 5.00%, 11/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, GO, 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21087 |
| &nbsp;&nbsp;&nbsp; State of Nevada, Limited Tax Series 2015E, GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20082 |
| &nbsp;&nbsp;&nbsp; Washoe County School District, Limited Tax Series A, GO, PSF-GTD, 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25310 |
| &nbsp;&nbsp;&nbsp; Total Nevada |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4156448 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Hampshire — 0.0% ^** | **New Hampshire — 0.0% ^** | **New Hampshire — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; City of Dover |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, GO, 5.00%, 12/15/2022 | 50000 | 50046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/15/2023 | 35000 | 35475 |
| &nbsp;&nbsp;&nbsp; City of Keene GO, NATL-RE, 5.00%, 3/1/2023 | 20000 | 20126 |
| &nbsp;&nbsp;&nbsp; County of Rockingham, Municipal Purpose Loan GO, 3.00%, 5/15/2023 | 30000 | 30076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Health and Education Facilities Authority Act, Southern New Hampshire University Rev., 5.00%, <br> 1/1/2023 (b)<br>| 40000 | 40081 |
| &nbsp;&nbsp;&nbsp; State of New Hampshire Series 2020C, GO, 5.00%, 12/1/2022 | 35000 | 35000 |
| &nbsp;&nbsp;&nbsp; State of New Hampshire, Capital Improvement Series 2018A, GO, 5.00%, 12/1/2022 | 145000 | 145000 |
| &nbsp;&nbsp;&nbsp; Windham School District Series 2014A, GO, 5.00%, 7/15/2024 | 60000 | 62110 |
| &nbsp;&nbsp;&nbsp; Total New Hampshire |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417914 |
| **New Jersey — 9.3%** | **New Jersey — 9.3%** | **New Jersey — 9.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project Series 2016A, Rev., AGM, 5.00%, <br> 7/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30369 |
| &nbsp;&nbsp;&nbsp; Barrington Board of Education GO, 4.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35159 |
| &nbsp;&nbsp;&nbsp; Bergen County Improvement Authority (The), Guaranteed Fort Lee Board of Education |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GTD, 4.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GTD, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
| &nbsp;&nbsp;&nbsp; Borough of Bloomingdale GO, BAN, 2.00%, 2/22/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 8676000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8663861 |
| &nbsp;&nbsp;&nbsp; Borough of Englewood Cliffs GO, BAN, 2.00%, 2/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 5945049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5936892 |
| &nbsp;&nbsp;&nbsp; Borough of Glen Ridge GO, BAN, 4.00%, 7/13/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 4434625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4457964 |
| &nbsp;&nbsp;&nbsp; Borough of Haddonfield GO, BAN, 2.00%, 2/17/2023 | &nbsp;&nbsp; 11038750 | &nbsp;&nbsp;&nbsp;&nbsp; 11024071 |
| &nbsp;&nbsp;&nbsp; Borough of High Bridge GO, BAN, 3.25%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 2408350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2412098 |
| &nbsp;&nbsp;&nbsp; Borough of Hopatcong GO, BAN, 3.75%, 7/21/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 3467585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3477196 |
| &nbsp;&nbsp;&nbsp; Borough of Lakehurst GO, 2.50%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 |
| &nbsp;&nbsp;&nbsp; Borough of Lebanon GO, BAN, 3.75%, 9/11/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1063100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1067363 |
| &nbsp;&nbsp;&nbsp; Borough of Morris Plains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAN, 1.50%, 12/9/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 1415880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1415570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAN, 4.50%, 8/14/2023 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1341360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1348373 |
| &nbsp;&nbsp;&nbsp; Borough of Oakland, General Improvement GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; Borough of Pitman Series A, GO, BAN, 1.50%, 12/13/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 4287927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4286576 |
| &nbsp;&nbsp;&nbsp; Borough of Ramsey GO, BAN, 3.50%, 6/2/2023 | &nbsp;&nbsp; 10514000 | &nbsp;&nbsp;&nbsp;&nbsp; 10541691 |
| &nbsp;&nbsp;&nbsp; Borough of Riverdale GO, BAN, 3.75%, 9/7/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 8496000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8525787 |
| &nbsp;&nbsp;&nbsp; Borough of Seaside Heights GO, AGM, 2.75%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Borough of South River, General Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 |
| &nbsp;&nbsp;&nbsp; Borough of Spotswood, Water and Sewer Utilities GO, 2.25%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Brick Township Board of Education GO, 4.00%, 1/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35871 |
| &nbsp;&nbsp;&nbsp; Brick Township Municipal Utilities Authority (The) Series 2016A, Rev., GTD, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 |
| &nbsp;&nbsp;&nbsp; Burlington County Bridge Commission, Governmental Leasing Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., GTD, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25232 |
| &nbsp;&nbsp;&nbsp; Burlington County Bridge Commission, Governmental Loan Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GTD, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., GTD, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80159 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| &nbsp;&nbsp;&nbsp; Camden County Improvement Authority (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GTD, 5.00%, 1/15/2023 | 40000 | 40117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., GTD, 2.25%, 6/1/2023 | 75000 | 74878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., GTD, 4.00%, 1/15/2024 | 25000 | 25363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., GTD, 5.00%, 9/1/2024 | 25000 | 25975 |
| &nbsp;&nbsp;&nbsp; Camden County Improvement Authority (The), City Hall Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GTD, 5.00%, 12/1/2022 | 75000 | 75000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GTD, 5.00%, 12/1/2025 | 30000 | 31917 |
| &nbsp;&nbsp;&nbsp; Camden County Improvement Authority (The), Open Space Preservation Trust Fund Rev., GTD, 5.00%, 6/1/2023 | 50000 | 50097 |
| &nbsp;&nbsp;&nbsp; City of Clifton GO, 3.00%, 10/15/2023 | 20000 | 20007 |
| &nbsp;&nbsp;&nbsp; City of Elizabeth |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 2.50%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25033 |
| &nbsp;&nbsp;&nbsp; City of Englewood GO, 3.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115096 |
| &nbsp;&nbsp;&nbsp; City of Hoboken, Packaging Utility GO, 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25046 |
| &nbsp;&nbsp;&nbsp; City of Long Branch Series 2020A, GO, 5.00%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31757 |
| &nbsp;&nbsp;&nbsp; City of New Brunswick GO, 4.00%, 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40180 |
| &nbsp;&nbsp;&nbsp; City of Newark Series 2020A, GO, AGM, 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1017477 |
| &nbsp;&nbsp;&nbsp; City of Ocean City, General Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 9/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41370 |
| &nbsp;&nbsp;&nbsp; City of Orange Township GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; City of Rahway |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 4/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25297 |
| &nbsp;&nbsp;&nbsp; City of Sea Isle City GO, 3.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45130 |
| &nbsp;&nbsp;&nbsp; City of Vineland GO, BAN, 5.00%, 11/8/2023 | &nbsp;&nbsp; 24407000 | &nbsp;&nbsp;&nbsp;&nbsp; 24853084 |
| &nbsp;&nbsp;&nbsp; County of Atlantic GO, 0.50%, 6/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1805000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1719276 |
| &nbsp;&nbsp;&nbsp; County of Essex |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AC, GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20223 |
| &nbsp;&nbsp;&nbsp; County of Hudson |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 4.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41151 |
| &nbsp;&nbsp;&nbsp; County of Mercer, County College GO, 3.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20035 |
| &nbsp;&nbsp;&nbsp; County of Middlesex |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20037 |
| &nbsp;&nbsp;&nbsp; County of Middlesex, Civic Square II Redevelopment Associates LLC COP, 4.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25185 |
| &nbsp;&nbsp;&nbsp; County of Monmouth GO, 5.00%, 7/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25404 |
| &nbsp;&nbsp;&nbsp; County of Morris GO, 4.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25061 |
| &nbsp;&nbsp;&nbsp; County of Passaic Series 2015A, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; County of Passaic, Consisting of General Improvement and College |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 4/1/2023 | 25000 | 25207 |
| &nbsp;&nbsp;&nbsp; County of Union Series B, GO, 3.00%, 3/1/2023 | 40000 | 40019 |
| &nbsp;&nbsp;&nbsp; County of Union, Vocational Technical School GO, 5.00%, 3/1/2023 | 45000 | 45280 |
| &nbsp;&nbsp;&nbsp; Essex County Improvement Authority Series 2006, Rev., AMBAC, GTD, 5.25%, 12/15/2022 | 205000 | 205207 |
| &nbsp;&nbsp;&nbsp; Franklin Township Board of Education GO, 3.00%, 2/1/2023 (b) | 40000 | 40033 |
| &nbsp;&nbsp;&nbsp; Freehold Township Board of Education |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/15/2023 | 85000 | 85426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 7/15/2023 | 25000 | 25048 |
| &nbsp;&nbsp;&nbsp; Gloucester County Improvement Authority (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011A, Rev., GTD, 5.00%, 7/15/2023 | 20000 | 20298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., GTD, 5.00%, 9/1/2023 | 40000 | 40234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., GTD, 5.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15085 |
| &nbsp;&nbsp;&nbsp; Gloucester County Improvement Authority (The), GCSSSD/GCVTSD Project Rev., 4.00%, 5/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35241 |
| &nbsp;&nbsp;&nbsp; Hainesport Township School District GO, 5.00%, 1/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35892 |
| &nbsp;&nbsp;&nbsp; Holmdel Township School District GO, 4.00%, 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25102 |
| &nbsp;&nbsp;&nbsp; Hopewell Valley Regional School District GO, 3.25%, 1/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson County Improvement Authority, Capital Appreciation Series 2006A-1, Rev., GTD, NATL-RE, Zero Coupon, <br> 12/15/2022<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149859 |
| &nbsp;&nbsp;&nbsp; Hudson County Improvement Authority, County Secured, Vocational-Technical Schools Project Rev., 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272818 |
| &nbsp;&nbsp;&nbsp; Hudson County Improvement Authority, Courthouse Project Rev., 4.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41378 |
| &nbsp;&nbsp;&nbsp; Lenape Regional High School District GO, 5.00%, 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20132 |
| &nbsp;&nbsp;&nbsp; Middlesex County Improvement Authority, Open Space Trust Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GTD, 4.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011, Rev., GTD, 3.00%, 9/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30012 |
| &nbsp;&nbsp;&nbsp; Middletown Township Board of Education GO, 2.25%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711704 |
| &nbsp;&nbsp;&nbsp; Monmouth County Improvement Authority (The), Governmental Pooled Loan Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GTD, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., GTD, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; Mount Olive Township Board of Education GO, 4.00%, 7/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20176 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Motor Vehicle Surcharges Series 2017A, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50607 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, School Facilities Construction |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013NN, Rev., 5.00%, 3/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-NN, Rev., 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series XX, Rev., 5.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 2710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2742728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-II, Rev., 3.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NN, Rev., 5.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 326632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series XX, Rev., 5.00%, 6/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 824693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-II, Rev., 5.00%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NN, Rev., 5.00%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2506922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014PP, Rev., AGM-CR, 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3607372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005N1, Rev., AGM, 5.50%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NN, Rev., 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4671101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013NN, Rev., 4.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25034 |
| &nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, Princeton University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, Rev., 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25379 |
| &nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, Ramapo College Series 2015B, Rev., AGM, 4.00%, 7/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10084 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, Barnabas Health Obligated Group Series 2019B-2, Rev., 5.00%, <br> 7/1/2025 (c)<br>| 220000 | 230547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, Hackensack Meridian Health Obligated Group Rev., 5.00%, <br> 7/1/2023<br>| 20000 | 20254 |
| &nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, Valley Health System Obligated Rev., 5.00%, 7/1/2026 | 50000 | 52845 |
| &nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, Virtual Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2024 (b) | 30000 | 30729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2024 | 95000 | 97053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2025 | 135000 | 138161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2026 | 145000 | 148164 |
| &nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance Authority, Senior Student Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 12/1/2022 | 40000 | 40000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 12/1/2024 | 40000 | 41572 |
| &nbsp;&nbsp;&nbsp; New Jersey Housing and Mortgage Finance Agency, Multi-Family Series 2019B, Rev., 1.50%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89534 |
| &nbsp;&nbsp;&nbsp; New Jersey Housing and Mortgage Finance Agency, NBA-New Brunswick LLC Series C2, Rev., 3.13%, 8/1/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5046593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Housing and Mortgage Finance Agency, Riverside Senior Apartments Project Series 2019D, Rev., 2.03%, <br> 12/1/2022<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2035000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Housing and Mortgage Finance Agency, Riverside Village Family Apartment Series 2019F, Rev., 1.35%, <br> 12/1/2022<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 |
| &nbsp;&nbsp;&nbsp; New Jersey Infrastructure Bank, Environmental Infrastructure |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A-R1, Rev., 3.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007A, Rev., GTD, 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GTD, 5.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36438 |
| &nbsp;&nbsp;&nbsp; New Jersey Sports and Exposition Authority Series 2018A, Rev., 5.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196156 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A-1, Rev., 5.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1011702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35410 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation Program Series 2013AA, Rev., 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1514473 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006A, Rev., NATL-RE, 4.25%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006A, Rev., 5.25%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006A, Rev., AMBAC, 5.25%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006A, Rev., AGM-CR, 5.25%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMBAC, 5.25%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006A, Rev., 5.50%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006A, Rev., AGM-CR, 5.50%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004A, Rev., NATL-RE, 5.75%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008A, Rev., Zero Coupon, 12/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010D, Rev., 5.00%, 12/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006A, Rev., 5.50%, 12/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006C, Rev., AMBAC, Zero Coupon, 12/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2234084 |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012B, Rev., 5.00%, 1/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013F, Rev., 5.00%, 1/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1085537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newark Housing Authority Scholarship Foundation A New Jersey Non (The), South Ward Police Facility Rev., AGM, GTD, <br> 5.00%, 12/1/2022<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 |
| &nbsp;&nbsp;&nbsp; North Bergen Township Board of Education COP, 4.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75038 |
| &nbsp;&nbsp;&nbsp; Passaic County Improvement Authority (The), City of Paterson Project Rev., 5.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25326 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Passaic County Improvement Authority (The), Preakness Healthcare Center Expansion Project Rev., GTD, 2.63%, <br> 5/1/2023<br>| 100000 | 100002 |
| &nbsp;&nbsp;&nbsp; Passaic County Utilities Authority, Solid Waste Disposal Rev., GTD, 4.50%, 3/1/2024 | 75000 | 76709 |
| &nbsp;&nbsp;&nbsp; Passaic Valley Sewerage Commission, Sewer System Series G, Rev., 5.75%, 12/1/2022 | 200000 | 200000 |
| &nbsp;&nbsp;&nbsp; Pequannock Township Board of Education GO, 4.00%, 1/15/2025 | 50000 | 51317 |
| &nbsp;&nbsp;&nbsp; Pleasantville School District GO, AGM, 2.38%, 2/15/2023 | 25000 | 24989 |
| &nbsp;&nbsp;&nbsp; Ramsey School District GO, 3.13%, 1/15/2023 | 25000 | 25021 |
| &nbsp;&nbsp;&nbsp; Rancocas Valley Regional High School District GO, 5.00%, 2/1/2023 | 60000 | 60238 |
| &nbsp;&nbsp;&nbsp; Readington Township Board of Education GO, 5.00%, 7/15/2023 | 25000 | 25365 |
| &nbsp;&nbsp;&nbsp; Rutgers The State University of New Jersey Series 2016M, Rev., 5.00%, 5/1/2024 | 25000 | 25780 |
| &nbsp;&nbsp;&nbsp; South Brunswick Township Board of Education GO, 5.00%, 8/1/2024 | 45000 | 46184 |
| &nbsp;&nbsp;&nbsp; South Harrison Township School District GO, 4.00%, 1/15/2023 | 25000 | 25043 |
| &nbsp;&nbsp;&nbsp; South Orange and Maplewood School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25075 |
| &nbsp;&nbsp;&nbsp; State of New Jersey |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016T, GO, 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20674 |
| &nbsp;&nbsp;&nbsp; State of New Jersey, Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68508 |
| &nbsp;&nbsp;&nbsp; Town of Boonton GO, BAN, 4.50%, 6/23/2023 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1506039 |
| &nbsp;&nbsp;&nbsp; Town of Hammonton GO, 4.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30037 |
| &nbsp;&nbsp;&nbsp; Town of Morristown GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25153 |
| &nbsp;&nbsp;&nbsp; Township of Allamuchy, General Improvement GO, 2.50%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp; Township of Alloway GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp; Township of Berlin GO, 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20039 |
| &nbsp;&nbsp;&nbsp; Township of Bloomfield Series 2022A, GO, BAN, 2.50%, 3/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 8900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8902791 |
| &nbsp;&nbsp;&nbsp; Township of Bloomfield, General Improvement GO, 3.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40023 |
| &nbsp;&nbsp;&nbsp; Township of Bloomfield, General Improvement and Water Utility GO, 5.00%, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41081 |
| &nbsp;&nbsp;&nbsp; Township of Bloomfield, Water Improvement Utility GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25101 |
| &nbsp;&nbsp;&nbsp; Township of Bridgewater GO, 4.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25278 |
| &nbsp;&nbsp;&nbsp; Township of Colts Neck GO, 4.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41486 |
| &nbsp;&nbsp;&nbsp; Township of Delran Series A, GO, BAN, 1.50%, 12/7/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 4102947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4102273 |
| &nbsp;&nbsp;&nbsp; Township of Dennis GO, BAN, 3.25%, 6/16/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 2578444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2579979 |
| &nbsp;&nbsp;&nbsp; Township of East Amwell GO, 4.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25070 |
| &nbsp;&nbsp;&nbsp; Township of East Brunswick GO, 3.00%, 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25042 |
| &nbsp;&nbsp;&nbsp; Township of Evesham, General Improvement and Golf Utility GO, 4.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25151 |
| &nbsp;&nbsp;&nbsp; Township of Ewing, General Improvement GO, 2.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99855 |
| &nbsp;&nbsp;&nbsp; Township of Hardyston GO, 4.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40101 |
| &nbsp;&nbsp;&nbsp; Township of Harrison GO, 4.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51496 |
| &nbsp;&nbsp;&nbsp; Township of Howell Series 2022A, GO, BAN, 2.50%, 3/23/2023 | &nbsp;&nbsp; 13850000 | &nbsp;&nbsp;&nbsp;&nbsp; 13847039 |
| &nbsp;&nbsp;&nbsp; Township of Little Egg Harbor Series B, GO, BAN, 4.00%, 1/26/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 9063000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9074723 |
| &nbsp;&nbsp;&nbsp; Township of Little Falls, General Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30870 |
| &nbsp;&nbsp;&nbsp; Township of Lopatcong GO, 4.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30312 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| &nbsp;&nbsp;&nbsp; Township of Mahwah GO, 4.00%, 12/1/2022 | 70000 | 70000 |
| &nbsp;&nbsp;&nbsp; Township of Moorestown, General Improvement and Water Sewer Utility GO, 5.00%, 2/1/2023 | 25000 | 25104 |
| &nbsp;&nbsp;&nbsp; Township of Moorestown, Water and Sewer Utility GO, 5.00%, 2/1/2023 | 25000 | 25104 |
| &nbsp;&nbsp;&nbsp; Township of Nutley GO, 2.25%, 4/15/2023 | 45000 | 44927 |
| &nbsp;&nbsp;&nbsp; Township of Parsippany-Troy Hills GO, 5.00%, 7/15/2023 | 40000 | 40080 |
| &nbsp;&nbsp;&nbsp; Township of Parsippany-Troy Hills, Golf Recreation Utility GO, 3.00%, 6/1/2023 | 35000 | 35078 |
| &nbsp;&nbsp;&nbsp; Township of Pequannock GO, BAN, 4.00%, 7/12/2023 | 3752000 | 3769685 |
| &nbsp;&nbsp;&nbsp; Township of Piscataway GO, 5.00%, 12/1/2022 | 45000 | 45000 |
| &nbsp;&nbsp;&nbsp; Township of Readington, General Improvement GO, 5.00%, 1/15/2025 | 25000 | 26170 |
| &nbsp;&nbsp;&nbsp; Township of River Vale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/15/2023 | 35000 | 35271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAN, 4.00%, 7/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 3158000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3175598 |
| &nbsp;&nbsp;&nbsp; Township of South Hackensack GO, BAN, 2.00%, 2/16/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1332500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1330813 |
| &nbsp;&nbsp;&nbsp; Township of South Orange Village GO, BAN, 4.00%, 7/5/2023 | &nbsp;&nbsp;&nbsp; 20868000 | &nbsp;&nbsp;&nbsp;&nbsp; 21034994 |
| &nbsp;&nbsp;&nbsp; Township of Stafford Series 2014B, GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30126 |
| &nbsp;&nbsp;&nbsp; Township of Toms River GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 |
| &nbsp;&nbsp;&nbsp; Township of Toms River, General Improvement, Golf Utility Improvement Series 2011A, GO, 3.00%, 12/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45146 |
| &nbsp;&nbsp;&nbsp; Township of Union, General Improvement GO, 4.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25062 |
| &nbsp;&nbsp;&nbsp; Township of Upper Freehold GO, BAN, 2.50%, 3/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 9900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9898498 |
| &nbsp;&nbsp;&nbsp; Township of Washington GO, 4.00%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30748 |
| &nbsp;&nbsp;&nbsp; Township of West Deptford GO, 3.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100358 |
| &nbsp;&nbsp;&nbsp; Union County Improvement Authority, College Cranford Facility Rev., 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 |
| &nbsp;&nbsp;&nbsp; Village of Ridgewood GO, BAN, 1.50%, 1/25/2023 | &nbsp;&nbsp;&nbsp; 34432500 | &nbsp;&nbsp;&nbsp;&nbsp; 34382821 |
| &nbsp;&nbsp;&nbsp; Washington Township Fire District No.1, Gloucester GO, 1.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247559 |
| &nbsp;&nbsp;&nbsp; Washington Township Municipal Utilities Authority Series 2021A, Rev., 4.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25057 |
| &nbsp;&nbsp;&nbsp; Woodland Park School District GO, 5.00%, 4/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100888 |
| &nbsp;&nbsp;&nbsp; Wyckoff Township School District GO, 3.00%, 4/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25041 |
| &nbsp;&nbsp;&nbsp; Total New Jersey |  | &nbsp;&nbsp;&nbsp; 243827933 |
| **New Mexico — 0.0% ^** | **New Mexico — 0.0% ^** | **New Mexico — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; City of Albuquerque, Lodgers Tax and Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 3.50%, 7/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 4.00%, 7/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25215 |
| &nbsp;&nbsp;&nbsp; City of Roswell, Joint Water and Sewer Improvement Series B, Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25304 |
| &nbsp;&nbsp;&nbsp; County of Los Alamos, Gross Receipts Tax Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25297 |
| &nbsp;&nbsp;&nbsp; New Mexico Finance Authority, Senior Lien Public Project Revolving Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 6/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25895 |
| &nbsp;&nbsp;&nbsp; New Mexico Finance Authority, Subordinate Lien Public Project Revolving Fund, Tax-Exempt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, Rev., 5.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C-1, Rev., 5.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 3.50%, 6/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C-1, Rev., 4.00%, 6/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30651 |
| &nbsp;&nbsp;&nbsp; State of New Mexico, Capital Projects GO, 5.00%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57843 |
| &nbsp;&nbsp;&nbsp; University of New Mexico (The), Subordinate Lien System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40467 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Mexico — continued** | **New Mexico — continued** | **New Mexico — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014C, Rev., 5.00%, 6/1/2024 | 25000 | 25824 |
| &nbsp;&nbsp;&nbsp; Village of Los Lunas Rev., 3.00%, 4/1/2023 | 20000 | 20015 |
| &nbsp;&nbsp;&nbsp; Total New Mexico |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 595568 |
| **New York — 18.9%** | **New York — 18.9%** | **New York — 18.9%** |
| &nbsp;&nbsp;&nbsp; Albany City School District Series 2022A, GO, BAN, 2.50%, 3/24/2023 | 65135156 | 65053717 |
| &nbsp;&nbsp;&nbsp; Amherst Central School District GO, 5.00%, 2/1/2023 | 70000 | 70294 |
| &nbsp;&nbsp;&nbsp; Arlington Central School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012B, GO, 4.00%, 12/15/2022 | 25000 | 25013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 5/15/2023 | 10000 | 10111 |
| &nbsp;&nbsp;&nbsp; Bay Shore Union Free School District GO, 5.00%, 1/15/2023 | 15000 | 15045 |
| &nbsp;&nbsp;&nbsp; Bedford Central School District, Boces Project GO, 3.00%, 11/15/2023 | 25000 | 25009 |
| &nbsp;&nbsp;&nbsp; Berlin Central School District GO, BAN, 4.00%, 6/28/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 8635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8638574 |
| &nbsp;&nbsp;&nbsp; Bethlehem Central School District GO, 5.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20272 |
| &nbsp;&nbsp;&nbsp; Broome County Local Development Corp., Good Shepherd Village at Endwell, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.50%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438654 |
| &nbsp;&nbsp;&nbsp; Brunswick Central School District GO, BAN, 4.00%, 6/29/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7531636 |
| &nbsp;&nbsp;&nbsp; Buffalo Municipal Water Finance Authority Series 2021A, Rev., AGM, 4.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126005 |
| &nbsp;&nbsp;&nbsp; Central Square Central School District GO, 4.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25203 |
| &nbsp;&nbsp;&nbsp; City of Beacon, Public Improvement Series 2018A, GO, 3.00%, 5/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30062 |
| &nbsp;&nbsp;&nbsp; City of Buffalo Series 2012D, GO, AGM, 2.25%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; City of Buffalo, General Improvement GO, 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50401 |
| &nbsp;&nbsp;&nbsp; City of Ithaca GO, BAN, 2.00%, 2/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 7745493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7740259 |
| &nbsp;&nbsp;&nbsp; City of Ithaca, Public Improvement GO, 4.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25046 |
| &nbsp;&nbsp;&nbsp; City of New Rochelle GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35168 |
| &nbsp;&nbsp;&nbsp; City of New York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-I, GO, 5.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013J, GO, 5.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, GO, 5.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, GO, 5.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, GO, 5.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries F-1, GO, 5.00%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004A-6, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013J, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series J, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Subseries F-1, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40151 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2012 Series 2012-I, GO, 5.00%, 8/1/2023 | 615000 | 616228 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2012, Tax-Exempt Series I, GO, 5.00%, 8/1/2025 | 185000 | 185400 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2013 Series 2013E, GO, 4.50%, 8/1/2023 | 55000 | 55179 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2013, Tax-Exempt Series F, Subseries F-1, GO, 5.00%, 3/1/2024 | 170000 | 171019 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2014 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, Subseries 2014I-1, GO, 5.00%, 3/1/2023 (b) | 5000 | 5031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014I-1, GO, 5.00%, 3/1/2024 | 75000 | 77232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014E, GO, 5.00%, 8/1/2024 | 35000 | 35561 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2015 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, GO, 5.00%, 8/1/2023 | 240000 | 243926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 8/1/2026 | 30000 | 31072 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2016 Series E, GO, 5.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93575 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2017 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B-1, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42417 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2018 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Subseries B-4, GO, VRDO, LIQ: Barclays Bank plc, 1.20%, 12/1/2022 (c) | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018F-1, GO, 4.00%, 4/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30926 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2019 Series D, Subseries D-4, GO, VRDO, LIQ: Barclays Bank plc, 1.20%, 12/1/2022 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp; City of New York, Tax-Exempt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Subseries A-1, GO, 5.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries A-1, GO, 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015C, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Subseries A-1, GO, 5.25%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61064 |
| &nbsp;&nbsp;&nbsp; City of Rochester Series 2018-1, GO, 4.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215633 |
| &nbsp;&nbsp;&nbsp; City of Syracuse, Public Improvement Series 2019A, GO, 4.00%, 5/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20136 |
| &nbsp;&nbsp;&nbsp; Cooperstown Central School District GO, BAN, 4.00%, 6/28/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 5204000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5229141 |
| &nbsp;&nbsp;&nbsp; Corning City School District Series A, GO, BAN, 4.00%, 6/26/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 5119500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5155923 |
| &nbsp;&nbsp;&nbsp; County of Chemung, Public Improvement GO, 3.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40006 |
| &nbsp;&nbsp;&nbsp; County of Livingston, Public Improvement GO, 4.00%, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35576 |
| &nbsp;&nbsp;&nbsp; County of Nassau, General Improvement Series 2016A, GO, 5.00%, 1/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52289 |
| &nbsp;&nbsp;&nbsp; County of Onondaga |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25179 |
| &nbsp;&nbsp;&nbsp; County of Orange Series 2015A, GO, AGM, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70443 |
| &nbsp;&nbsp;&nbsp; County of Putnam, Public Improvement GO, 4.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20036 |
| &nbsp;&nbsp;&nbsp; County of Rockland, Various Purpose GO, AGM, 2.75%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; County of Saratoga GO, BAN, 4.00%, 9/22/2023 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10071626 |
| &nbsp;&nbsp;&nbsp; County of Westchester |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012B, GO, 2.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34927 |
| &nbsp;&nbsp;&nbsp; Dunkirk City School District GO, BAN, 4.00%, 6/28/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 7200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7234784 |
| &nbsp;&nbsp;&nbsp; East Aurora Union Free School District GO, AGM, 5.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45589 |
| &nbsp;&nbsp;&nbsp; East Greenbush Central School District Series 2019A, GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30028 |
| &nbsp;&nbsp;&nbsp; Erie County Industrial Development Agency (The), City School District of the City of Buffalo Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75714 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp; Erie County Water Authority Rev., 5.00%, 12/1/2022 | 245000 | 245000 |
| &nbsp;&nbsp;&nbsp; Fairport Central School District GO, 4.00%, 6/15/2023 | 20000 | 20164 |
| &nbsp;&nbsp;&nbsp; Freeport Union Free School District GO, 5.00%, 12/1/2022 | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp; Goshen Central School District GO, 2.00%, 12/1/2022 | 35000 | 35000 |
| &nbsp;&nbsp;&nbsp; Grand Island Central School District GO, 5.00%, 12/1/2022 | 135000 | 135000 |
| &nbsp;&nbsp;&nbsp; Greece Central School District Series B, GO, 5.00%, 12/15/2022 | 25000 | 25023 |
| &nbsp;&nbsp;&nbsp; Greene Central School District Series B, GO, BAN, 4.00%, 6/29/2023 | 11678000 | 11760002 |
| &nbsp;&nbsp;&nbsp; Greenport Union Free School District GO, BAN, 3.50%, 6/23/2023 | 2880000 | 2885113 |
| &nbsp;&nbsp;&nbsp; Hudson Yards Infrastructure Corp., Second Indenture |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 4.00%, 2/15/2023 | 45000 | 45135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 2/15/2023 | 565000 | 567830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 2/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20971 |
| &nbsp;&nbsp;&nbsp; Iroquois Central School District GO, 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26286 |
| &nbsp;&nbsp;&nbsp; Island Trees Union Free School District GO, 4.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25031 |
| &nbsp;&nbsp;&nbsp; Long Island Power Authority, Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 0.85%, 9/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 1.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288009 |
| &nbsp;&nbsp;&nbsp; Longwood Central School District Suffolk County GO, 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20253 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2002D-1, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A-1, Rev., BAN, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 6960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6979578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 5/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., AGM-CR, 5.00%, 5/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014C, Rev., 5.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012F, Rev., 5.00%, 11/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 11/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012D, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1466508 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Dedicated Tax Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 1065000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1065000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 5.00%, 11/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013B-1, Rev., 5.00%, 11/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1641999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25030 |
| &nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., The Rochester General Hospital Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013B, Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-B, Rev., 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., University of Rochester Project Series 2013A, Rev., 5.00%, <br> 7/1/2023 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20289 |
| &nbsp;&nbsp;&nbsp; Moravia Central School District GO, AGM, 2.50%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199982 |
| &nbsp;&nbsp;&nbsp; Moriah Central School District GO, BAN, 3.75%, 7/13/2023 | &nbsp;&nbsp;&nbsp; 14750000 | &nbsp;&nbsp;&nbsp;&nbsp; 14818791 |
| &nbsp;&nbsp;&nbsp; Mount Vernon City School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 9/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25464 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp; New York City Health and Hospitals Corp., Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008C, Rev., VRDO, LOC : TD Bank NA, 1.91%, 12/9/2022 (c) | 25000000 | 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 2/15/2023 | 465000 | 467148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Industrial Development Agency, Queens Baseball Stadium Project Series 2021A, Rev., AGM, 5.00%, <br> 1/1/2028<br>| 1250000 | 1359393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Second General Resolution Series 2009BB-1, Rev., VRDO, LIQ: UBS <br> AG, 1.18%, 12/1/2022 (c)<br>| 4485000 | 4485000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal year 2012 Subseries 2012A-1, Rev., <br> VRDO, LIQ: Mizuho Bank Ltd., 1.20%, 12/1/2022 (c)<br>| 5200000 | 5200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Building Aid, Fiscal Year 2016 Series 2016S-1, Rev., 5.00%, <br> 7/15/2023 (b)<br>| 45000 | 45693 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013 I, Rev., 5.00%, 5/1/2023 | 45000 | 45477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries F-1, Rev., 5.00%, 2/1/2024 | 20000 | 20079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Subseries B-1, Rev., 5.00%, 8/1/2024 | 25000 | 25993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2011 Subseries A-4, Rev., VRDO, <br> LIQ: Barclays Bank plc, 1.20%, 12/1/2022 (c)<br>| &nbsp;&nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 2.00%, 11/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, Rev., 5.00%, 11/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, Rev., 3.00%, 5/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, Rev., 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55526 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014B-1, Rev., 5.00%, 11/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries C, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015 Series B, Subseries B-1, Rev., <br> 3.00%, 8/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2016 Series 2016A-1, Rev., 4.00%, <br> 8/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017 Series 2017F-1, Rev., 5.00%, <br> 5/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25850 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2018 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A-1, Rev., 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Subseries B-1, Rev., 5.00%, 8/1/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Subseries B-1, Rev., 5.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2020 Series 2020A, Rev., 5.00%, <br> 5/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20212 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Subseries E-1, Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, Subseries C-1, Rev., 5.00%, 5/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2022 Series 2022B, Rev., 5.00%, <br> 8/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 551051 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F-1, Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries F-1, Rev., 5.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 521988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries F-1, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2013 Series 2013H, Rev., <br> 5.00%, 11/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70714 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2016 Subseries E-1, Rev., <br> 5.00%, 2/1/2025<br>| 125000 | 131342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Water and Sewer System, Second General Resolution, Fiscal Year 2018 Series 2018CC-2, Rev., 5.00%, <br> 12/15/2022<br>| 310000 | 310275 |
| &nbsp;&nbsp;&nbsp; New York City Water and Sewer System, Second General Resolution, Fiscal Year 2019 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019DD-2, Rev., 5.00%, 12/15/2022 | 90000 | 90080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019DD-2, Rev., 5.00%, 6/15/2025 | 25000 | 25602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Water and Sewer System, Second General Resolution, Fiscal Year 2020 Series CC, Rev., 4.00%, <br> 6/15/2023 (b)<br>| 35000 | 35286 |
| &nbsp;&nbsp;&nbsp; New York Municipal Bond Bank Agency, Prior Year Claims |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 4.00%, 12/1/2022 | 175000 | 175000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 5.00%, 12/1/2022 | 85000 | 85000 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Rev., 5.00%, 3/15/2023 (b) | 25000 | 25178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Rev., 5.00%, 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10017 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Barnard College Series 2020A, Rev., 4.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30224 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Great Neck Library Series 2014, Rev., 3.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50119 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai Series 2015A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36847 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Northwell Health Obligated Group Series 2019B2, Rev., 5.00%, 5/1/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Onondaga-Cortland-Madison Board of Cooperative Educational Services Rev., <br> 5.00%, 8/15/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25410 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, School Districts Financing Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AGM, 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017G, Rev., 4.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012D, Rev., AGM, 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015D, Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016G, Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40812 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021E, Rev., 5.00%, 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 2/15/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20594 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax, General Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 4.00%, 12/15/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 5.00%, 12/15/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1436350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 2/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 2/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 3/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 4.00%, 2/15/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 2/15/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 2/15/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019D, Rev., 5.00%, 2/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41164 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Sales Tax |  |  |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **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 2013A, Rev., 5.00%, 3/15/2023 (b) | 1190000 | 1198646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 3/15/2023 | 215000 | 216589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 3/15/2023 | 270000 | 271996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 3/15/2023 | 95000 | 95702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.00%, 3/15/2023 | 20000 | 20148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 3/15/2024 (b) | 50000 | 51534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 3/15/2025 (b) | 25000 | 26320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Third General Resolution, State University Educational Facilities Series 2005A, <br> Rev., NATL-RE, 5.50%, 5/15/2023<br>| 30000 | 30405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Energy Research and Development Authority, Electric and Gas Corp. Project Series 2004C, Rev., <br> 2.63%, 7/3/2023 (c)<br>| 425000 | 423280 |
| &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 2015A, Rev., 5.00%, 6/15/2023 | 20000 | 20275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40535 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., State Revolving Funds, Master Financing Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012E, Rev., 5.00%, 5/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Housing Finance Agency, Historic Front Street Series 2003A, Rev., VRDO, LOC : Landesbank <br> Hessen-Thuringen Girozentrale, 1.95%, 12/9/2022 (c)<br>| &nbsp;&nbsp;&nbsp; 22000000 | &nbsp;&nbsp;&nbsp;&nbsp; 22000000 |
| &nbsp;&nbsp;&nbsp; New York State Thruway Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series J, Rev., 3.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 546067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K, Rev., 5.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series L, Rev., 5.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40985 |
| &nbsp;&nbsp;&nbsp; New York State Thruway Authority, State Personal Income Tax, Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 3/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 3/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60402 |
| &nbsp;&nbsp;&nbsp; New York State Urban Development Corp., Income Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013D, Rev., 5.00%, 3/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A, Rev., 5.00%, 3/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31542 |
| &nbsp;&nbsp;&nbsp; New York State Urban Development Corp., State Personal Income Tax, General Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013C, Rev., 5.00%, 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013C, Rev., 5.00%, 3/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 483488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013D, Rev., 5.00%, 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013E-A, Rev., 5.00%, 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013E-B, Rev., 5.00%, 3/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., 5.00%, 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 3/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 3/15/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development Corp., State Personal Income Tax, State Facilities and Equipment Series A-2, Rev., <br> NATL - RE, 5.50%, 3/15/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30264 |
| &nbsp;&nbsp;&nbsp; New York State Urban Development Corp., State Sales Tax Series 2021A, Rev., 5.00%, 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50370 |
| &nbsp;&nbsp;&nbsp; Niskayuna Central School District GO, 4.00%, 4/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70379 |
| &nbsp;&nbsp;&nbsp; Norwood-Norfolk Central School District GO, BAN, 3.75%, 6/29/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 8055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8082606 |
| &nbsp;&nbsp;&nbsp; Odessa-Montour Central School District GO, BAN, 4.00%, 6/30/2023 | &nbsp;&nbsp;&nbsp; 14071000 | &nbsp;&nbsp;&nbsp;&nbsp; 14144252 |
| &nbsp;&nbsp;&nbsp; Onondaga County Water Authority Series 2015A, Rev., 2.25%, 9/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39887 |
| &nbsp;&nbsp;&nbsp; Otselic Valley Central School District GO, BAN, 4.00%, 6/29/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 4320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4343652 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp; Pearl River Union Free School District GO, 2.00%, 6/1/2023 | 20000 | 19922 |
| &nbsp;&nbsp;&nbsp; Pembroke Central School District GO, BAN, 4.00%, 6/30/2023 | 3790536 | 3810923 |
| &nbsp;&nbsp;&nbsp; Pittsford Central School District Series 2012B, GO, 4.00%, 12/15/2022 | 20000 | 20011 |
| &nbsp;&nbsp;&nbsp; Pleasantville Union Free School District GO, 5.00%, 5/1/2023 | 20000 | 20204 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York and New Jersey Series 175, Rev., 4.00%, 12/1/2026 | 25000 | 25022 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York and New Jersey, Consolidated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 209, Rev., 5.00%, 7/15/2023 | 20000 | 20303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 189, Rev., 5.00%, 5/1/2025 | 45000 | 47382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 175, Rev., 5.00%, 12/1/2025 | 100000 | 100204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 179, Rev., 5.00%, 12/1/2025 | 175000 | 179165 |
| &nbsp;&nbsp;&nbsp; Port Washington Union Free School District GO, 5.00%, 12/1/2022 | 60000 | 60000 |
| &nbsp;&nbsp;&nbsp; Putnam Valley Central School District GO, BAN, 3.75%, 7/14/2023 | &nbsp;&nbsp;&nbsp; 11130000 | &nbsp;&nbsp;&nbsp;&nbsp; 11198986 |
| &nbsp;&nbsp;&nbsp; Queensbury Union Free School District Series A, GO, BAN, 3.50%, 6/28/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 8370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8388692 |
| &nbsp;&nbsp;&nbsp; Rockland County Solid Waste Management Authority Series 2018A, Rev., 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60050 |
| &nbsp;&nbsp;&nbsp; Sales Tax Asset Receivable Corp., Fiscal Year 2015 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 10/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 10/15/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 10/15/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26133 |
| &nbsp;&nbsp;&nbsp; Sandy Creek Central School District GO, BAN, 3.25%, 6/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 4757648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4761640 |
| &nbsp;&nbsp;&nbsp; Saratoga Springs City School District GO, BAN, 3.50%, 6/29/2023 | &nbsp;&nbsp;&nbsp; 12012000 | &nbsp;&nbsp;&nbsp;&nbsp; 12016985 |
| &nbsp;&nbsp;&nbsp; Sayville Union Free School District GO, 3.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25075 |
| &nbsp;&nbsp;&nbsp; Shenendehowa Central School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65195 |
| &nbsp;&nbsp;&nbsp; South Country Central School District at Brookhaven GO, 5.00%, 10/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35703 |
| &nbsp;&nbsp;&nbsp; South Huntington Union Free School District GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35033 |
| &nbsp;&nbsp;&nbsp; Southwestern Central School District GO, BAN, 3.75%, 7/19/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 3950723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3966432 |
| &nbsp;&nbsp;&nbsp; State of New York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, GO, 3.00%, 3/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, GO, 5.00%, 3/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25183 |
| &nbsp;&nbsp;&nbsp; Suffolk County Water Authority, Water System Series 2014A, Rev., 5.00%, 6/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20250 |
| &nbsp;&nbsp;&nbsp; Sweet Home Central School District GO, BAN, 3.75%, 6/28/2023 | &nbsp;&nbsp;&nbsp; 31110218 | &nbsp;&nbsp;&nbsp;&nbsp; 31282068 |
| &nbsp;&nbsp;&nbsp; Syosset Central School District Series 2013B, GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40037 |
| &nbsp;&nbsp;&nbsp; Three Village Central School District Brookhaven & Smithtown |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 5/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31619 |
| &nbsp;&nbsp;&nbsp; Town of Colonie, Public Improvement GO, AGM, 2.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49901 |
| &nbsp;&nbsp;&nbsp; Town of Cornwall, Public Improvement GO, 3.50%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40031 |
| &nbsp;&nbsp;&nbsp; Town of Harrison, Public Improvement GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp; Town of Hempstead Series 2018A, GO, 5.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35490 |
| &nbsp;&nbsp;&nbsp; Town of Oyster Bay GO, 3.00%, 3/9/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25044 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013C, Rev., 5.00%, 5/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008B-1, Rev., 5.00%, 11/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 11/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012B, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40082 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **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 2013A, Rev., 5.00%, 11/15/2026 | 85000 | 85931 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012B, Rev., 5.00%, 11/15/2023 | 1120000 | 1122191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 11/15/2023 | 20000 | 20454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012B, Rev., 5.00%, 11/15/2024 | 235000 | 236307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012B, Rev., 4.00%, 11/15/2025 | 355000 | 355360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 11/15/2025 | 390000 | 394270 |
| &nbsp;&nbsp;&nbsp; Trust for Cultural Resources of City of New York (The), Carnegie Hall Rev., 5.00%, 12/1/2022 | 55000 | 55000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trust for Cultural Resources of City of New York (The), The Museum of Modern Art Series 2016-1-E, Rev., 4.00%, <br> 2/1/2023 (b)<br>| 240000 | 240613 |
| &nbsp;&nbsp;&nbsp; Tully Central School District GO, BAN, 4.00%, 6/28/2023 | 3400000 | 3416426 |
| &nbsp;&nbsp;&nbsp; Utility Debt Securitization Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25612 |
| &nbsp;&nbsp;&nbsp; Utility Debt Securitization Authority, Restructuring Rev., 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25330 |
| &nbsp;&nbsp;&nbsp; Valhalla Union Free School District GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25106 |
| &nbsp;&nbsp;&nbsp; Van Spencer Etten Central School GO, 4.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25174 |
| &nbsp;&nbsp;&nbsp; Vestal Central School District GO, BAN, 4.00%, 9/29/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 639740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 643902 |
| &nbsp;&nbsp;&nbsp; Victor Central School District Series B, GO, BAN, 3.75%, 9/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 2267382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2277998 |
| &nbsp;&nbsp;&nbsp; Village of Frankfort, Public Improvement GO, AGM, 3.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25055 |
| &nbsp;&nbsp;&nbsp; Village of Garden City GO, BAN, 2.00%, 2/17/2023 | &nbsp;&nbsp;&nbsp; 44685000 | &nbsp;&nbsp;&nbsp;&nbsp; 44641602 |
| &nbsp;&nbsp;&nbsp; Village of Mount Kisco, Various Purpose GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; Washingtonville Central School District GO, 5.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65848 |
| &nbsp;&nbsp;&nbsp; Waverly Central School District GO, BAN, 3.75%, 7/27/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2508566 |
| &nbsp;&nbsp;&nbsp; Wayland-Cohocton Central School District GO, BAN, 3.25%, 6/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9012530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project Series 2021D, Rev., <br> 2.88%, 7/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1816409 |
| &nbsp;&nbsp;&nbsp; William Floyd Union Free School District of the Mastics-Moriches-Shirley GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25023 |
| &nbsp;&nbsp;&nbsp; Total New York |  | &nbsp;&nbsp;&nbsp; 492177999 |
| **North Carolina — 1.6%** | **North Carolina — 1.6%** | **North Carolina — 1.6%** |
| &nbsp;&nbsp;&nbsp; Charlotte-Mecklenburg Hospital Authority (The), Carolinas Healthcare System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 4.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte-Mecklenburg Hospital Authority (The), Healthcare System, Atrium Health Series 2018C, Rev., 5.00%, <br> 3/1/2023 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 915139 |
| &nbsp;&nbsp;&nbsp; City of Charlotte |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013C, COP, 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013B, GO, 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of Charlotte, Airport Special Facilities, Charlotte Douglas International Airport Series 2017A, Rev., 5.00%, <br> 7/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36241 |
| &nbsp;&nbsp;&nbsp; City of Charlotte, Convention Facility Project Series 2019A, COP, 5.00%, 6/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62067 |
| &nbsp;&nbsp;&nbsp; City of Charlotte, Equipment Acquisition and Public Facilities Series 2016A, COP, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30699 |
| &nbsp;&nbsp;&nbsp; City of Durham GO, 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10185 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **North Carolina — continued** | **North Carolina — continued** | **North Carolina — continued** |
| &nbsp;&nbsp;&nbsp; City of Greensboro GO, 5.00%, 2/1/2023 | 25000 | 25106 |
| &nbsp;&nbsp;&nbsp; City of Raleigh Series 2020A, Rev., 5.00%, 6/1/2023 | 25000 | 25310 |
| &nbsp;&nbsp;&nbsp; City of Raleigh, Combined Enterprise System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 12/1/2022 | 25000 | 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2023 (b) | 20000 | 20125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 3/1/2023 (b) | 25000 | 25157 |
| &nbsp;&nbsp;&nbsp; City of Raleigh, Limited Obligation Rev., 5.00%, 2/1/2024 | 50000 | 51380 |
| &nbsp;&nbsp;&nbsp; County of Alamance GO, 5.00%, 2/1/2023 | 55000 | 55232 |
| &nbsp;&nbsp;&nbsp; County of Brunswick, Enterprise Systems Rev., 5.00%, 4/1/2023 | 25000 | 25205 |
| &nbsp;&nbsp;&nbsp; County of Cabarrus GO, 5.00%, 3/1/2023 | 20000 | 20126 |
| &nbsp;&nbsp;&nbsp; County of Chatham, Limited Obligation Rev., 4.00%, 12/1/2022 (b) | 20000 | 20000 |
| &nbsp;&nbsp;&nbsp; County of Chatham, Public Facility Corp. Rev., GTD, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; County of Forsyth |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25595 |
| &nbsp;&nbsp;&nbsp; County of Forsyth, Public Improvement GO, 4.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125150 |
| &nbsp;&nbsp;&nbsp; County of Harnett, Limited Obligation Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; County of Johnson, Limited Obligation Series 2020A, Rev., 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10085 |
| &nbsp;&nbsp;&nbsp; County of Mecklenburg Series 2011-C, GO, 5.25%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; County of New Hanover, Community College Series 2013A, GO, 3.00%, 6/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20048 |
| &nbsp;&nbsp;&nbsp; County of New Hanover, Limited Obligation Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; County of Onslow GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp; County of Onslow, Limited Obligation Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20249 |
| &nbsp;&nbsp;&nbsp; County of Sampson, Limited Obligation Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 |
| &nbsp;&nbsp;&nbsp; County of Wake, Hospital System Rev., NATL-RE, 5.13%, 10/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105088 |
| &nbsp;&nbsp;&nbsp; County of Wake, Limited Obligation Series 2016A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; County of Wake, Public Improvement Series 2018A, GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25159 |
| &nbsp;&nbsp;&nbsp; Durham Capital Financing Corp., Limited Obligation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20250 |
| &nbsp;&nbsp;&nbsp; Durham Housing Authority, Multi-Family Housing, JFK Towers Project Series 2012A, Rev., 5.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405000 |
| &nbsp;&nbsp;&nbsp; Greenville Utilities Commission Rev., 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75634 |
| &nbsp;&nbsp;&nbsp; Jacksonville Public Facilities Corp. Rev., 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20165 |
| &nbsp;&nbsp;&nbsp; North Carolina Capital Facilities Finance Agency, Duke University Project Series 2015B, Rev., 5.00%, 10/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21313 |
| &nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, Homeownership |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA / FNMA / FHLMC COLL, 0.15%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 43, Rev., GNMA / FNMA / FHLMC, 1.35%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 45, Rev., GNMA / FNMA / FHLMC COLL, 0.40%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 44, Rev., 1.50%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234151 |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Caromont Health Series 2021B, Rev., 5.00%, 2/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Moses Cone Health System Series 2004A, Rev., VRDO, 1.84%, <br> 12/8/2022 (c)<br>| &nbsp;&nbsp; 28900000 | &nbsp;&nbsp;&nbsp;&nbsp; 28900000 |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Novant Health Series 2013A, Rev., 5.00%, 11/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160275 |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., VRDO, 2.20%, 12/1/2022 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6710000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012B, Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240433 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **North Carolina — continued** | **North Carolina — continued** | **North Carolina — continued** |
| &nbsp;&nbsp;&nbsp; North Carolina Municipal Power Agency No. 1, Catawba Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 1/1/2023 | 20000 | 20041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 1/1/2024 | 25000 | 25637 |
| &nbsp;&nbsp;&nbsp; North Carolina State University at Raleigh Series 2013A, Rev., 5.00%, 10/1/2023 (b) | 20000 | 20403 |
| &nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, Senior Lien Rev., 5.00%, 1/1/2023 | 600000 | 601051 |
| &nbsp;&nbsp;&nbsp; Onslow Water & Sewer Authority, Combined Enterprise System Rev., 5.00%, 12/1/2022 | 65000 | 65000 |
| &nbsp;&nbsp;&nbsp; Orange County Public Facilities Co., Limited Obligation Rev., 5.00%, 10/1/2023 | 40000 | 40805 |
| &nbsp;&nbsp;&nbsp; State of North Carolina |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2023 | 265000 | 266629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 5/1/2023 | 10000 | 10107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 6/1/2023 | 25000 | 25321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41165 |
| &nbsp;&nbsp;&nbsp; State of North Carolina, Limited Obligation Series 2013A, Rev., 2.25%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9742 |
| &nbsp;&nbsp;&nbsp; Town of Cary, Combined Utility Enterprise System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 |
| &nbsp;&nbsp;&nbsp; Town of Oak Island, Enterprise System Rev., AGM, 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10120 |
| &nbsp;&nbsp;&nbsp; University of North Carolina, School of the Arts Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185683 |
| &nbsp;&nbsp;&nbsp; Total North Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 41860217 |
| **North Dakota — 0.1%** | **North Dakota — 0.1%** | **North Dakota — 0.1%** |
| &nbsp;&nbsp;&nbsp; City of Fargo Series 2019A, GO, 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20203 |
| &nbsp;&nbsp;&nbsp; City of Grand Forks Series 2017B, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 |
| &nbsp;&nbsp;&nbsp; City of Grand Forks, Altru Health System Rev., 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123587 |
| &nbsp;&nbsp;&nbsp; City of Watford City Rev., AGM, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; City of West Fargo Series 2017A, GO, 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25248 |
| &nbsp;&nbsp;&nbsp; County of Stutsman Series 2014A, GO, 4.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25266 |
| &nbsp;&nbsp;&nbsp; Minot Public School District No. 1 GO, 4.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25878 |
| &nbsp;&nbsp;&nbsp; North Dakota Building Authority, Facilities Improvement Series 2020A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290000 |
| &nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, Home Mortgage Finance Program Series 2020B, Rev., 1.05%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115770 |
| &nbsp;&nbsp;&nbsp; North Dakota Public Finance Authority, Capital Financing Program Series 2019A, Rev., 1.75%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425148 |
| &nbsp;&nbsp;&nbsp; North Dakota Public Finance Authority, State Revolving Fund Program Series 2012A, Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35069 |
| &nbsp;&nbsp;&nbsp; North Dakota State University of Housing and Auxiliary Facilities Series 2015A, Rev., 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20157 |
| &nbsp;&nbsp;&nbsp; West Fargo Public School District No. 6, School Building GO, 4.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40876 |
| &nbsp;&nbsp;&nbsp; Total North Dakota |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1212202 |
| **Ohio — 5.4%** | **Ohio — 5.4%** | **Ohio — 5.4%** |
| &nbsp;&nbsp;&nbsp; Akron Bath Copley Joint Township Hospital District, Children's Hospital Medical Center of Akron |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511343 |
| &nbsp;&nbsp;&nbsp; American Municipal Power, Inc. Series 2019-B, Rev., 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 838925 |
| &nbsp;&nbsp;&nbsp; American Municipal Power, Inc., Combined Hydroelectric Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 663103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346622 |
| &nbsp;&nbsp;&nbsp; American Municipal Power, Inc., Prairie State Energy Campus Project Series 2015A, Rev., 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76912 |
| &nbsp;&nbsp;&nbsp; Bellbrook-Sugarcreek Local School District, School Improvement, Unlimited Tax GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; Big Walnut Local School District, Unlimited Tax Series 2021A, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp; Bowling Green State University, General Receipts Series 2020A, Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20233 |
| &nbsp;&nbsp;&nbsp; Brock Independent School District, Unlimited Tax, School Facilities Improvement GO, 5.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105298 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| &nbsp;&nbsp;&nbsp; Butler County Port Authority, Liberty Center Project Series 2014A, Rev., 5.00%, 12/1/2022 (b) | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp; Butler County Transportation Improvement District, Highway Improvement 4.00%, 12/1/2022 | 30000 | 30000 |
| &nbsp;&nbsp;&nbsp; Centerville City School District, School Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/1/2022 (b) | 20000 | 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2022 (b) | 60000 | 60000 |
| &nbsp;&nbsp;&nbsp; Central Ohio Solid Waste Authority, Solid Waste Facilities, Limited Tax GO, 5.00%, 12/1/2023 | 45000 | 46085 |
| &nbsp;&nbsp;&nbsp; Champion Local School District, Classroom Facilities Series 2016-2, GO, 1.75%, 12/1/2022 | 35000 | 35000 |
| &nbsp;&nbsp;&nbsp; City of Akron, Income Tax Rev., 5.00%, 12/1/2023 | 20000 | 20476 |
| &nbsp;&nbsp;&nbsp; City of Akron, Income Tax, Community Learning Centers Rev., 5.00%, 12/1/2022 | 85000 | 85000 |
| &nbsp;&nbsp;&nbsp; City of Akron, Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 2.25%, 12/1/2022 | 75000 | 75000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; City of Athens, Swimming Pool Facilities GO, 3.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25106 |
| &nbsp;&nbsp;&nbsp; City of Cincinnati, Unlimited Tax, Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35851 |
| &nbsp;&nbsp;&nbsp; City of Cleveland, Various Purpose GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 |
| &nbsp;&nbsp;&nbsp; City of Delaware, Limited Tax Series 2019B, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp; City of Dublin, Various Purpose GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; City of Fairview Park, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 |
| &nbsp;&nbsp;&nbsp; City of Hilliard, Limited Tax, Various Purpose Series 2019A, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; City of Kettering GO, 2.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; City of Lima, Sanitary Sewer System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp; City of Marysville, Limited Tax GO, 2.25%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 |
| &nbsp;&nbsp;&nbsp; City of Mentor, Limited tax, Various Purpose GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; City of Middletown GO, 2.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; City of New Albany, Limited Tax GO, 3.50%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp; City of Newark GO, 2.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp; City of North Olmsted, Capital Improvement, Limited Tax GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; City of Reynoldsburg, Limited Tax, Capital Facilities GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; City of Sharonville, Special Obligation Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; City of Springboro, Various Purpose, Limited Tax GO, 2.25%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
| &nbsp;&nbsp;&nbsp; City of Tiffin, Limited Tax, Capital Improvement GO, 2.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; City of Westerville, Special Obligation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25595 |
| &nbsp;&nbsp;&nbsp; Clear Fork Valley Local School District COP, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Cleveland Municipal School District Series 2015A, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 |
| &nbsp;&nbsp;&nbsp; Clyde-Green Springs Exempted Village School District COP, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 |
| &nbsp;&nbsp;&nbsp; Columbus City School District, Limited Tax, School Facilities Construction and Improvement GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbus City School District, Ohio School Facilities Construction and Improvement, Unlimited Tax GO, 4.00%, <br> 12/1/2022<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| &nbsp;&nbsp;&nbsp; Columbus Metropolitan Library, Ohio Library Facilities, Special Obligation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2022 | 135000 | 135000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2024 | 20000 | 20499 |
| &nbsp;&nbsp;&nbsp; County of Allen, Hospital Facilities, Bon Secours Mercy Health, Inc. Series 2020A, Rev., 5.00%, 12/1/2022 | 25000 | 25000 |
| &nbsp;&nbsp;&nbsp; County of Allen, Hospital Facilities, Mercy Health Series 2017A, Rev., 5.00%, 8/1/2024 | 570000 | 591409 |
| &nbsp;&nbsp;&nbsp; County of Butler, Sewer System Rev., 4.00%, 12/1/2022 | 55000 | 55000 |
| &nbsp;&nbsp;&nbsp; County of Cuyahoga, Capital Improvement, Limited Tax Series 2020A, GO, 4.00%, 12/1/2022 | 220000 | 220000 |
| &nbsp;&nbsp;&nbsp; County of Cuyahoga, Ohio Economic Development Series 2020D, Rev., 4.00%, 12/1/2022 | 495000 | 495000 |
| &nbsp;&nbsp;&nbsp; County of Cuyahoga, Public Library Fund, Library Facilities Rev., 4.00%, 12/1/2022 | 70000 | 70000 |
| &nbsp;&nbsp;&nbsp; County of Cuyahoga, Sports Facilities Improvement Project, Excise Tax Rev., 5.00%, 12/1/2022 (b) | 105000 | 105000 |
| &nbsp;&nbsp;&nbsp; County of Delaware, Sanitary Sewer System Improvement Rev., 4.00%, 12/1/2022 | 25000 | 25000 |
| &nbsp;&nbsp;&nbsp; County of Franklin, Hospital Facilities, OhioHealth Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018D, Rev., VRDO, 1.92%, 12/9/2022 (c) | &nbsp;&nbsp; 30000000 | &nbsp;&nbsp;&nbsp;&nbsp; 30000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35402 |
| &nbsp;&nbsp;&nbsp; County of Franklin, Limited Tax GO, 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25314 |
| &nbsp;&nbsp;&nbsp; County of Franklin, Various Purpose, Limited Tax GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; County of Geauga, South Franklin Circle Project Rev., 8.00%, 12/31/2022 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5008389 |
| &nbsp;&nbsp;&nbsp; County of Greene, Sewer System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007A, Rev., AMBAC, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51165 |
| &nbsp;&nbsp;&nbsp; County of Hamilton, Parking Facilities, Limited Tax Series 2021A, GO, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25585 |
| &nbsp;&nbsp;&nbsp; County of Hamilton, Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2000B, Rev., AMBAC, Zero Coupon, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445000 |
| &nbsp;&nbsp;&nbsp; County of Hamilton, Sewer System, The Metropolitan Sewer District of Greater Cincinnati |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 |
| &nbsp;&nbsp;&nbsp; County of Lake, Various Purpose GO, 3.50%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; County of Lorain, Various Purpose, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 |
| &nbsp;&nbsp;&nbsp; County of Mahoning, Various Purpose, Limited Tax GO, AGM, 2.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; County of Medina, Limited Tax GO, 2.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; County of Montgomery, Catholic Health Initiatives Series 2008D-2, Rev., 5.45%, 11/13/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143653 |
| &nbsp;&nbsp;&nbsp; County of Portage, Limited Tax GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 |
| &nbsp;&nbsp;&nbsp; County of Stark, Communication System, Limited Tax GO, 2.50%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; County of Summit, Various Purpose GO, 4.50%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 |
| &nbsp;&nbsp;&nbsp; County of Union, Memorial Hospital, Various Purpose GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 |
| &nbsp;&nbsp;&nbsp; Cuyahoga Community College District, Facilities Construction Improvement, Unlimited Tax GO, 3.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20087 |
| &nbsp;&nbsp;&nbsp; Cuyahoga Metropolitan Housing Authority Rev., 4.75%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4474298 |
| &nbsp;&nbsp;&nbsp; Dayton Metro Library, Unlimited Tax GO, 4.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41045 |
| &nbsp;&nbsp;&nbsp; Defiance City School District, Various Purpose GO, 5.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 |
| &nbsp;&nbsp;&nbsp; Dublin City School District, School Facilities Construction and Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20538 |
| &nbsp;&nbsp;&nbsp; Dublin City School District, Various Purpose Series 2013A, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| &nbsp;&nbsp;&nbsp; Eastwood Local School District COP, 3.00%, 6/1/2023 | 30000 | 30033 |
| &nbsp;&nbsp;&nbsp; Eaton Community City School District, Unlimited Tax GO, 4.00%, 12/1/2022 | 25000 | 25000 |
| &nbsp;&nbsp;&nbsp; Edgewood City School District GO, 5.00%, 12/1/2022 | 45000 | 45000 |
| &nbsp;&nbsp;&nbsp; Forest Hills Local School District, School Improvement GO, 4.00%, 12/1/2022 | 40000 | 40000 |
| &nbsp;&nbsp;&nbsp; Franklin City School District GO, AMBAC, Zero Coupon, 12/1/2022 | 30000 | 30000 |
| &nbsp;&nbsp;&nbsp; Franklin County Convention Facilities Authority, Tax Lease |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2023 (b) | 50000 | 51200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2024 (b) | 75000 | 78498 |
| &nbsp;&nbsp;&nbsp; Gahanna-Jefferson City School District GO, 3.00%, 12/1/2022 | 75000 | 75000 |
| &nbsp;&nbsp;&nbsp; Galion City School District GO, Zero Coupon, 12/1/2022 | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp; Greater Cleveland Regional Transit Authority, Sales Tax Supported Capital Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320000 |
| &nbsp;&nbsp;&nbsp; Greene County Vocational School District, School Facilities Construction and Improvement GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; Hamilton City School District, Various Purpose, Unlimited Tax GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 |
| &nbsp;&nbsp;&nbsp; Highland Local School District, Medina County GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 |
| &nbsp;&nbsp;&nbsp; Hilliard School District Series 2013A, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 |
| &nbsp;&nbsp;&nbsp; Hocking Technical College District Rev., 5.00%, 7/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40543 |
| &nbsp;&nbsp;&nbsp; Kettering City School District COP, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Lake Local School District, School Improvement, Unlimited Tax GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; Lakewood City School District, School Facilities Improvement, Unlimited Tax GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; Lakota Local School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 |
| &nbsp;&nbsp;&nbsp; Licking County Career and Technology Education Centers GO, 3.13%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50019 |
| &nbsp;&nbsp;&nbsp; Lorain County Community College District Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Lucas-Plaza Housing Development Corp. Rev., FHA, Zero Coupon, 6/1/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 777110 |
| &nbsp;&nbsp;&nbsp; Marysville Exempted Village School District, School Improvement GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp; Miami East Local School District, School Improvement GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 |
| &nbsp;&nbsp;&nbsp; Miamisburg City School District GO, 2.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Middletown City School District GO, 5.25%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 |
| &nbsp;&nbsp;&nbsp; New Albany Plain Local School District, School Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.75%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 |
| &nbsp;&nbsp;&nbsp; New Albany Plain Local School District, Various Purpose GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Northeast Ohio Regional Sewer District, Wastewater Improvement Rev., 5.00%, 5/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40457 |
| &nbsp;&nbsp;&nbsp; Northwest Local School District, School Improvement, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46058 |
| &nbsp;&nbsp;&nbsp; Oak Hills Local School District, School Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20446 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Case Western Reserve University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., (SIFMA Municipal Swap Index Yield + 0.23%), 2.08%, 12/8/2022 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5315983 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Case Western Reserve, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2023 (b) | 45000 | 45991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2023 | 100000 | 102330 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, University of Dayton 2013 Project Rev., 5.00%, 12/1/2022 | 20000 | 20000 |
| &nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, Marianna Terrace Apartments Series 2022A, Rev., 1.30%, 3/1/2024 (c) | 1000000 | 974821 |
| &nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, RAD Post Oak LLC Series 2022, Rev., 3.35%, 7/1/2024 (c) | 4740000 | 4710984 |
| &nbsp;&nbsp;&nbsp; Ohio State University (The), General Receipts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010D, Rev., 5.00%, 12/1/2022 | 45000 | 45000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 12/1/2022 | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 12/1/2022 | 160000 | 160000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 5.00%, 6/1/2023 | 20000 | 20256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010D, Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40984 |
| &nbsp;&nbsp;&nbsp; Ohio State University (The), General Receipts, Multiyear Debt Issuance Program II Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 |
| &nbsp;&nbsp;&nbsp; Ohio State University (The), General Receipts, Special Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 6/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20204 |
| &nbsp;&nbsp;&nbsp; Ohio Turnpike and Infrastructure Commission, Junior Lien, Infrastructure Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A-1, Rev., 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1251436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A-1, Rev., 5.25%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8045358 |
| &nbsp;&nbsp;&nbsp; Ohio University, General Receipts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority, Drinking Water Assistance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority, Fresh Water |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority, Water Pollution Control Loan Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 |
| &nbsp;&nbsp;&nbsp; Olentangy Local School District Series B, GO, 4.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp; Olentangy Local School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 4.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
| &nbsp;&nbsp;&nbsp; Orange City School District, Unlimited Tax GO, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40940 |
| &nbsp;&nbsp;&nbsp; Ottawa and Glandorf Local School District, Unlimited Tax GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Patrick Henry Local School District, Ohio School Facilities Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, COP, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 |
| &nbsp;&nbsp;&nbsp; Perry Local School District COP, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; Perrysburg Exempted Village School District, Unlimited Tax GO, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port of Greater Cincinnati Development Authority, Mariemont City School District Project, Tax-Exempt Rev., 5.00%, <br> 12/1/2022<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp; Princeton City School District GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; Revere Local School District, School Facilities Improvement, Unlimited Tax Series 2017C, GO, Zero Coupon, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135000 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| &nbsp;&nbsp;&nbsp; Reynoldsburg City School District, Unlimited Tax GO, 5.00%, 12/1/2022 | 160000 | 160000 |
| &nbsp;&nbsp;&nbsp; Rossford Exempted Village School District, School Facilities Project COP, 5.00%, 12/1/2022 | 30000 | 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shaker Heights City School District, School Facilities Improvement, Unlimited Tax Series 2018A, GO, 2.25%, <br> 12/15/2022<br>| 50000 | 49995 |
| &nbsp;&nbsp;&nbsp; Shaker Heights Public Library COP, 2.00%, 12/1/2022 | 85000 | 85000 |
| &nbsp;&nbsp;&nbsp; Southwest Licking Local School District, School Facilities Project COP, 4.00%, 12/1/2022 | 245000 | 245000 |
| &nbsp;&nbsp;&nbsp; Stark County Library District, Library Facilities Rev., 4.00%, 12/1/2022 | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp; State of Ohio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 12/15/2023 | 35000 | 35879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 12/1/2024 | 25000 | 26131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 2/1/2025 | 50000 | 52440 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Adult Correctional Building Fund Projects Series 2013A, Rev., 5.00%, 10/1/2024 | 35000 | 36522 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Capital Facilities Lease Appropriation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Capital Facilities Lease Appropriation Cultural and Sports Facilities Building Fund Projects Series 2016A, <br> Rev., 5.00%, 10/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Capital Facilities Lease Appropriation Park and Recreation Improvement Fund Projects Series 2020A, <br> Rev., 5.00%, 12/1/2022<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Capital Facilities Lease Appropriation, Parks and Recreation Improvement Fund Projects Series 2016C, <br> Rev., 5.00%, 12/1/2022<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Cleveland Clinic Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019D-2, Rev., VRDO, 1.92%, 12/9/2022 (c) | &nbsp;&nbsp; 20890000 | &nbsp;&nbsp;&nbsp;&nbsp; 20890000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20038 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Common Schools Series 2016A, GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170158 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Garvee Series 2018-1, Rev., 5.00%, 12/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31382 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Higher Education |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, GO, 4.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011A, GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, GO, 4.00%, 5/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81606 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Highway Improvement Series T, GO, 5.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97130 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Infrastructure Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, GO, 5.00%, 3/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012C, GO, 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, GO, 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, GO, 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31874 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Juvenile Correctional Building Fund Projects Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35713 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Major New Infrastructure Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1, Rev., 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Rev., 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Rev., 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1, Rev., 5.00%, 12/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Rev., 5.00%, 12/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Rev., 5.00%, 12/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25630 |
| &nbsp;&nbsp;&nbsp; State of Ohio, State Infrastructure Series 2019A, GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20127 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| &nbsp;&nbsp;&nbsp; State of Ohio, University Hospitals Health System, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., VRDO, 2.20%, 12/1/2022 (c) | 15500000 | 15500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., VRDO, 2.20%, 12/9/2022 (c) | 14000000 | 14000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 1/15/2025 (c) | 295000 | 305348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 4.13%, 1/15/2026 | 95000 | 95083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 1/15/2027 | 4325000 | 4332913 |
| &nbsp;&nbsp;&nbsp; Streetsboro City School District, School Improvement, Unlimited Tax GO, 2.00%, 12/1/2022 | 25000 | 25000 |
| &nbsp;&nbsp;&nbsp; Strongsville City School District, Unlimited Tax Improvement GO, 4.00%, 12/1/2022 | 45000 | 45000 |
| &nbsp;&nbsp;&nbsp; Sylvania City School District, School Improvement, Unlimited Tax GO, 2.25%, 12/1/2022 | 25000 | 25000 |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., VRDO, LIQ: Citibank NA, 1.92%, 12/8/2022 (c) | 4000000 | 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-XF2703, GO, VRDO, LIQ: Barclays Bank plc, 1.95%, 12/8/2022 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp;&nbsp; Toledo City School District, School Facilities Improvement GO, 5.00%, 12/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20470 |
| &nbsp;&nbsp;&nbsp; Township of West Chester, Various Purpose, Limited Tax GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; Trotwood-Madison City School District, Unlimited Tax, School Improvement GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp; United Local School District, Columbiana County COP, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; University of Akron (The), General Receipts Series 2016A, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25049 |
| &nbsp;&nbsp;&nbsp; University of Cincinnati, General Receipts Series 2012C, Rev., 5.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 |
| &nbsp;&nbsp;&nbsp; Village of Bluffton, Ohio Hospital Facilities, Blanchard Valley Health System Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 |
| &nbsp;&nbsp;&nbsp; Village of Evendale Ohio Public Infrastructure, Income Tax Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Village of Hebron, Water System Mortgage Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 |
| &nbsp;&nbsp;&nbsp; Warren City School District, Unlimited Tax GO, 2.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; Westerville City School District, School Facilities Project COP, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30699 |
| &nbsp;&nbsp;&nbsp; Westerville City School District, Unlimited Tax GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Worthington City School District, School Facilities Construction and Improvement, Unlimited Tax GO, 4.00%, <br> 12/1/2022<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 |
| &nbsp;&nbsp;&nbsp; Total Ohio |  | &nbsp;&nbsp;&nbsp; 141462895 |
| **Oklahoma — 1.2%** | **Oklahoma — 1.2%** | **Oklahoma — 1.2%** |
| &nbsp;&nbsp;&nbsp; Bryan County School Finance Authority, Durant Public Schools Project Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; Canadian County Independent School District No. 69 Mustang GO, 2.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44808 |
| &nbsp;&nbsp;&nbsp; City of Norman GO, 4.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60450 |
| &nbsp;&nbsp;&nbsp; City of Oklahoma City GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25155 |
| &nbsp;&nbsp;&nbsp; Cleveland County Independent School District No. 2 Moore, Combined Purpose GO, 3.50%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380689 |
| &nbsp;&nbsp;&nbsp; Cleveland County Independent School District No. 29 Norman, Combined Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, GO, 3.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10016 |
| &nbsp;&nbsp;&nbsp; Clinton Public Works Authority, Sales Tax Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grady County School Finance Authority, Educational Facilities Lease, Tuttle Public Schools Project Rev., 5.00%, <br> 9/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10167 |
| &nbsp;&nbsp;&nbsp; Oklahoma Capitol Improvement Authority, Office of Juvenile Affairs Project Series 2019B, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Capitol Improvement Authority, State Highway Capital Improvement, Capitol Repair Project Series 2017B, <br> Rev., 5.00%, 1/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35073 |
| &nbsp;&nbsp;&nbsp; Oklahoma County Finance Authority, Deer Creek Public Schools Project Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project Rev., <br> 5.00%, 10/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31633 |
| &nbsp;&nbsp;&nbsp; Oklahoma County Finance Authority, Western Heights Public Schools Project Series 2018A, Rev., 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma County Independent School District No. 89 Oklahoma City, Combined Purpose Series 2019A, GO, 3.00%, <br> 7/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95247 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Oklahoma — continued** | **Oklahoma — continued** | **Oklahoma — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, Health System, Integris Obligated Group Series 2020C, Rev., VRDO, 2.32%, <br> 12/9/2022 (c)<br>| 29125000 | 29125000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, Higher Education Master Real Project Series 2019A, Rev., 5.00%, <br> 12/1/2022<br>| 50000 | 50000 |
| &nbsp;&nbsp;&nbsp; Oklahoma Turnpike Authority, Second Senior Series 2017E, Rev., 4.00%, 1/1/2023 | 30000 | 30036 |
| &nbsp;&nbsp;&nbsp; Oklahoma Water Resources Board, Master Trust Series 2013A, Rev., 5.00%, 4/1/2023 (b) | 15000 | 15125 |
| &nbsp;&nbsp;&nbsp; Tulsa County Independent School District No. 1, Combined Purpose Series 2018B, GO, 3.00%, 8/1/2023 | 35000 | 35122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tulsa County Industrial Authority Educational Facilities Lease, Broken Arrow Public Schools Project Rev., 5.00%, <br> 9/1/2025<br>| 35000 | 35584 |
| &nbsp;&nbsp;&nbsp; Tulsa Metropolitan Utility Authority Series 2019A, Rev., 5.00%, 4/1/2023 | 10000 | 10083 |
| &nbsp;&nbsp;&nbsp; Tulsa Public Facilities Authority, Capital Improvement Rev., 3.00%, 6/1/2023 | 110000 | 110176 |
| &nbsp;&nbsp;&nbsp; Total Oklahoma |  | &nbsp;&nbsp;&nbsp;&nbsp; 30354866 |
| **Oregon — 0.2%** | **Oregon — 0.2%** | **Oregon — 0.2%** |
| &nbsp;&nbsp;&nbsp; City of Beaverton Series 2020A, Rev., 5.00%, 6/1/2023 | 30000 | 30365 |
| &nbsp;&nbsp;&nbsp; City of Bend, Bridge Creek Project Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 |
| &nbsp;&nbsp;&nbsp; City of Eugene, Electric Utility System Rev., 4.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140128 |
| &nbsp;&nbsp;&nbsp; City of Hermiston GO, 3.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25027 |
| &nbsp;&nbsp;&nbsp; City of McMinnville GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45183 |
| &nbsp;&nbsp;&nbsp; City of Portland, Water System, Second Lien Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20160 |
| &nbsp;&nbsp;&nbsp; City of Salem GO, 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30380 |
| &nbsp;&nbsp;&nbsp; City of Salem, Water and Sewer Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20253 |
| &nbsp;&nbsp;&nbsp; City of St. Helens GO, 3.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25065 |
| &nbsp;&nbsp;&nbsp; Clackamas Community College District Series B, GO, Zero Coupon, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19691 |
| &nbsp;&nbsp;&nbsp; Columbia Multnomah and Washington Counties School District No. 1J GO, 5.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35458 |
| &nbsp;&nbsp;&nbsp; County of Clatsop GO, 4.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20159 |
| &nbsp;&nbsp;&nbsp; County of Yamhill, George Fox University Project Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 |
| &nbsp;&nbsp;&nbsp; Deschutes and Jefferson Counties School District No. 2J Redmond Series 2008B, GO, Zero Coupon, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19704 |
| &nbsp;&nbsp;&nbsp; Hillsboro School District No. 1J GO, 5.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10133 |
| &nbsp;&nbsp;&nbsp; Hospital Facilities Authority of Multnomah County Oregon, Adventist Health System Rev., 5.00%, 3/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262456 |
| &nbsp;&nbsp;&nbsp; Klamath Falls City Schools Series 2015A, GO, 5.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30391 |
| &nbsp;&nbsp;&nbsp; Lane County School District No. 52 Bethel GO, 4.00%, 6/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25202 |
| &nbsp;&nbsp;&nbsp; Lebanon Rural Fire Protection District GO, 5.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25306 |
| &nbsp;&nbsp;&nbsp; Metro Series 2012A, GO, 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85114 |
| &nbsp;&nbsp;&nbsp; Metro, Oregon Convention Center Hotel Project Rev., 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21109 |
| &nbsp;&nbsp;&nbsp; Oregon State Lottery Series A, Rev., 4.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100503 |
| &nbsp;&nbsp;&nbsp; Portland Community College District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 6/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30407 |
| &nbsp;&nbsp;&nbsp; Salem Hospital Facility Authority, Salem Health Project Series 2019A, Rev., 5.00%, 5/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25254 |
| &nbsp;&nbsp;&nbsp; State of Oregon Series F, GO, 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45477 |
| &nbsp;&nbsp;&nbsp; State of Oregon Department of Administrative Services Series 2010-F, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 2460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2460000 |
| &nbsp;&nbsp;&nbsp; State of Oregon, Article XI-F(1) University Projects Series I, GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20333 |
| &nbsp;&nbsp;&nbsp; State of Oregon, Article XI-Q State Projects Series 2019A, GO, 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45477 |
| &nbsp;&nbsp;&nbsp; State of Oregon, Housing and Community Services Department, Single-Family Mortgage Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 0.88%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 3.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 0.90%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 421056 |
| &nbsp;&nbsp;&nbsp; State of Oregon, University System Series 2013A, GO, 3.25%, 8/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25113 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Oregon — continued** | **Oregon — continued** | **Oregon — continued** |
| &nbsp;&nbsp;&nbsp; State of Oregon, Veterans Welfare Series 2018E-102, GO, 2.45%, 12/1/2022 | 25000 | 25000 |
| &nbsp;&nbsp;&nbsp; Tri-County Metropolitan Transportation District of Oregon Series 2017A, Rev., 5.00%, 10/1/2023 | 45000 | 45854 |
| &nbsp;&nbsp;&nbsp; Washington County Clean Water Services, Senior Lien Rev., 5.00%, 10/1/2023 | 20000 | 20406 |
| &nbsp;&nbsp;&nbsp; Total Oregon |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5073540 |
| **Pennsylvania — 3.3%** | **Pennsylvania — 3.3%** | **Pennsylvania — 3.3%** |
| &nbsp;&nbsp;&nbsp; Abington School District Series 2021AA, GO, 5.00%, 3/15/2023 | 40000 | 40277 |
| &nbsp;&nbsp;&nbsp; Allegheny County Higher Education Building Authority, Duquesne University Series 2014A, Rev., 5.00%, 3/1/2023 | 50000 | 50261 |
| &nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority Series 2018-A, Rev., 5.00%, 4/1/2023 | 350000 | 352634 |
| &nbsp;&nbsp;&nbsp; Allegheny County Sanitary Authority, Sewer Rev., 5.00%, 12/1/2022 | 345000 | 345000 |
| &nbsp;&nbsp;&nbsp; Altoona Area School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 3.00%, 12/1/2022 (b) | 20000 | 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 3.13%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 |
| &nbsp;&nbsp;&nbsp; Bethel Park School District GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37004 |
| &nbsp;&nbsp;&nbsp; Bristol Township School District GO, 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25290 |
| &nbsp;&nbsp;&nbsp; Bucks County Water and Sewer Authority, Sewer System Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240000 |
| &nbsp;&nbsp;&nbsp; Carlisle Area School District, Limited Tax GO, 3.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25107 |
| &nbsp;&nbsp;&nbsp; Centennial School District Bucks County |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, GO, 5.00%, 12/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 12/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26081 |
| &nbsp;&nbsp;&nbsp; Central Dauphin School District GO, 2.00%, 2/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19981 |
| &nbsp;&nbsp;&nbsp; Cheltenham Township School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 9/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 4.00%, 2/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20481 |
| &nbsp;&nbsp;&nbsp; Chester County Industrial Development Authority, Longwood Gardens Project Rev., 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
| &nbsp;&nbsp;&nbsp; Commonwealth Financing Authority Series B, Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10112 |
| &nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, Tobacco Master Settlement Payment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 3465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3568915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41900 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Pennsylvania |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1, GO, 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4008423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, GO, 4.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, GO, 5.00%, 1/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1, GO, 5.00%, 6/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21623 |
| &nbsp;&nbsp;&nbsp; Council Rock School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 4.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36150 |
| &nbsp;&nbsp;&nbsp; County of Adams Series 2017B, GO, 5.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25543 |
| &nbsp;&nbsp;&nbsp; County of Allegheny |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C-69, GO, 5.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C-70, GO, 5.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C-69, GO, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50096 |
| &nbsp;&nbsp;&nbsp; County of Bucks GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 |
| &nbsp;&nbsp;&nbsp; County of Dauphin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, GO, 4.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25287 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 11/15/2023 | 35000 | 35457 |
| &nbsp;&nbsp;&nbsp; County of Lancaster GO, 5.00%, 5/1/2023 | 45000 | 45451 |
| &nbsp;&nbsp;&nbsp; County of Luzerne Series 2017A, GO, AGM, 5.00%, 12/15/2022 | 60000 | 60051 |
| &nbsp;&nbsp;&nbsp; County of Montgomery Series 2009C, GO, 5.00%, 12/15/2023 | 25000 | 25049 |
| &nbsp;&nbsp;&nbsp; County of Westmoreland |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, GO, 5.00%, 12/1/2022 (b) | 30000 | 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, GO, 5.00%, 12/1/2022 | 105000 | 105000 |
| &nbsp;&nbsp;&nbsp; County of York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 3.00%, 12/1/2022 | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2022 | 30000 | 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/1/2023 (b) | 20000 | 20250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 3.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30083 |
| &nbsp;&nbsp;&nbsp; Crawford Central School District Series 2012A, GO, AGM, 4.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50059 |
| &nbsp;&nbsp;&nbsp; Cumberland Valley School District Series 2018A, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265000 |
| &nbsp;&nbsp;&nbsp; Delaware County Authority, Villanova University Rev., 5.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derry Township Industrial and Commercial Development Authority, Derry Township Municipal Center Project Rev., <br> 1.00%, 11/15/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155571 |
| &nbsp;&nbsp;&nbsp; East Penn School District GO, 4.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45536 |
| &nbsp;&nbsp;&nbsp; Economy Borough Municipal Authority, Sewer Rev., 3.13%, 12/15/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20004 |
| &nbsp;&nbsp;&nbsp; Elizabeth Forward School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, GO, AGM, 2.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, GO, AGM, 2.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, GO, AGM, 2.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, GO, AGM, 2.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9880 |
| &nbsp;&nbsp;&nbsp; Garnet Valley School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25113 |
| &nbsp;&nbsp;&nbsp; Geisinger Authority, Health System Series 2020B, Rev., 5.00%, 2/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153285 |
| &nbsp;&nbsp;&nbsp; Gettysburg Area School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 1/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20454 |
| &nbsp;&nbsp;&nbsp; Governor Mifflin School District Series 2012B, GO, 4.00%, 4/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25123 |
| &nbsp;&nbsp;&nbsp; Hamburg Area School District GO, 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120975 |
| &nbsp;&nbsp;&nbsp; Hanover Public School District GO, 4.50%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25106 |
| &nbsp;&nbsp;&nbsp; Hatboro-Horsham School District Series B, GO, 5.00%, 3/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80581 |
| &nbsp;&nbsp;&nbsp; Hollidaysburg Sewer Authority Rev., AGM, GTD, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; Kennett Consolidated School District Series 2018AA, GO, 4.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55177 |
| &nbsp;&nbsp;&nbsp; Lancaster Industrial Development Authority, Garden Spot Village Project Rev., 5.38%, 5/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65764 |
| &nbsp;&nbsp;&nbsp; Marple Newtown School District GO, 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30375 |
| &nbsp;&nbsp;&nbsp; Methacton School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77385 |
| &nbsp;&nbsp;&nbsp; Monroeville Finance Authority, University of Pittsburg Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013B, Rev., 3.50%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21199 |
| &nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2023 | 125000 | 125696 |
| &nbsp;&nbsp;&nbsp; New Kensington Municipal Sanitary Authority Rev., AGM, 3.45%, 12/1/2022 (b) | 20000 | 20000 |
| &nbsp;&nbsp;&nbsp; North Allegheny School District, Unlimited Tax Series 2019A, GO, 4.00%, 5/1/2024 | 25000 | 25439 |
| &nbsp;&nbsp;&nbsp; North Hills School District Series 2016A, GO, 5.00%, 12/15/2022 | 20000 | 20018 |
| &nbsp;&nbsp;&nbsp; North Penn School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 3.00%, 1/15/2023 | 20000 | 20014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 3.00%, 1/15/2025 | 30000 | 30146 |
| &nbsp;&nbsp;&nbsp; North Penn Water Authority Rev., (SIFMA Municipal Swap Index Yield + 0.56%), 2.41%, 12/8/2022 (d) | 1225000 | 1224031 |
| &nbsp;&nbsp;&nbsp; Northampton County General Purpose Authority, Lafayette College Rev., 5.00%, 11/1/2023 | 30000 | 30642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northampton County General Purpose Authority, St. Luke's University Health Network Project Series 2016A, Rev., <br> 5.00%, 8/15/2023<br>| 45000 | 45628 |
| &nbsp;&nbsp;&nbsp; Owen J Roberts School District GO, 5.00%, 5/15/2023 (b) | 70000 | 70800 |
| &nbsp;&nbsp;&nbsp; Oxford Area School District Series 2019A, GO, 4.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40377 |
| &nbsp;&nbsp;&nbsp; Parkland School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 4.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, PPL Electric Utilities Corporation Project Rev., 0.40%, <br> 10/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 776847 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, University of Pittsburgh Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, Subseries C1, Rev., (SIFMA Municipal Swap Index Yield + 0.37%), 2.22%, 12/8/2022 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1492342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1765284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26809 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, BRYN MAWR College |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73098 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, Drexel University Rev., 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267524 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, Philadelphia University Rev., 5.00%, 6/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, State System of Higher Education Series AN, Rev., 5.00%, <br> 6/15/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25311 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, Trustees of the University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25510 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Single Family Mortgage Series 2019-130A, Rev., 1.40%, 4/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254939 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010C-3, Rev., Zero Coupon, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012B, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012B, Rev., AGM, 5.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 12/1/2022 | 140000 | 140000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 12/1/2022 (b) | 70000 | 70000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 12/1/2022 | 440000 | 440000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, LOC : TD Bank NA, 1.81%, 12/8/2022 (c) | 8000000 | 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Rev., VRDO, LOC : TD Bank NA, 1.81%, 12/8/2022 (c) | 14095000 | 14095000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., VRDO, LOC : Barclays Bank plc, 1.82%, 12/8/2022 (c) | 40000000 | 40000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 2.45%, 12/8/2022 (d) | 25000 | 24998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 6/1/2023 | 25000 | 25279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011A, Rev., 5.00%, 12/1/2023 | 35000 | 35819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 12/1/2023 | 25000 | 25585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Motor License Fund, Enhanced, Subordinate Series 2013A, Rev., 5.00%, <br> 12/1/2022 (b)<br>| 145000 | 145000 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Motor License Fund-Enhanced |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012B, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Oil Franchise Tax Series A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 5.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175329 |
| &nbsp;&nbsp;&nbsp; Perkiomen Valley School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25735 |
| &nbsp;&nbsp;&nbsp; Peters Township School District Washington County GO, 5.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21257 |
| &nbsp;&nbsp;&nbsp; Pittsburgh School District GO, AGM, 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25453 |
| &nbsp;&nbsp;&nbsp; Reading Area Water Authority Rev., AGM, 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75439 |
| &nbsp;&nbsp;&nbsp; Southeastern Pennsylvania Transportation Authority Rev., 5.00%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47195 |
| &nbsp;&nbsp;&nbsp; Southeastern Pennsylvania Transportation Authority, Capital Grant Receipts Rev., 5.00%, 6/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20674 |
| &nbsp;&nbsp;&nbsp; Southern Lehigh School District Series A, GO, 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35600 |
| &nbsp;&nbsp;&nbsp; Sports and Exhibition Authority of Pittsburgh and Allegheny County, Sales Tax Rev., AGM, 4.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1788761 |
| &nbsp;&nbsp;&nbsp; State College Area School District GO, 4.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Public School Building Authority, The School District of the City of Harrisburg Project Series 2016A, Rev., AGM, <br> 4.00%, 12/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Public School Building Authority, Westmoreland County Community College Series 2016A, Rev., AGM, 5.00%, <br> 10/15/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10204 |
| &nbsp;&nbsp;&nbsp; Sto Rox School District GO, 3.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150011 |
| &nbsp;&nbsp;&nbsp; Susquehanna Township School District GO, 4.00%, 5/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25165 |
| &nbsp;&nbsp;&nbsp; Township of Cranberry GO, 4.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35137 |
| &nbsp;&nbsp;&nbsp; Township of Hempfield GO, 5.00%, 10/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35700 |
| &nbsp;&nbsp;&nbsp; Township of Lower Merion GO, 5.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20060 |
| &nbsp;&nbsp;&nbsp; Township of Lower Paxton GO, 4.00%, 4/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30493 |
| &nbsp;&nbsp;&nbsp; Township of Palmer Series 2020A, GO, 5.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30655 |
| &nbsp;&nbsp;&nbsp; Troy Area School District Bradford County GO, 4.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20073 |
| &nbsp;&nbsp;&nbsp; Warwick School District GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40166 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp; West Jefferson Hills School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 8/1/2023 | 30000 | 30487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 8/1/2024 | 25000 | 25111 |
| &nbsp;&nbsp;&nbsp; Total Pennsylvania |  | &nbsp;&nbsp;&nbsp;&nbsp; 86782275 |
| **Rhode Island — 0.1%** | **Rhode Island — 0.1%** | **Rhode Island — 0.1%** |
| &nbsp;&nbsp;&nbsp; Rhode Island Commerce Corp. Series 2016A, Rev., 5.00%, 6/15/2023 | 150000 | 151755 |
| &nbsp;&nbsp;&nbsp; Rhode Island Health and Educational Building Corp. Rev., 5.00%, 5/15/2023 | 1015000 | 1021438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Health and Educational Building Corp., Higher Education Facilities, Brown University Rev., 5.00%, <br> 9/1/2023<br>| 25000 | 25458 |
| &nbsp;&nbsp;&nbsp; Rhode Island Health and Educational Building Corp., Providence College Series 2012B, Rev., 5.00%, 11/1/2023 | 125000 | 125229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Rhode Island and Providence Plantations Lease Participation Certificates, School for The Deaf Project Series <br> 2017D, COP, 5.00%, 4/1/2024<br>| 30000 | 30910 |
| &nbsp;&nbsp;&nbsp; State of Rhode Island and Providence Plantations, Courthouse Project Series 2013A, COP, 5.00%, 10/1/2023 | 45000 | 45869 |
| &nbsp;&nbsp;&nbsp; Town of Westerly Series 2014A, GO, 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45645 |
| &nbsp;&nbsp;&nbsp; Total Rhode Island |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1446304 |
| **South Carolina — 0.4%** | **South Carolina — 0.4%** | **South Carolina — 0.4%** |
| &nbsp;&nbsp;&nbsp; Beaufort County School District Series 2015B, GO, SCSDE, 5.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30874 |
| &nbsp;&nbsp;&nbsp; Berkeley County School District, Securing Assets for Education |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97217 |
| &nbsp;&nbsp;&nbsp; Charleston Educational Excellence Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013B, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013B, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35827 |
| &nbsp;&nbsp;&nbsp; City of Camden Rev., AGM, 2.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 599039 |
| &nbsp;&nbsp;&nbsp; City of Columbia, Waterworks and Sewer System Series 2019A, Rev., 4.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35088 |
| &nbsp;&nbsp;&nbsp; City of Columbus, Water and Sewerage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25104 |
| &nbsp;&nbsp;&nbsp; City of Greenwood Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; City of Sumter, Waterworks & Sewer System Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; Clemson University, Higher Education Bonds Series 2015B, Rev., 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80808 |
| &nbsp;&nbsp;&nbsp; County of Richland Series 2013B, GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40250 |
| &nbsp;&nbsp;&nbsp; Dorchester County School District No. 2, Growth Installment Purchase |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013B, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013B, Rev., 4.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50656 |
| &nbsp;&nbsp;&nbsp; Fort Mill School District No. 4 Series 2017B, GO, SCSDE, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20124 |
| &nbsp;&nbsp;&nbsp; Fort Mill School Facilities Corp., Fort Mill School District no.4 Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 |
| &nbsp;&nbsp;&nbsp; Greenville County School District, Building Equity Sooner for Tomorrow Installment Purchase Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 |
| &nbsp;&nbsp;&nbsp; Greenwood Fifty Schools Facilities, Inc., Installment Purchase Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 |
| &nbsp;&nbsp;&nbsp; Horry County School District GO, SCSDE, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40243 |
| &nbsp;&nbsp;&nbsp; Joint Municipal Water and Sewer Commission, System Improvement Rev., 4.75%, 6/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20224 |
| &nbsp;&nbsp;&nbsp; Kershaw County Public Schools Foundation Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Lee County School Facilities, Inc. Rev., AGM, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; Lexington County School District No. 1 Series 2013B, GO, SCSDE, 3.38%, 2/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60087 |
| &nbsp;&nbsp;&nbsp; Lexington One School Facilities Corp., Lexington County School District No. 1 Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **South Carolina — continued** | **South Carolina — continued** | **South Carolina — continued** |
| &nbsp;&nbsp;&nbsp; Lexington School District No. 2 Educational Facilities Corp. Series 2015B, Rev., 5.00%, 12/1/2022 | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency Series 2018A, Rev., LIQ: Royal Bank of Canada, 4.00%, 2/1/2024 (c) | 4385000 | 4400867 |
| &nbsp;&nbsp;&nbsp; Piedmont Municipal Power Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries A-2, Rev., NATL-RE, Zero Coupon, 1/1/2023 | 75000 | 74822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., NATL-RE, 5.38%, 1/1/2025 | 105000 | 109879 |
| &nbsp;&nbsp;&nbsp; Richland County School District No. 1 Series 2014C, GO, SCSDE, 5.00%, 3/1/2023 | 35000 | 35209 |
| &nbsp;&nbsp;&nbsp; Richland County School District No. 2 Series 2015A, GO, SCSDE, 5.00%, 2/1/2023 | 70000 | 70291 |
| &nbsp;&nbsp;&nbsp; SCAGO Educational Facilities Corp. for Calhoun School District Rev., 5.00%, 12/1/2022 | 20000 | 20000 |
| &nbsp;&nbsp;&nbsp; SCAGO Educational Facilities Corp. for Colleton School District Rev., 5.00%, 12/1/2022 | 65000 | 65000 |
| &nbsp;&nbsp;&nbsp; SCAGO Educational Facilities Corp. for Pickens School District Rev., 5.00%, 12/1/2022 | 520000 | 520000 |
| &nbsp;&nbsp;&nbsp; SCAGO Educational Facilities Corp. for Union School District Rev., 5.00%, 12/1/2022 | 20000 | 20000 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Bon Secours Mercy Health, Inc. Rev., 5.00%, 10/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315410 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Wofford College Rev., 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125928 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Santee Cooper |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014C, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.75%, 12/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1217476 |
| &nbsp;&nbsp;&nbsp; South Carolina Transportation Infrastructure Bank Series 2015A, Rev., 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26032 |
| &nbsp;&nbsp;&nbsp; Spartanburg Sanitary Sewer District, Sewer System Series B, Rev., 5.00%, 3/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25157 |
| &nbsp;&nbsp;&nbsp; University of South Carolina, Higher Education Facilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73738 |
| &nbsp;&nbsp;&nbsp; York County School District No. 3 Rock Hill Series 2017B, GO, SCSDE, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30190 |
| &nbsp;&nbsp;&nbsp; Total South Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9649270 |
| **South Dakota — 0.0% ^** | **South Dakota — 0.0% ^** | **South Dakota — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Bon Homme School District No. 4-2, Limited Tax GO, 2.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; County of Minnehaha Series 2017A, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; County of Pennington, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, COP, 3.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, COP, 3.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100472 |
| &nbsp;&nbsp;&nbsp; South Dakota State Building Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., 3.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 6/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 6/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014D, Rev., 5.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25953 |
| &nbsp;&nbsp;&nbsp; Total South Dakota |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337692 |
| **Tennessee — 0.2%** | **Tennessee — 0.2%** | **Tennessee — 0.2%** |
| &nbsp;&nbsp;&nbsp; City of Chattanooga GO, 3.13%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140041 |
| &nbsp;&nbsp;&nbsp; City of Clarksville GO, 3.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25072 |
| &nbsp;&nbsp;&nbsp; City of Clarksville, Water Sewer and Gas Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80339 |
| &nbsp;&nbsp;&nbsp; City of La Vergne, Sewage Works GO, 3.30%, 3/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25049 |
| &nbsp;&nbsp;&nbsp; City of Memphis, Electric System Series 2020A, Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp; City of Memphis, Gas System Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp; City of Murfreesboro Series 2016B, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; County of Hamilton Series 2015B, GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20125 |
| &nbsp;&nbsp;&nbsp; County of Hawkins GO, 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25290 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Tennessee — continued** | **Tennessee — continued** | **Tennessee — continued** |
| &nbsp;&nbsp;&nbsp; County of Maury GO, 5.00%, 4/1/2024 | 30000 | 30958 |
| &nbsp;&nbsp;&nbsp; County of Shelby |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, GO, 4.00%, 3/1/2023 | 30000 | 30117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, GO, 5.00%, 4/1/2023 | 15000 | 15127 |
| &nbsp;&nbsp;&nbsp; County of Sumner, School and Public Improvement GO, 5.00%, 12/1/2022 | 170000 | 170000 |
| &nbsp;&nbsp;&nbsp; County of Williamson, Public Improvement and School GO, 5.00%, 4/1/2023 | 25000 | 25211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greeneville Health and Educational Facilities Board, Ballad Health Obligated Group Series 2018A, Rev., 5.00%, <br> 7/1/2024<br>| 145000 | 146669 |
| &nbsp;&nbsp;&nbsp; Hallsdale-Powell Utility District, Water and Sewer Rev., 5.00%, 4/1/2023 | 45000 | 45372 |
| &nbsp;&nbsp;&nbsp; Jackson Energy Authority, Wastewater System Rev., 5.00%, 12/1/2022 | 25000 | 25000 |
| &nbsp;&nbsp;&nbsp; Knox County First Utility District, Water and Sewer Rev., 4.00%, 12/1/2022 (b) | 20000 | 20000 |
| &nbsp;&nbsp;&nbsp; Knox County Health Educational and Housing Facility Board, Covenant Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 4.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 5.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25034 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, GO, 5.00%, 1/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 7/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Trevecca Nazarene <br> University Project<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 4.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 4.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169158 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County, Electric System Series 2014A, Rev., 5.00%, 5/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20231 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County, Water and Sewer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35512 |
| &nbsp;&nbsp;&nbsp; Shelby County Health Educational and Housing Facilities Board, The Village of Germantown |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.38%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., Commodity Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412714 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., Gas Project Series 2017A, Rev., 4.00%, 5/1/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1607366 |
| &nbsp;&nbsp;&nbsp; Tennessee Housing Development Agency, Residential Finance Program Series 1C, Rev., 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennessee State School Bond Authority, Higher Educational Facilities Second Program Series B, Rev., 5.00%, <br> 11/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20919 |
| &nbsp;&nbsp;&nbsp; Town of Smyrna GO, 5.00%, 4/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30942 |
| &nbsp;&nbsp;&nbsp; Total Tennessee |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4401615 |
| **Texas — 5.0%** | **Texas — 5.0%** | **Texas — 5.0%** |
| &nbsp;&nbsp;&nbsp; Abilene Independent School District, Unlimited Tax School Building GO, PSF-GTD, 5.00%, 2/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60310 |
| &nbsp;&nbsp;&nbsp; Aldine Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20103 |
| &nbsp;&nbsp;&nbsp; Alief Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50253 |
| &nbsp;&nbsp;&nbsp; Alvin Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35112 |
| &nbsp;&nbsp;&nbsp; Amarillo Junior College District, Limited Tax GO, 3.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35034 |
| &nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp. Series 2021A, Rev., 5.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311659 |
| &nbsp;&nbsp;&nbsp; Aubrey Independent School District, Capital Appreciation, Unlimited Tax GO, PSF-GTD, Zero Coupon, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austin Community College District Public Facility Corp., Highland Campus - Building 3000 Project Rev., 5.00%, <br> 8/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25401 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; Austin Community College District, Combined Fee Series 2016A, Rev., 4.00%, 2/1/2023 | 150000 | 150383 |
| &nbsp;&nbsp;&nbsp; Austin Community College District, Limited Tax GO, 5.00%, 8/1/2023 | 45000 | 45721 |
| &nbsp;&nbsp;&nbsp; Barbers Hill Independent School District, Unlimited Tax GO, 5.00%, 2/15/2023 | 25000 | 25118 |
| &nbsp;&nbsp;&nbsp; Bastrop Independent School District, Unlimited Tax Series 2013A, GO, PSF-GTD, 3.00%, 2/15/2023 | 70000 | 70079 |
| &nbsp;&nbsp;&nbsp; Bay City Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2025 | 40000 | 41985 |
| &nbsp;&nbsp;&nbsp; Belton Independent School District Series 2017, GO, PSF-GTD, 4.00%, 2/15/2023 | 100000 | 100315 |
| &nbsp;&nbsp;&nbsp; Bexar County Hospital District GO, 5.00%, 2/15/2023 | 75000 | 75373 |
| &nbsp;&nbsp;&nbsp; Bexar County Hospital District, Limited Tax GO, 5.00%, 2/15/2023 | 200000 | 200994 |
| &nbsp;&nbsp;&nbsp; Board of Regents of the University of Texas System, Financing System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 5.00%, 8/15/2023 | 20000 | 20349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 8/15/2023 | 30000 | 30524 |
| &nbsp;&nbsp;&nbsp; Buna Independent School District, School Building, Unlimited Tax GO, PSF-GTD, 2.25%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39797 |
| &nbsp;&nbsp;&nbsp; Carrollton-Farmers Branch Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25125 |
| &nbsp;&nbsp;&nbsp; Center Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45187 |
| &nbsp;&nbsp;&nbsp; City of Abilene |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25676 |
| &nbsp;&nbsp;&nbsp; City of Albany, Combination Tax GO, AGM, 4.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30053 |
| &nbsp;&nbsp;&nbsp; City of Amarillo Rev., 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20166 |
| &nbsp;&nbsp;&nbsp; City of Arlington, Special Tax Rev., 4.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45131 |
| &nbsp;&nbsp;&nbsp; City of Austin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20040 |
| &nbsp;&nbsp;&nbsp; City of Austin, Electric Utility System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 5.00%, 11/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100193 |
| &nbsp;&nbsp;&nbsp; City of Austin, Public Improvement GO, 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71293 |
| &nbsp;&nbsp;&nbsp; City of Austin, Water and Wastewater System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 5/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 11/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25283 |
| &nbsp;&nbsp;&nbsp; City of Baytown GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20082 |
| &nbsp;&nbsp;&nbsp; City of Beaumont GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100602 |
| &nbsp;&nbsp;&nbsp; City of Boerne GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50312 |
| &nbsp;&nbsp;&nbsp; City of Brownsville, Utilities System Series 2013A, Rev., 5.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228494 |
| &nbsp;&nbsp;&nbsp; City of Bryan, Electric System Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15198 |
| &nbsp;&nbsp;&nbsp; City of Bryan, Rural Electric System Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10132 |
| &nbsp;&nbsp;&nbsp; City of Buda GO, 5.00%, 8/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20775 |
| &nbsp;&nbsp;&nbsp; City of Cedar Hill, Refunding and Improvement GO, 4.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45125 |
| &nbsp;&nbsp;&nbsp; City of Cedar Hill, Refunding and Improvement GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25120 |
| &nbsp;&nbsp;&nbsp; City of Cedar Park, Refunding and Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42020 |
| &nbsp;&nbsp;&nbsp; City of College Station GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50260 |
| &nbsp;&nbsp;&nbsp; City of Conroe |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 5.00%, 11/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36762 |
| &nbsp;&nbsp;&nbsp; City of Copperas Cove GO, 4.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25755 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; City of Corinth, Combination Tax GO, 5.00%, 2/15/2023 | 25000 | 25123 |
| &nbsp;&nbsp;&nbsp; City of Corpus Christi, General Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/1/2023 | 35000 | 35200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 3/1/2023 | 45000 | 45258 |
| &nbsp;&nbsp;&nbsp; City of Dallas Series 2013A, GO, 5.00%, 2/15/2025 | 25000 | 25116 |
| &nbsp;&nbsp;&nbsp; City of Dallas, Equipment Acquisition Contract Series 2020B, GO, 5.00%, 2/15/2023 | 95000 | 95476 |
| &nbsp;&nbsp;&nbsp; City of Dallas, Waterworks and Sewer System Series 2012A, Rev., 5.00%, 10/1/2023 | 120000 | 120231 |
| &nbsp;&nbsp;&nbsp; City of Deer Park GO, 3.00%, 3/15/2024 | 25000 | 25116 |
| &nbsp;&nbsp;&nbsp; City of Denton |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 2/15/2023 | 50000 | 50052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/15/2023 | 45000 | 45227 |
| &nbsp;&nbsp;&nbsp; City of DeSoto GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110567 |
| &nbsp;&nbsp;&nbsp; City of Eagle Pass GO, AGM, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25153 |
| &nbsp;&nbsp;&nbsp; City of El Paso, Water and Sewer System Rev., 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50318 |
| &nbsp;&nbsp;&nbsp; City of Farmers Branch GO, 4.00%, 2/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35978 |
| &nbsp;&nbsp;&nbsp; City of Farmers Branch, Combination Tax GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30150 |
| &nbsp;&nbsp;&nbsp; City of Fort Worth, Drainage Utility System Rev., 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30156 |
| &nbsp;&nbsp;&nbsp; City of Frisco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011, GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36783 |
| &nbsp;&nbsp;&nbsp; City of Garland |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25126 |
| &nbsp;&nbsp;&nbsp; City of Garland, Electric Utility System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 663892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492890 |
| &nbsp;&nbsp;&nbsp; City of Georgetown GO, 5.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25419 |
| &nbsp;&nbsp;&nbsp; City of Granbury Series 2016A, GO, 4.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36177 |
| &nbsp;&nbsp;&nbsp; City of Grapevine |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40201 |
| &nbsp;&nbsp;&nbsp; City of Harlingen GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20098 |
| &nbsp;&nbsp;&nbsp; City of Heath, Combination Tax and Surplus GO, 5.00%, 2/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41941 |
| &nbsp;&nbsp;&nbsp; City of Houston Series 2016A, GO, 5.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36055 |
| &nbsp;&nbsp;&nbsp; City of Houston, Airport System, Subordinate Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018D, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37542 |
| &nbsp;&nbsp;&nbsp; City of Houston, Combined Utility System, First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013B, Rev., 4.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2002C, Rev., 5.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25581 |
| &nbsp;&nbsp;&nbsp; City of Houston, Combined Utility System, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, Zero Coupon, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, Zero Coupon, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AGM, Zero Coupon, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 |
| &nbsp;&nbsp;&nbsp; City of Houston, Demolition Program Series 2013A, GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30190 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; City of Houston, Public Improvement Series 2013A, GO, 5.00%, 3/1/2023 | 20000 | 20127 |
| &nbsp;&nbsp;&nbsp; City of Hutto Series 2019A, GO, 5.00%, 8/1/2025 | 20000 | 21161 |
| &nbsp;&nbsp;&nbsp; City of Kenedy, Combination Tax GO, 4.00%, 5/1/2025 | 25000 | 25713 |
| &nbsp;&nbsp;&nbsp; City of Lakeway GO, 4.00%, 2/1/2024 | 45000 | 45652 |
| &nbsp;&nbsp;&nbsp; City of Lancaster GO, 5.00%, 2/15/2023 | 25000 | 25122 |
| &nbsp;&nbsp;&nbsp; City of Laredo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 2/15/2023 | 20000 | 20060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/15/2024 | 50000 | 50235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/15/2024 | 25000 | 25694 |
| &nbsp;&nbsp;&nbsp; City of Laredo, Combination Tax GO, 5.00%, 2/15/2025 | 40000 | 41959 |
| &nbsp;&nbsp;&nbsp; City of Lewisville GO, 4.00%, 2/15/2023 | 25000 | 25078 |
| &nbsp;&nbsp;&nbsp; City of Lubbock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 3.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 4.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20962 |
| &nbsp;&nbsp;&nbsp; City of Lubbock Water and Wastewater System Series 2020A, Rev., 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45212 |
| &nbsp;&nbsp;&nbsp; City of Lubbock, Electric Light and Power System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412643 |
| &nbsp;&nbsp;&nbsp; City of Mansfield GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20100 |
| &nbsp;&nbsp;&nbsp; City of Mansfield, Combination Tax GO, 2.00%, 2/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24738 |
| &nbsp;&nbsp;&nbsp; City of McAllen, Limited Tax GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25124 |
| &nbsp;&nbsp;&nbsp; City of McAllen, Water and Sewer Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25100 |
| &nbsp;&nbsp;&nbsp; City of McKinney |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26477 |
| &nbsp;&nbsp;&nbsp; City of McKinney, Waterworks and Sewer System Rev., 5.00%, 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20143 |
| &nbsp;&nbsp;&nbsp; City of Mesquite GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30149 |
| &nbsp;&nbsp;&nbsp; City of Mesquite, Waterworks and Sewer System Rev., 3.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45028 |
| &nbsp;&nbsp;&nbsp; City of Midland |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73462 |
| &nbsp;&nbsp;&nbsp; City of Midland, Certificates of Obligation GO, 5.00%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41978 |
| &nbsp;&nbsp;&nbsp; City of Midlothian, Combination Tax, Navarro College District GO, 3.00%, 8/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25150 |
| &nbsp;&nbsp;&nbsp; City of Missouri City |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31022 |
| &nbsp;&nbsp;&nbsp; City of Missouri City, Combination Tax, Certificates of Obligation Series 2018B, GO, 4.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25696 |
| &nbsp;&nbsp;&nbsp; City of New Braunfels, Combination Tax, Certificates of Obligation GO, 5.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41857 |
| &nbsp;&nbsp;&nbsp; City of New Braunfels, Utility System Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40562 |
| &nbsp;&nbsp;&nbsp; City of North Richland Hills GO, 3.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30023 |
| &nbsp;&nbsp;&nbsp; City of Odessa GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110646 |
| &nbsp;&nbsp;&nbsp; City of Pasadena Series 2012A, GO, 5.00%, 2/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55110 |
| &nbsp;&nbsp;&nbsp; City of Pearland, Permanent Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25703 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; City of Plano |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 9/1/2023 | 40000 | 40243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 9/1/2023 | 30000 | 30552 |
| &nbsp;&nbsp;&nbsp; City of Port Aransas, Combination Tax, Certificates of Obligation GO, 4.00%, 2/1/2025 | 25000 | 25645 |
| &nbsp;&nbsp;&nbsp; City of Portland, Combination Tax, Certificates of Obligation GO, 4.00%, 8/15/2023 | 25000 | 25246 |
| &nbsp;&nbsp;&nbsp; City of Richardson GO, 5.00%, 2/15/2023 | 20000 | 20099 |
| &nbsp;&nbsp;&nbsp; City of Richardson, Combination Tax, Certificates of Obligation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 2/15/2023 | 45000 | 45042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.50%, 2/15/2023 | 30000 | 30118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/15/2023 | 100000 | 100495 |
| &nbsp;&nbsp;&nbsp; City of Sachse, Combination Tax and Limited Surplus Series 2017A, GO, 4.00%, 2/15/2025 | 65000 | 66830 |
| &nbsp;&nbsp;&nbsp; City of San Antonio, Drainage Utility System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50185 |
| &nbsp;&nbsp;&nbsp; City of San Antonio, Electric and Gas Systems Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 2235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2244291 |
| &nbsp;&nbsp;&nbsp; City of San Marcos, Combination Tax, Certificates of Obligation GO, 5.00%, 8/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36332 |
| &nbsp;&nbsp;&nbsp; City of Sherman, Combination Tax, Certificates of Obligation GO, 5.00%, 8/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25943 |
| &nbsp;&nbsp;&nbsp; City of Sugar Land GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45227 |
| &nbsp;&nbsp;&nbsp; City of The Colony, Combination Tax, Certificates of Obligation GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35168 |
| &nbsp;&nbsp;&nbsp; City of Victoria, Utility System Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 |
| &nbsp;&nbsp;&nbsp; City of Waco GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25104 |
| &nbsp;&nbsp;&nbsp; City of Waco, Certificates of Obligation GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40166 |
| &nbsp;&nbsp;&nbsp; City of Waco, Combination Tax, Certificates of Obligation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31477 |
| &nbsp;&nbsp;&nbsp; City of Waxahachie GO, 4.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35344 |
| &nbsp;&nbsp;&nbsp; City of Waxahachie, Combination Tax, Certificates of Obligation GO, 4.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25497 |
| &nbsp;&nbsp;&nbsp; City of Weatherford GO, 4.00%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30810 |
| &nbsp;&nbsp;&nbsp; City of Weslaco, Certificates of Obligation GO, 5.00%, 2/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20527 |
| &nbsp;&nbsp;&nbsp; City of Windcrest Series 2019B, GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75359 |
| &nbsp;&nbsp;&nbsp; City of Woodway GO, 5.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25431 |
| &nbsp;&nbsp;&nbsp; City of Wylie, Combination Tax, Certificates of Obligation GO, 4.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40118 |
| &nbsp;&nbsp;&nbsp; Clear Lake City Water Authority GO, 4.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145469 |
| &nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., Idea Public Schools Rev., PSF-GTD, 5.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538358 |
| &nbsp;&nbsp;&nbsp; Columbia-Brazoria Independent School District, Unlimited Tax GO, PSF-GTD, 3.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200499 |
| &nbsp;&nbsp;&nbsp; Comal Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, PSF-GTD, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, PSF-GTD, 5.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25667 |
| &nbsp;&nbsp;&nbsp; Community Independent School District, Unlimited Tax GO, PSF-GTD, 3.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45051 |
| &nbsp;&nbsp;&nbsp; Conroe Independent School District, Unlimited Tax, School Building Series 2014A, GO, PSF-GTD, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20102 |
| &nbsp;&nbsp;&nbsp; Coppell Independent School District, Unlimited Tax Series 2019A, GO, 5.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40696 |
| &nbsp;&nbsp;&nbsp; Coppell Recreational Development Corp. Rev., 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25381 |
| &nbsp;&nbsp;&nbsp; Cotulla Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25124 |
| &nbsp;&nbsp;&nbsp; County of Bexar, Flood Control Tax GO, 5.00%, 6/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46616 |
| &nbsp;&nbsp;&nbsp; County of Comal, Combination Tax, Certificates of Obligation Series 2017A, GO, 3.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25021 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; County of Comal, Limited Tax GO, 4.00%, 2/1/2025 | 35000 | 35962 |
| &nbsp;&nbsp;&nbsp; County of El Paso |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/15/2023 | 30000 | 30144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, GO, 5.00%, 2/15/2024 | 20000 | 20486 |
| &nbsp;&nbsp;&nbsp; County of Fort Bend, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/1/2023 | 25000 | 25152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 3/1/2023 | 20000 | 20122 |
| &nbsp;&nbsp;&nbsp; County of Galveston, Capital Appreciation, Justice Center Series 2001A, GO, NATL-RE, Zero Coupon, 2/1/2023 | 30000 | 29878 |
| &nbsp;&nbsp;&nbsp; County of Galveston, Limited Tax GO, 5.00%, 2/1/2025 | 30000 | 31406 |
| &nbsp;&nbsp;&nbsp; County of Harris, Permanent Improvement Series 2017A, GO, 5.00%, 10/1/2023 | 25000 | 25507 |
| &nbsp;&nbsp;&nbsp; County of Harris, Senior Lien, Toll Road Series 2015B, Rev., 5.00%, 8/15/2023 | 25000 | 25436 |
| &nbsp;&nbsp;&nbsp; County of Hays, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.25%, 2/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 2/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36721 |
| &nbsp;&nbsp;&nbsp; County of Hays, Pass Through Toll GO, 4.25%, 2/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25088 |
| &nbsp;&nbsp;&nbsp; County of Hays, Unlimited Tax GO, 4.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40120 |
| &nbsp;&nbsp;&nbsp; County of Hidalgo GO, 5.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20339 |
| &nbsp;&nbsp;&nbsp; County of Hidalgo, Limited Tax Series 2019B, GO, 5.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20339 |
| &nbsp;&nbsp;&nbsp; County of Kendall, Limited Tax GO, 4.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25085 |
| &nbsp;&nbsp;&nbsp; County of Montgomery, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251518 |
| &nbsp;&nbsp;&nbsp; County of Nueces, Combination of Tax GO, 4.00%, 2/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25653 |
| &nbsp;&nbsp;&nbsp; County of Smith GO, 4.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20060 |
| &nbsp;&nbsp;&nbsp; County of Taylor, Limited Tax GO, 5.00%, 2/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31436 |
| &nbsp;&nbsp;&nbsp; County of Tom Green, Combination Tax and Limited Surplus GO, 5.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36603 |
| &nbsp;&nbsp;&nbsp; County of Williamson, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 2/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30094 |
| &nbsp;&nbsp;&nbsp; County of Williamson, Unlimited Tax GO, 4.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20062 |
| &nbsp;&nbsp;&nbsp; Crowley Independent School District, Unlimited Tax GO, PSF-GTD, 4.75%, 8/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25365 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 3.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, PSF-GTD, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75387 |
| &nbsp;&nbsp;&nbsp; Dallas Area Rapid Transit, Sales Tax Series 2014A, Rev., 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125502 |
| &nbsp;&nbsp;&nbsp; Dallas Area Rapid Transit, Sales Tax, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36605 |
| &nbsp;&nbsp;&nbsp; Dallas County Park Cities Municipal Utility District Rev., 4.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25745 |
| &nbsp;&nbsp;&nbsp; Dallas County Utility and Reclamation District, Unlimited Tax GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195889 |
| &nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Rev., 5.00%, 11/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 667568 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 11/1/2025 | 30000 | 31850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013F, Rev., 5.13%, 11/1/2025 | 505000 | 515595 |
| &nbsp;&nbsp;&nbsp; Dallas Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, GO, PSF-GTD, 5.00%, 2/15/2023 | 45000 | 45236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, PSF-GTD, 4.00%, 2/15/2025 (b) | 25000 | 25677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/15/2025 | 50000 | 52503 |
| &nbsp;&nbsp;&nbsp; Deer Park Independent School District, Limited Tax GO, PSF-GTD, 5.00%, 2/15/2023 | 20000 | 20100 |
| &nbsp;&nbsp;&nbsp; Del Mar College District, Limited Tax GO, 4.00%, 8/15/2023 | 20000 | 20200 |
| &nbsp;&nbsp;&nbsp; Del Valle Independent School District, Unlimited Tax Series 2014A, GO, PSF-GTD, 5.00%, 6/15/2023 | 55000 | 55747 |
| &nbsp;&nbsp;&nbsp; Denton County Housing Finance Corp., THF Pathway on Woodrow LP Series 2022, Rev., 5.00%, 2/1/2025 (c) | 3250000 | 3356585 |
| &nbsp;&nbsp;&nbsp; Denton Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2023 | 30000 | 30522 |
| &nbsp;&nbsp;&nbsp; Dilley Independent School District, Unlimited Tax, School Building GO, PSF-GTD, 5.00%, 8/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25433 |
| &nbsp;&nbsp;&nbsp; El Paso County Hospital District GO, 5.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55606 |
| &nbsp;&nbsp;&nbsp; El Paso Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76309 |
| &nbsp;&nbsp;&nbsp; Ferris Independent School District, Unlimited Tax GO, PSF-GTD, 3.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25065 |
| &nbsp;&nbsp;&nbsp; Floresville Independent School District, Unlimited Tax GO, PSF-GTD, 3.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35087 |
| &nbsp;&nbsp;&nbsp; Fort Bend County Municipal Utility District No. 169 Series 2021A, GO, AGM, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195000 |
| &nbsp;&nbsp;&nbsp; Fort Bend County Municipal Utility District No. 169, Road Facilities Series 2015A, Rev., AGM, 4.13%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp; Fort Bend County Municipal Utility District No. 58, Unlimited Tax GO, 3.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50030 |
| &nbsp;&nbsp;&nbsp; Fort Bend Grand Parkway Toll Road Authority, Subordinate Lien Series A, Rev., GTD, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45280 |
| &nbsp;&nbsp;&nbsp; Fort Worth Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45227 |
| &nbsp;&nbsp;&nbsp; Frisco Independent School District, Unlimited Tax School Building GO, PSF-GTD, 2.50%, 2/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39987 |
| &nbsp;&nbsp;&nbsp; Galveston Public Facility Corp., The Oleanders at Broadway Rev., 0.47%, 8/1/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3572115 |
| &nbsp;&nbsp;&nbsp; Garland Independent School District, Unlimited Tax, School Building Series A, GO, PSF-GTD, 5.00%, 2/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52547 |
| &nbsp;&nbsp;&nbsp; Goose Creek Consolidated Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20103 |
| &nbsp;&nbsp;&nbsp; Grand Parkway Transportation Corp., System Toll Rev., BAN, 5.00%, 2/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3107918 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., Children's Hospital Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20393 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 4.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C-2, Rev., (SIFMA Municipal Swap Index Yield + 0.57%), 2.42%, 12/8/2022 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 571007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C-2, Rev., 5.00%, 12/1/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C-3, Rev., 5.00%, 12/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25927 |
| &nbsp;&nbsp;&nbsp; Harris County Flood Control District Series 2021A, GO, 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County Health Facilities Development Corp., Sisters of Charity of the Incarnate Word Series B, Rev., 5.75%, <br> 7/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6737647 |
| &nbsp;&nbsp;&nbsp; Harris County Municipal Utility District No. 171 GO, 4.75%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 |
| &nbsp;&nbsp;&nbsp; Harris County Municipal Utility District No. 500, Water Sewer and Drainage Facility Co. GO, AGM, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; Hays Consolidated Independent School District, Unlimited Tax Series 2018B, GO, PSF-GTD, 2.70%, 8/15/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65009 |
| &nbsp;&nbsp;&nbsp; Hidalgo County Regional Mobility Authority, Senior Lien Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; Highland Park Independent School District, Dallas County, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2023 | 65000 | 65339 |
| &nbsp;&nbsp;&nbsp; Housing Options, Inc., Brooks Manor - The Oaks Project Rev., 0.50%, 3/1/2025 (c) | 6250000 | 5841049 |
| &nbsp;&nbsp;&nbsp; Houston Community College System, Limited Tax and Maintenance Tax GO, 5.00%, 2/15/2023 | 20000 | 20104 |
| &nbsp;&nbsp;&nbsp; Houston Community College System, Maintenance Tax GO, 5.00%, 2/15/2023 | 50000 | 50261 |
| &nbsp;&nbsp;&nbsp; Houston Independent School District, Limited Tax Schoolhouse GO, PSF-GTD, 5.00%, 2/15/2025 | 155000 | 162623 |
| &nbsp;&nbsp;&nbsp; Houston Independent School District, Maintenance Tax Notes GO, 5.00%, 7/15/2023 | 45000 | 45696 |
| &nbsp;&nbsp;&nbsp; Humble Independent School District, Unlimited Tax School Building |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012B, GO, 5.00%, 2/15/2023 | 20000 | 20104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, GO, 5.00%, 2/15/2023 | 40000 | 40209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, PSF-GTD, 5.25%, 2/15/2023 | 20000 | 20114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, PSF-GTD, 5.00%, 2/15/2025 | 35000 | 36760 |
| &nbsp;&nbsp;&nbsp; Irving Independent School District GO, PSF-GTD, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45235 |
| &nbsp;&nbsp;&nbsp; Keller Independent School District, Unlimited Tax Series A, GO, PSF-GTD, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65334 |
| &nbsp;&nbsp;&nbsp; Killeen Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140716 |
| &nbsp;&nbsp;&nbsp; Klein Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, PSF-GTD, 5.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52483 |
| &nbsp;&nbsp;&nbsp; La Porte Independent School District, Unlimited Tax GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30059 |
| &nbsp;&nbsp;&nbsp; Lamar Consolidated Independent School District, Unlimited Tax Series 2014B, GO, PSF-GTD, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50259 |
| &nbsp;&nbsp;&nbsp; Leander Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, GO, PSF-GTD, Zero Coupon, 8/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, GO, PSF-GTD, 5.00%, 8/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40650 |
| &nbsp;&nbsp;&nbsp; Lewisville Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25419 |
| &nbsp;&nbsp;&nbsp; Lone Star College System, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40077 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.13%, 5/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303169 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority, LCRA Transmission Services Corp. Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51514 |
| &nbsp;&nbsp;&nbsp; Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012, Rev., VRDO, 1.14%, 12/1/2022 (c) | &nbsp;&nbsp;&nbsp; 16000000 | &nbsp;&nbsp;&nbsp;&nbsp; 16000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., VRDO, 1.14%, 12/1/2022 (c) | &nbsp;&nbsp;&nbsp; 14400000 | &nbsp;&nbsp;&nbsp;&nbsp; 14400000 |
| &nbsp;&nbsp;&nbsp; Lubbock Independent School District GO, PSF-GTD, 4.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50160 |
| &nbsp;&nbsp;&nbsp; Manor Independent School District, Unlimited Tax, School Building Series 2017A, GO, PSF-GTD, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20315 |
| &nbsp;&nbsp;&nbsp; McKinney Independent School District, School Building, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, PSF-GTD, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40206 |
| &nbsp;&nbsp;&nbsp; Mesquite Independent School District, Unlimited Tax Series 2016C, GO, PSF-GTD, 5.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25436 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transit Authority of Harris County, Sales and Use Tax, Contractual Obligations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25554 |
| &nbsp;&nbsp;&nbsp; Midland Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25130 |
| &nbsp;&nbsp;&nbsp; Midlothian Independent School District, Unlimited Tax Series 2013A, GO, PSF-GTD, 5.00%, 2/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20097 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; Montgomery County Health Facilities Development Co., Heritage Manor-Woodlands Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., Zero Coupon, 7/15/2023 (b) | 90000 | 88553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM-CR, Zero Coupon, 7/15/2023 (b) | 235000 | 231152 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center Rev., 4.00%, 8/15/2024 (e) | 1475000 | 1464390 |
| &nbsp;&nbsp;&nbsp; North East Independent School District GO, PSF-GTD, 5.25%, 2/1/2023 | 20000 | 20090 |
| &nbsp;&nbsp;&nbsp; North Harris County Regional Water Authority Rev., 4.00%, 12/15/2022 | 150000 | 150081 |
| &nbsp;&nbsp;&nbsp; North Harris County Regional Water Authority, Senior Lien Rev., 5.00%, 12/15/2022 | 35000 | 35031 |
| &nbsp;&nbsp;&nbsp; North Texas Municipal Water District Water System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 3.00%, 9/1/2024 | 40000 | 40265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2024 | 30000 | 31217 |
| &nbsp;&nbsp;&nbsp; North Texas Municipal Water District, Upper East Fork Wastewater Interceptor System Rev., 5.00%, 6/1/2023 | 25000 | 25310 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, First Tier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 1/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 881737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 1/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 816609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 1/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55100 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Second Tier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1828652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 4705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4714288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260448 |
| &nbsp;&nbsp;&nbsp; Northside Independent School District, Unlimited Tax Series 2019B, GO, PSF-GTD, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25130 |
| &nbsp;&nbsp;&nbsp; Permanent University Fund - Texas A&M University System Series 2012A, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65131 |
| &nbsp;&nbsp;&nbsp; Permanent University Fund - University of Texas System Series 2015B, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25367 |
| &nbsp;&nbsp;&nbsp; Pflugerville Independent School District, School Building, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, PSF-GTD, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25125 |
| &nbsp;&nbsp;&nbsp; Pflugerville Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, PSF-GTD, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90449 |
| &nbsp;&nbsp;&nbsp; Pharr San Juan Alamo Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35145 |
| &nbsp;&nbsp;&nbsp; Plano Independent School District, Unlimited Tax, School Building Series 2016A, GO, PSF-GTD, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Aransas Public Facilities Corp., Multi-Family Housing, Palladium Port Aransas Apartments Rev., 0.70%, <br> 1/1/2023 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498826 |
| &nbsp;&nbsp;&nbsp; Prosper Independent School District, Unlimited Tax, School Building GO, PSF-GTD, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35175 |
| &nbsp;&nbsp;&nbsp; Red River Education Finance Corp., Christian University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20937 |
| &nbsp;&nbsp;&nbsp; Richardson Independent School District, Unlimited Tax Series 2015B, GO, 5.00%, 2/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31482 |
| &nbsp;&nbsp;&nbsp; Rockwall Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, Zero Coupon, 2/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46812 |
| &nbsp;&nbsp;&nbsp; Royal Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40196 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; San Antonio Education Facilities Corp., Trinity University Project Rev., 5.00%, 6/1/2023 (b) | 50000 | 50625 |
| &nbsp;&nbsp;&nbsp; San Antonio Independent School District GO, PSF-GTD, 5.00%, 8/15/2024 | 30000 | 31218 |
| &nbsp;&nbsp;&nbsp; San Antonio Municipal Facilities Corp., Public Safety Answering Point Project Rev., 4.00%, 8/15/2023 | 25000 | 25030 |
| &nbsp;&nbsp;&nbsp; San Antonio Water System, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 5/15/2023 | 10000 | 10112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., 5.00%, 5/15/2023 | 25000 | 25281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 5/15/2023 | 20000 | 20224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013E, Rev., 5.00%, 5/15/2024 | 20000 | 20214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 5/15/2024 | 25000 | 25847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 5/15/2025 | 45000 | 46012 |
| &nbsp;&nbsp;&nbsp; San Jacinto Community College District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45235 |
| &nbsp;&nbsp;&nbsp; San Jacinto Community College District, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31508 |
| &nbsp;&nbsp;&nbsp; San Marcos Consolidated Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25409 |
| &nbsp;&nbsp;&nbsp; Santa Fe Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35179 |
| &nbsp;&nbsp;&nbsp; South Texas College, Limited Tax GO, 5.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwest Higher Education Authority, Inc., Southern Methodist University Project Series 2016A, Rev., 5.00%, <br> 10/1/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20778 |
| &nbsp;&nbsp;&nbsp; Southwest Independent School District, Unlimited Tax, School Building GO, PSF-GTD, 3.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30027 |
| &nbsp;&nbsp;&nbsp; State of Texas, Transport Commission GO, 5.00%, 4/1/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36109 |
| &nbsp;&nbsp;&nbsp; State of Texas, Transportation Commission Mobility Fund GO, 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20636 |
| &nbsp;&nbsp;&nbsp; State of Texas, Veterans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015 A, GO, VRDO, LIQ: State Street Bank & Trust Co., 1.92%, 12/9/2022 (c) | &nbsp;&nbsp; 17370000 | &nbsp;&nbsp;&nbsp;&nbsp; 17370000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, GO, VRDO, LIQ: State Street Bank & Trust Co., 1.95%, 12/9/2022 (c) | &nbsp;&nbsp; 10525000 | &nbsp;&nbsp;&nbsp;&nbsp; 10525000 |
| &nbsp;&nbsp;&nbsp; State of Texas, Water Financial Assistance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/14/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Hospital, Cook Children's Medical Center Rev., 5.00%, <br> 12/1/2022<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; Tarrant County Hospital District, Senior Lien Rev., 5.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100187 |
| &nbsp;&nbsp;&nbsp; Texas A&M University, Financing System Series 2013B, Rev., 5.00%, 5/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25288 |
| &nbsp;&nbsp;&nbsp; Texas Department of Housing & Community Affairs, Socorro Village 34 LLC Series 2022, Rev., 4.00%, 8/1/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3198034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Department of Housing and Community Affairs, Fishpond at Corpus Christi Apartments Rev., 0.50%, <br> 6/1/2023 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 739278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Department of Housing and Community Affairs, Multi-Family Housing, Scott Street Lofts Rev., (MMD + 0.42%), <br> 0.70%, 8/1/2023 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528649 |
| &nbsp;&nbsp;&nbsp; Texas Public Finance Authority Rev., 5.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26241 |
| &nbsp;&nbsp;&nbsp; Texas Southmost College District Series 2014B, GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20098 |
| &nbsp;&nbsp;&nbsp; Texas State University System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 3/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63098 |
| &nbsp;&nbsp;&nbsp; Texas State University, Financing System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 3/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 3/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42065 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; Texas Transportation Commission State Highway Fund, First Tier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2023 | 110000 | 112535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 0.56%, 4/1/2026 | 10135000 | 9087123 |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board, Water Implementation Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 4/15/2023 | 75000 | 75719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/15/2024 | 50000 | 52218 |
| &nbsp;&nbsp;&nbsp; Texas Woman's University, Financing System Rev., 4.00%, 7/1/2023 | 20000 | 20170 |
| &nbsp;&nbsp;&nbsp; Tomball Independent School District, Unlimited Tax School Building |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/15/2023 | 85000 | 85443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/15/2025 | 35000 | 36683 |
| &nbsp;&nbsp;&nbsp; Town of Addison GO, 4.00%, 2/15/2023 | 20000 | 20063 |
| &nbsp;&nbsp;&nbsp; Town of Addison, Combination Tax GO, 4.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travis County Housing Finance Corp., Multi-Family Housing, Cascades at Onion Creek Apartments Rev., 0.35%, <br> 2/1/2023 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164015 |
| &nbsp;&nbsp;&nbsp; Trinity River Authority, Central Regional Wastewater System Rev., 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30487 |
| &nbsp;&nbsp;&nbsp; Trinity River Authority, Denton Creek Wastewater Treatment System Rev., 5.00%, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41086 |
| &nbsp;&nbsp;&nbsp; Trinity River Authority, Water Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78676 |
| &nbsp;&nbsp;&nbsp; Troy Independent School District, Unlimited Tax GO, PSF-GTD, 3.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30075 |
| &nbsp;&nbsp;&nbsp; Tyler Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25124 |
| &nbsp;&nbsp;&nbsp; University of Houston Series 2017A, Rev., 5.00%, 2/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47332 |
| &nbsp;&nbsp;&nbsp; University of North Texas System, Financing System Series 2017A, Rev., 5.00%, 4/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26300 |
| &nbsp;&nbsp;&nbsp; University of North Texas, Financing System Series 2020A, Rev., 5.00%, 4/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525998 |
| &nbsp;&nbsp;&nbsp; Weatherford Independent School District, Unlimited Tax GO, PSF-GTD, Zero Coupon, 2/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46893 |
| &nbsp;&nbsp;&nbsp; Weslaco Independent School District, Unlimited Tax Series 2015A, GO, PSF-GTD, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15070 |
| &nbsp;&nbsp;&nbsp; West Harris County Regional Water Authority Series 2016A, Rev., 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20019 |
| &nbsp;&nbsp;&nbsp; Total Texas |  | &nbsp;&nbsp;&nbsp; 131443821 |
| **Utah — 1.3%** | **Utah — 1.3%** | **Utah — 1.3%** |
| &nbsp;&nbsp;&nbsp; Alpine School District, School Building, Guaranty Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, GO, 5.00%, 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25180 |
| &nbsp;&nbsp;&nbsp; City of Provo, Wastewater Series 2015A, Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25104 |
| &nbsp;&nbsp;&nbsp; City of Salt Lake City, Sales and Excise Tax Series 2016A, Rev., 4.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30374 |
| &nbsp;&nbsp;&nbsp; City of Sandy City, Sales Tax Rev., 5.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25744 |
| &nbsp;&nbsp;&nbsp; City of St. George, Excise Tax GO, 4.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75090 |
| &nbsp;&nbsp;&nbsp; City of St. George, Franchise Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40892 |
| &nbsp;&nbsp;&nbsp; County of Salt Lake, Crossover GO, 4.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75043 |
| &nbsp;&nbsp;&nbsp; County of Summit, Sales Tax Rev., 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50047 |
| &nbsp;&nbsp;&nbsp; County of Utah, IHC Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016D, Rev., VRDO, LIQ: US Bank NA, 1.88%, 12/9/2022 (c) | &nbsp;&nbsp;&nbsp; 30000000 | &nbsp;&nbsp;&nbsp;&nbsp; 30000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-1, Rev., 5.00%, 8/1/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 696783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-2, Rev., 5.00%, 8/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 937333 |
| &nbsp;&nbsp;&nbsp; County of Utah, Transportation Sales Tax Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Davis School District, School District Bond Guaranty Program Series 2019B, GO, 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25316 |
| &nbsp;&nbsp;&nbsp; Magna Water District GO, 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50613 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Utah — continued** | **Utah — continued** | **Utah — continued** |
| &nbsp;&nbsp;&nbsp; Midvale Redevelopment Agency, Sales Tax Rev., 4.00%, 5/1/2023 | 20000 | 20125 |
| &nbsp;&nbsp;&nbsp; Mountain Regional Water Special Service District Series 2014A, Rev., AGM, 3.00%, 12/15/2022 | 75000 | 75014 |
| &nbsp;&nbsp;&nbsp; Murray City Municipal Building Authority Rev., 4.00%, 12/1/2022 | 40000 | 40000 |
| &nbsp;&nbsp;&nbsp; Nebo School District Series 2017C, GO, 4.00%, 7/1/2023 | 20000 | 20175 |
| &nbsp;&nbsp;&nbsp; Salt Lake County Municipal Building Authority Rev., 5.00%, 1/15/2023 | 160000 | 160491 |
| &nbsp;&nbsp;&nbsp; South Valley Water Reclamation Facility, Sewer Rev., AGM, 5.00%, 2/15/2023 | 75000 | 75368 |
| &nbsp;&nbsp;&nbsp; State of Utah GO, 5.00%, 7/1/2024 | 75000 | 77873 |
| &nbsp;&nbsp;&nbsp; University of Utah (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 8/1/2023 | 30000 | 30507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 8/1/2023 | 20000 | 20338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 8/1/2023 | 20000 | 20338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46787 |
| &nbsp;&nbsp;&nbsp; Utah Associated Municipal Power Systems, Horse Butte Wind Series 2017A, Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 777158 |
| &nbsp;&nbsp;&nbsp; Utah Charter School Finance Authority, Summit Academy Incorporated Series A, Rev., 5.00%, 4/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156308 |
| &nbsp;&nbsp;&nbsp; Utah State Building Ownership Authority, Facilities Master Lease Program Rev., 5.00%, 5/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40460 |
| &nbsp;&nbsp;&nbsp; Utah State Building Ownership Authority, Master Lease Program Series 2012A, Rev., 3.00%, 5/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35010 |
| &nbsp;&nbsp;&nbsp; Utah State University Series 2015B, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
| &nbsp;&nbsp;&nbsp; Utah State University, Student Building Fee Series 2013B, Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Utah Transit Authority, Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2, Rev., 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20270 |
| &nbsp;&nbsp;&nbsp; Utah Water Finance Agency, Loan Financing Program Series 2019B, Rev., 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington County School District Board of Education, School Bond Guaranty Program Series 2016B, GO, 5.00%, <br> 3/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30186 |
| &nbsp;&nbsp;&nbsp; Washington County-St George Interlocal Agency Series 2012A, Rev., 2.13%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 |
| &nbsp;&nbsp;&nbsp; White City Water Improvement District Rev., 3.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25014 |
| &nbsp;&nbsp;&nbsp; Total Utah |  | &nbsp;&nbsp;&nbsp;&nbsp; 34314831 |
| **Vermont — 0.0% ^** | **Vermont — 0.0% ^** | **Vermont — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vermont Educational and Health Buildings Financing Agency, The University of Vermont Medical Center Project Series <br> 2016A, Rev., 5.00%, 12/1/2022<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; Vermont Municipal Bond Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1, Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3, Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25595 |
| &nbsp;&nbsp;&nbsp; Total Vermont |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 695595 |
| **Virgin Islands — 0.0% ^** | **Virgin Islands — 0.0% ^** | **Virgin Islands — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Matching Fund Special Purpose Securitization Corp. Series 2022A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1020548 |
| **Virginia — 1.3%** | **Virginia — 1.3%** | **Virginia — 1.3%** |
| &nbsp;&nbsp;&nbsp; Albemarle County Economic Development Authority Series 2012-A, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3506909 |
| &nbsp;&nbsp;&nbsp; Arlington County Industrial Development Authority Rev., 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35182 |
| &nbsp;&nbsp;&nbsp; Chesapeake Bay Bridge and Tunnel District General Resolution Rev., BAN, 5.00%, 11/1/2023 | &nbsp;&nbsp; 17860000 | &nbsp;&nbsp;&nbsp;&nbsp; 18162850 |
| &nbsp;&nbsp;&nbsp; City of Chesapeake Series A, Rev., 5.00%, 7/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185345 |
| &nbsp;&nbsp;&nbsp; City of Hampton Series 2015-B, GO, 5.00%, 9/1/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31180 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Virginia — continued** | **Virginia — continued** | **Virginia — continued** |
| &nbsp;&nbsp;&nbsp; City of Norfolk |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 10/1/2023 | 10000 | 10204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2024 | 100000 | 104364 |
| &nbsp;&nbsp;&nbsp; City of Poquoson GO, 5.00%, 2/15/2023 | 35000 | 35182 |
| &nbsp;&nbsp;&nbsp; City of Richland, Waterworks Utility |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 1/15/2023 (b) | 30000 | 30091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/15/2023 | 25000 | 25078 |
| &nbsp;&nbsp;&nbsp; City of Suffolk, Tax-Exempt Series 2017A, GO, 5.00%, 2/1/2023 | 25000 | 25100 |
| &nbsp;&nbsp;&nbsp; City of Virginia Beach, Public Improvement Series 2016-A, GO, 5.00%, 2/1/2023 | 25000 | 25108 |
| &nbsp;&nbsp;&nbsp; City of Winchester, Public Improvement GO, 5.00%, 3/1/2023 | 35000 | 35215 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Virginia Series 2013B, GO, 4.00%, 6/1/2025 | 20000 | 20161 |
| &nbsp;&nbsp;&nbsp; County of Chesterfield COP, 4.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100109 |
| &nbsp;&nbsp;&nbsp; County of Chesterfield, Public Improvement Series 2015B, GO, 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20042 |
| &nbsp;&nbsp;&nbsp; County of Culpeper GO, 5.00%, 1/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25662 |
| &nbsp;&nbsp;&nbsp; County of Fairfax, Public Improvement Series 2012B, GO, 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25216 |
| &nbsp;&nbsp;&nbsp; County of Hanover, Public Improvement Series A, GO, 4.13%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50069 |
| &nbsp;&nbsp;&nbsp; County of Henrico, Water and Sewer Rev., 3.13%, 5/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20050 |
| &nbsp;&nbsp;&nbsp; County of Loudoun, Public Improvement Series 2018A, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; County of Pulaski GO, 5.00%, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41100 |
| &nbsp;&nbsp;&nbsp; Culpeper County Economic Development Authority, Capital Projects Rev., 5.00%, 6/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project Series 2018B, Rev., <br> 5.00%, 5/15/2023 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6175578 |
| &nbsp;&nbsp;&nbsp; Hampton Roads Sanitation District, Wastewater |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25414 |
| &nbsp;&nbsp;&nbsp; Henry County Industrial Development Authority Rev., GAN, 2.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1030682 |
| &nbsp;&nbsp;&nbsp; Loudoun County Economic Development Authority, Public Facilities Project Series 2016A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; Louisa Industrial Development Authority, Electric and Power Co. Project Series 2008B, Rev., 0.75%, 9/2/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90914 |
| &nbsp;&nbsp;&nbsp; Southampton County Industrial Development Authority, Southampton County Capital Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 |
| &nbsp;&nbsp;&nbsp; Virginia Beach Development Authority, Public Facilities Series B, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia College Building Authority, 21st Century College and Equipment Programs Series 2020A, Rev., 5.00%, <br> 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25105 |
| &nbsp;&nbsp;&nbsp; Virginia College Building Authority, Educational Facilities, 21st Century College and Equipment Programs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009E-1, Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009E-2, Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20084 |
| &nbsp;&nbsp;&nbsp; Virginia Commonwealth Transportation Board, Capital Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 5/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42286 |
| &nbsp;&nbsp;&nbsp; Virginia Commonwealth Transportation Board, Federal Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., GAN, 5.00%, 3/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GAN, 5.00%, 3/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31603 |
| &nbsp;&nbsp;&nbsp; Virginia Commonwealth University Health System Authority Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47386 |
| &nbsp;&nbsp;&nbsp; Virginia Housing Development Authority Series 2020B, Rev., 0.99%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203551 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Virginia — continued** | **Virginia — continued** | **Virginia — continued** |
| &nbsp;&nbsp;&nbsp; Virginia Public Building Authority, Public Facilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 4.00%, 8/1/2023 | 10000 | 10096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 8/1/2023 | 30000 | 30483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 8/1/2023 | 10000 | 10161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 8/1/2023 | 20000 | 20322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 8/1/2026 | 25000 | 25531 |
| &nbsp;&nbsp;&nbsp; Virginia Public School Authority, School Financing 1997 Resolution |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 8/1/2023 | 10000 | 10168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 8/1/2023 (b) | 25000 | 25409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014C, Rev., 5.00%, 8/1/2023 | 25000 | 25419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 8/1/2024 | 25000 | 26005 |
| &nbsp;&nbsp;&nbsp; Virginia Public School Authority, School Financing, Special Obligation Rev., 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120513 |
| &nbsp;&nbsp;&nbsp; Virginia Public School Authority, School Technology and Security Notes Series VI, Rev., 5.00%, 4/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80764 |
| &nbsp;&nbsp;&nbsp; Virginia Resources Authority, Infrastructure Moral Obligation Series 2012B, Rev., 4.00%, 11/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15017 |
| &nbsp;&nbsp;&nbsp; Western Regional Jail Authority, Regional Jail Facility Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; Winchester Economic Development Authority, Health System Obligation Group Series 2014A, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wise County Industrial Development Authority, Electric and Power Co. Project Series 2010A, Rev., 1.20%, <br> 5/31/2024 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2019423 |
| &nbsp;&nbsp;&nbsp; Total Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp; 33507179 |
| **Washington — 1.5%** | **Washington — 1.5%** | **Washington — 1.5%** |
| &nbsp;&nbsp;&nbsp; Auburn School District No. 408 of King and Pierce Counties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 |
| &nbsp;&nbsp;&nbsp; Auburn School District No. 408 of King and Pierce Counties, Unlimited Tax GO, 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26181 |
| &nbsp;&nbsp;&nbsp; Benton County School District No. 17 Kennewick, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61458 |
| &nbsp;&nbsp;&nbsp; Benton County School District No. 400 Richland, Unlimited Tax GO, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50612 |
| &nbsp;&nbsp;&nbsp; Cascade Water Alliance Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25052 |
| &nbsp;&nbsp;&nbsp; Central Washington University Rev., 4.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271051 |
| &nbsp;&nbsp;&nbsp; City of Auburn, Utility System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35802 |
| &nbsp;&nbsp;&nbsp; City of Bellevue, Limited Tax GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
| &nbsp;&nbsp;&nbsp; City of Bellingham, Limited Tax GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; City of Bonney Lake, Water & Sewer System Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
| &nbsp;&nbsp;&nbsp; City of Bothell, Limited Tax GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25152 |
| &nbsp;&nbsp;&nbsp; City of Centralia Electric System Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 |
| &nbsp;&nbsp;&nbsp; City of Edmonds, Water and Sewer Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25304 |
| &nbsp;&nbsp;&nbsp; City of Everett, Water and Sewer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40035 |
| &nbsp;&nbsp;&nbsp; City of Kennewick, Limited Tax GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; City of Lynnwood |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30429 |
| &nbsp;&nbsp;&nbsp; City of Olympia, Limited Tax GO, 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26146 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| &nbsp;&nbsp;&nbsp; City of Olympia, Unlimited Tax GO, 5.00%, 12/1/2022 | 45000 | 45000 |
| &nbsp;&nbsp;&nbsp; City of Renton, Limited Tax Series A, GO, 4.00%, 12/1/2022 | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp; City of Richland, Waterworks Utility Rev., 4.00%, 11/1/2023 | 20000 | 20249 |
| &nbsp;&nbsp;&nbsp; City of Seattle, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 4/1/2023 | 30000 | 30253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 5/1/2023 | 20000 | 20210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, GO, 4.00%, 10/1/2023 | 25000 | 25121 |
| &nbsp;&nbsp;&nbsp; City of Seattle, Municipal Light and Power Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 4/1/2023 | 25000 | 25211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2023 | 30000 | 30439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 10/1/2023 | 45000 | 45917 |
| &nbsp;&nbsp;&nbsp; City of Shelton, Limited Tax GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 |
| &nbsp;&nbsp;&nbsp; City of Spokane, Unlimited Tax GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 |
| &nbsp;&nbsp;&nbsp; City of Spokane, Water and Wastewater System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20480 |
| &nbsp;&nbsp;&nbsp; City of Tacoma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; City of Tacoma, Water Supply System Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; City of University Place, Limited Tax GO, 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35491 |
| &nbsp;&nbsp;&nbsp; City of Vancouver, Limited Tax Series 2015B, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 |
| &nbsp;&nbsp;&nbsp; City of Walla Walla, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25094 |
| &nbsp;&nbsp;&nbsp; City of Wenatchee, Water and Sewer System Rev., 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; City of Yakima, Limited Tax Series 2014A, GO, 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25285 |
| &nbsp;&nbsp;&nbsp; Clark County Public Utility District No. 1, Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15371 |
| &nbsp;&nbsp;&nbsp; Clark County School District No. 114 Evergreen, Unlimited Tax GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 |
| &nbsp;&nbsp;&nbsp; Clark County School District No. 117 Camas, Unlimited Tax GO, 2.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp; Clark County School District No. 122 Ridgefield, Unlimited Tax GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp; Clark County School District No. 37 Vancouver, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30729 |
| &nbsp;&nbsp;&nbsp; Clark County, Vancouver School District No. 37 GO, 3.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25118 |
| &nbsp;&nbsp;&nbsp; Clark Regional Wastewater District Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; County of Benton, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30106 |
| &nbsp;&nbsp;&nbsp; County of King, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012E, GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014C, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 3.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120054 |
| &nbsp;&nbsp;&nbsp; County of King, Sewer Series 2013A, Rev., 5.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30058 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| &nbsp;&nbsp;&nbsp; County of King, Sewer, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 0.63%, 1/1/2024 (c) | 1545000 | 1493214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 0.88%, 1/1/2026 (c) | 60000 | 54835 |
| &nbsp;&nbsp;&nbsp; County of Kitsap, Limited Tax GO, 4.00%, 12/1/2022 | 70000 | 70000 |
| &nbsp;&nbsp;&nbsp; County of Kitsap, Sewer Rev., 5.00%, 12/1/2022 | 25000 | 25000 |
| &nbsp;&nbsp;&nbsp; County of Skagit, Limited Tax GO, 5.00%, 12/1/2024 | 60000 | 62775 |
| &nbsp;&nbsp;&nbsp; County of Snohomish, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2022 | 190000 | 190000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | 70000 | 70000 |
| &nbsp;&nbsp;&nbsp; County of Spokane, Limited Tax GO, 5.00%, 12/1/2022 (b) | 75000 | 75000 |
| &nbsp;&nbsp;&nbsp; East Wenatchee Water District Rev., 4.00%, 8/1/2023 | 25000 | 25226 |
| &nbsp;&nbsp;&nbsp; Eastern Washington University, Services and Activities Fee Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35655 |
| &nbsp;&nbsp;&nbsp; Energy Northwest, Columbia Generating Station Series 2017-A, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35504 |
| &nbsp;&nbsp;&nbsp; Energy Northwest, Project 3 Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 4.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26473 |
| &nbsp;&nbsp;&nbsp; FYI Properties, State of Washington District Project Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45525 |
| &nbsp;&nbsp;&nbsp; Grays Harbor County, Public Utility District No. 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20283 |
| &nbsp;&nbsp;&nbsp; King and Snohomish Counties School District No. 417 Northshore, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26156 |
| &nbsp;&nbsp;&nbsp; King County Fire Protection District No. 2, Unlimited Tax GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp; King County Fire Protection District No. 39, Unlimited Tax Series 2015A, GO, 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41842 |
| &nbsp;&nbsp;&nbsp; King County Public Hospital District No. 1, Valley Medical Center, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410000 |
| &nbsp;&nbsp;&nbsp; King County Public Hospital District No. 2, Evergreen Healthcare, Unlimited Tax GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; King County Rural Library District, Unlimited Tax GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395000 |
| &nbsp;&nbsp;&nbsp; King County School District No. 210 Federal Way, Unlimited Tax GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp; King County School District No. 401 Highline, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012B, GO, 3.25%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012B, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 |
| &nbsp;&nbsp;&nbsp; King County School District No. 403 Renton, Unlimited Tax GO, 4.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66749 |
| &nbsp;&nbsp;&nbsp; King County School District No. 405 Bellevue, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012B, GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167559 |
| &nbsp;&nbsp;&nbsp; King County School District No. 410 Snoqualmie Valley , Unlimited Tax GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp; King County School District No. 410 Snoqualmie Valley, Unlimited Tax GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 |
| &nbsp;&nbsp;&nbsp; King County School District No. 411 Issaquah, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 2.50%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2022 | 20000 | 20000 |
| &nbsp;&nbsp;&nbsp; King County School District No. 414 Lake Washington, Unlimited Tax GO, 5.00%, 12/1/2022 | 410000 | 410000 |
| &nbsp;&nbsp;&nbsp; King County School District No. 415 Kent, Unlimited Tax GO, 5.00%, 12/1/2023 | 30000 | 30714 |
| &nbsp;&nbsp;&nbsp; Kitsap County Public Utility District No. 1 Rev., 4.00%, 12/1/2022 | 40000 | 40000 |
| &nbsp;&nbsp;&nbsp; Kitsap County School District No. 303 Bainbridge Island Series 2014B, GO, 5.00%, 12/1/2022 | 20000 | 20000 |
| &nbsp;&nbsp;&nbsp; Kitsap County School District No. 401 Central Kitsap, Unlimited Tax GO, 5.00%, 12/1/2022 | 185000 | 185000 |
| &nbsp;&nbsp;&nbsp; Lewis County Public Utility District No. 1, Cowlitz Falls Hydro Electric Project Rev., 5.00%, 10/1/2023 | 100000 | 102005 |
| &nbsp;&nbsp;&nbsp; Lynnwood Public Facilities District, Convention Center Rev., 5.00%, 12/1/2022 | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp; Mason County School District No. 309 Shelton, Unlimited Tax GO, 5.00%, 12/1/2022 | 25000 | 25000 |
| &nbsp;&nbsp;&nbsp; North Thurston Public Schools, Unlimited Tax GO, 4.00%, 12/1/2022 | 40000 | 40000 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 10 Tacoma, Unlimited Tax GO, 5.00%, 12/1/2022 | 175000 | 175000 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 3 Puyallup, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 320 Sumner, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 401 Peninsula, Unlimited Tax GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 83 University Place, Unlimited Tax GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
| &nbsp;&nbsp;&nbsp; Port of Bellingham Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; Port of Everett Rev., 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 |
| &nbsp;&nbsp;&nbsp; Port of Everett, Limited Tax GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; Port of Seattle, Intermediate Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316842 |
| &nbsp;&nbsp;&nbsp; Port of Tacoma, Limited Tax Series 2016A, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 |
| &nbsp;&nbsp;&nbsp; Skagit County School District No. 103 Anacortes GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 |
| &nbsp;&nbsp;&nbsp; Snohomish County Public Utility District No. 1, Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 |
| &nbsp;&nbsp;&nbsp; Snohomish County Public Utility District No. 1, Generation System Series 2020A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 |
| &nbsp;&nbsp;&nbsp; Snohomish County School District No. 103 Monroe, Unlimited Tax GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp; Snohomish County School District No. 2 Everett, Unlimited Tax GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 |
| &nbsp;&nbsp;&nbsp; Spokane & Whitman Counties School District No. 360 Cheney, Unlimited Tax GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Spokane County School District No. 354 Mead, Unlimited Tax GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; Spokane County School District No. 356 Central Valley, Unlimited Tax GO, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46093 |
| &nbsp;&nbsp;&nbsp; Spokane Public Facilities District, Hotel and Sales Tax Series 2013A, Rev., 5.00%, 6/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25294 |
| &nbsp;&nbsp;&nbsp; State of Washington Series R-2022C, GO, 4.00%, 7/1/2027 | &nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15828958 |
| &nbsp;&nbsp;&nbsp; State of Washington, Motor Vehicle Fuel Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003F, GO, NATL-RE, Zero Coupon, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2020B, GO, 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013E, GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014E, GO, 5.25%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003C, GO, NATL-RE, Zero Coupon, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2013D, GO, 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013E, GO, 5.00%, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013E, GO, 5.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85336 |
| &nbsp;&nbsp;&nbsp; State of Washington, Senior 520 Corridor Program, Federal Highway Series 2014C, Rev., 5.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96717 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| &nbsp;&nbsp;&nbsp; State of Washington, State and Local Agency Personal Property Series 2014B, COP, 5.00%, 7/1/2024 | 50000 | 51813 |
| &nbsp;&nbsp;&nbsp; State of Washington, State and Local Agency Real and Personal Property |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015C, COP, 5.00%, 7/1/2023 | 55000 | 55773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, COP, 5.00%, 7/1/2023 | 35000 | 35492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, COP, 5.00%, 7/1/2024 | 35000 | 36269 |
| &nbsp;&nbsp;&nbsp; State of Washington, Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013D, GO, 5.00%, 2/1/2023 | 10000 | 10043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 2/1/2023 | 25000 | 25107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, GO, 5.00%, 2/1/2023 | 45000 | 45192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2015C, GO, 5.00%, 7/1/2023 | 80000 | 81184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-C, GO, 5.00%, 7/1/2023 | 20000 | 20296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015E, GO, 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2013C, GO, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2013C, GO, 4.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71089 |
| &nbsp;&nbsp;&nbsp; Tacoma Metropolitan Park District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 |
| &nbsp;&nbsp;&nbsp; Thurston County School District No. 33 Tumwater, Unlimited Tax GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 |
| &nbsp;&nbsp;&nbsp; University of Washington |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015C, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington Economic Development Finance Authority, Washington Biomedical Research Properties II Rev., 5.00%, <br> 6/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35422 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Overlake Hospital Medical Center Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30352 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Providence Health and Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1035652 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Seattle Cancer Care Alliance Rev., 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 517899 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission Series A, Rev., 7.00%, 7/1/2025 (b) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 6530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7127320 |
| &nbsp;&nbsp;&nbsp; Western Washington University, Housing and Dining System Rev., AGM, 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50378 |
| &nbsp;&nbsp;&nbsp; Yakima County School District No. 203 Highland, Unlimited Tax GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Yakima County School District No. 208 West Valley GO, 2.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Yakima County School District No. 7 Yakima GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp; Total Washington |  | &nbsp;&nbsp;&nbsp;&nbsp; 38527803 |
| **West Virginia — 0.1%** | **West Virginia — 0.1%** | **West Virginia — 0.1%** |
| &nbsp;&nbsp;&nbsp; State of West Virginia Series 2018A, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp; West Virginia Economic Development Authority, Appalachian Power Co. Series 2015A, Rev., 2.55%, 4/1/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132056 |
| &nbsp;&nbsp;&nbsp; West Virginia Economic Development Authority, Correctional Juvenile and Public Safety Facilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 5.00%, 6/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 805000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 817388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Appalachian Power Co. Amos Project <br> Rev., 0.63%, 12/15/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89262 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **West Virginia — continued** | **West Virginia — continued** | **West Virginia — continued** |
| &nbsp;&nbsp;&nbsp; West Virginia State School Building Authority, Lottery Series 2015A, Rev., 5.00%, 7/1/2023 | 25000 | 25337 |
| &nbsp;&nbsp;&nbsp; West Virginia State School Building Authority, Lottery Capital Improvement Series 2012A, Rev., 5.00%, 7/1/2023 | 100000 | 100201 |
| &nbsp;&nbsp;&nbsp; Total West Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1339519 |
| **Wisconsin — 0.8%** | **Wisconsin — 0.8%** | **Wisconsin — 0.8%** |
| &nbsp;&nbsp;&nbsp; City of Brookfield GO, 3.00%, 12/1/2022 | 455000 | 455000 |
| &nbsp;&nbsp;&nbsp; City of Madison |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014C, Rev., 5.00%, 12/1/2022 | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 1/1/2023 | 35000 | 35071 |
| &nbsp;&nbsp;&nbsp; City of Madison, Water Utility Rev., BAN, 1.50%, 11/1/2024 | 1075000 | 1038014 |
| &nbsp;&nbsp;&nbsp; City of Manitowoc GO, 2.00%, 2/1/2023 | 320000 | 319515 |
| &nbsp;&nbsp;&nbsp; City of Milwaukee, Promissory Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 N1, GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1329956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016N2, GO, 4.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020N4, GO, 5.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35262 |
| &nbsp;&nbsp;&nbsp; City of Milwaukee, Sewerage System Series 2016S7, Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25290 |
| &nbsp;&nbsp;&nbsp; City of Oak Creek Series 2021B, Rev., 2.00%, 4/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 5020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4945432 |
| &nbsp;&nbsp;&nbsp; City of Oshkosh, Promissory Notes Series 2017B, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 |
| &nbsp;&nbsp;&nbsp; City of Oshkosh, Street Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 0.05%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 2.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197592 |
| &nbsp;&nbsp;&nbsp; City of Oshkosh, Wisconsin Sewer System Series D, Rev., 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25238 |
| &nbsp;&nbsp;&nbsp; City of Racine |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.50%, 12/16/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3501261 |
| &nbsp;&nbsp;&nbsp; City of Wauwatosa Series 2019A, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
| &nbsp;&nbsp;&nbsp; County of Dane, Promissory Notes Series 2019A, GO, 2.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19925 |
| &nbsp;&nbsp;&nbsp; County of Milwaukee |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, GO, 2.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; County of Milwaukee, Corporate Purpose Series 2018D, GO, 3.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100147 |
| &nbsp;&nbsp;&nbsp; County of Washington GO, 3.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50060 |
| &nbsp;&nbsp;&nbsp; East Troy Community School District GO, 3.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20025 |
| &nbsp;&nbsp;&nbsp; Fond Du Lac School District, Promissory Notes Series 2019A, GO, 3.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40057 |
| &nbsp;&nbsp;&nbsp; Fox Valley Technical College District, Promissory Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 |
| &nbsp;&nbsp;&nbsp; Fox Valley Technical College District, School Facilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012C, GO, 3.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012C, GO, 3.00%, 12/1/2022 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Franklin Public School District GO, 4.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25130 |
| &nbsp;&nbsp;&nbsp; Grafton School District, School Building and Improvement GO, 5.00%, 4/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20167 |
| &nbsp;&nbsp;&nbsp; Kohler School District GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30182 |
| &nbsp;&nbsp;&nbsp; Milton School District GO, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85508 |
| &nbsp;&nbsp;&nbsp; Milwaukee Area Technical College District, Promissory Notes Series B, GO, 4.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25191 |
| &nbsp;&nbsp;&nbsp; Milwaukee Redevelopment Authority, Public Schools |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132787 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 11/15/2023 | 40000 | 40858 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Coral Academy of Science Series 2021A, Rev., 4.00%, 7/1/2025 | 315000 | 311472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Entrance Fee Principal Redemption, Searstone CCRC Project Series 2021B2, Rev., 2.25%, <br> 6/1/2027 (e)<br>| 1975000 | 1764556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, KU Campus Development Corp. - Central District Development Project Rev., 5.00%, <br> 3/1/2023<br>| 145000 | 145848 |
| &nbsp;&nbsp;&nbsp; River Falls School District, Corporate Purpose Series 2018A, GO, 5.00%, 4/1/2023 | 40000 | 40328 |
| &nbsp;&nbsp;&nbsp; River Falls School District, School Building and Improvement Series 2019A, GO, 3.00%, 4/1/2023 | 25000 | 25042 |
| &nbsp;&nbsp;&nbsp; School District of Maple Series 2015A, GO, 5.00%, 4/1/2023 | 30000 | 30239 |
| &nbsp;&nbsp;&nbsp; State of Wisconsin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1, GO, 5.00%, 5/1/2023 | 25000 | 25265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 5/1/2023 (b) | 30000 | 30313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 5/1/2023 | 20000 | 20212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 5.00%, 5/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, GO, 5.00%, 5/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4, GO, 5.00%, 5/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41792 |
| &nbsp;&nbsp;&nbsp; State of Wisconsin Clean Water Fund Leveraged Loan Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1, Rev., 4.00%, 6/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1, Rev., 5.00%, 6/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30368 |
| &nbsp;&nbsp;&nbsp; State of Wisconsin, Environmental Improvement Fund Series 2017A, Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20254 |
| &nbsp;&nbsp;&nbsp; State of Wisconsin, Master Lease Series 2021A, COP, 4.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30110 |
| &nbsp;&nbsp;&nbsp; University of Wisconsin Hospitals & Clinics Series 2013-A, Rev., 5.00%, 4/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322674 |
| &nbsp;&nbsp;&nbsp; Village of Fox Crossing, Corporate Purpose GO, 3.00%, 4/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185425 |
| &nbsp;&nbsp;&nbsp; Village of Jackson Series 2017A, GO, 2.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp; Village of Menomonee Falls, Corporate Purpose Series B, GO, 3.50%, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247551 |
| &nbsp;&nbsp;&nbsp; Walworth County Joint School District No. 2 Genoa - Bloomfield, School Improvement GO, 4.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20091 |
| &nbsp;&nbsp;&nbsp; Waterford Graded Joint School District No. 1, Promissory Notes GO, 3.00%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25030 |
| &nbsp;&nbsp;&nbsp; Wisconsin Center District, Capital Appreciation Series 1996A, Rev., NATL-RE, Zero Coupon, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89903 |
| &nbsp;&nbsp;&nbsp; Wisconsin Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1, Rev., 5.00%, 7/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10147 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Rev., 5.00%, 1/29/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207558 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Medical College of Wisconsin Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Milwaukee Regional Medical Center Thermal Service Rev., <br> 5.00%, 4/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655172 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B-2, Rev., 5.00%, 1/25/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1469925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C1, Rev., 5.00%, 7/29/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Ascension Health Credit Series 2013A, Rev., 5.00%, <br> 11/15/2023 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group Series 2019A, Rev., 5.00%, <br> 11/15/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260393 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group Rev., 5.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc. Series 2016B, Rev., 5.00%, <br> 2/15/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80335 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Mercy Alliance, Inc. Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160217 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Oakwood Lutheran Senior Ministries |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2023 | 125000 | 124921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2024 | 160000 | 158646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2025 | 210000 | 206460 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, The Monroe Clinic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 8/15/2025 (b) | 25000 | 25112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 8/15/2025 (b) | 30000 | 30942 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Thedacare, Inc. Rev., 5.00%, 12/15/2022 | 135000 | 135106 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Unity Point Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 12/1/2024 | 185000 | 192218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 12/1/2025 | 285000 | 295553 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Unitypoint Health Series 2014A, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 |
| &nbsp;&nbsp;&nbsp; Total Wisconsin |  | &nbsp;&nbsp;&nbsp;&nbsp; 21321665 |
| **Wyoming — 0.0% ^** | **Wyoming — 0.0% ^** | **Wyoming — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Albany County School District No. 1 GO, 4.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20140 |
| &nbsp;&nbsp;&nbsp; Wyoming State Loan and Investment Board, Capital Facilities Series 2012A, Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30242 |
| &nbsp;&nbsp;&nbsp; Total Wyoming |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $2,255,440,414)<br>|  | 2240995292 |
|  | **SHARES** |  |
| **Short-Term Investments — 13.5%** | **Short-Term Investments — 13.5%** | **Short-Term Investments — 13.5%** |
| **Investment Companies — 13.5%** | **Investment Companies — 13.5%** | **Investment Companies — 13.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.77% (g) (h) <br>(Cost $351,014,688)<br>| 350882674 | &nbsp;&nbsp;&nbsp; 351058115 |
| **Total Investments — 99.3%** <br>**(Cost $2,606,455,102)**<br>|  | **2592053407** |
| **Other Assets Less Liabilities — 0.7%** |  | **18494869** |
| **NET ASSETS — 100.0%** |  | **2610548276** |

---

&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** |  |
| AGC | Insured by Assured Guaranty Corp. |
| AGM | Insured by Assured Guaranty Municipal Corp. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| CCRC | Congregate Care Retirement Center |
| COLL | Collateral |
| COP | Certificate of Participation |
| CR | Custodial Receipts |
| FGIC | Insured by Financial Guaranty Insurance Co. |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GAN | Grant Anticipation Notes |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | |
|:---|:---|
| GTD | Guaranteed |
| ICE | Intercontinental Exchange |
| LIBOR | London Interbank Offered Rate |
| 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 |
| SIFMA | The Securities Industry and Financial Markets Association |
| SOFR | Secured Overnight Financing Rate |
| TRAN | Tax & Revenue Anticipation Note |
| USD | United States Dollar |
| VRDO | Variable Rate Demand Obligation |
| XLCA | Insured by XL Capital Assurance |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| (a) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
| (b) | Security is prerefunded or escrowed to maturity. |
| (c) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments <br> on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2022. <br>|
| (d) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2022. |
| (e) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (f) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (g) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan <br> Investment Management Inc.<br>|
| (h) | The rate shown is the current yield as of November 30, 2022. |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (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 SEC 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 NAVs per share as of the report date.

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds | $— | $2240995292 | $— | $2240995292 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 351058115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 351058115 |
| **Total Investments in Securities** | $351058115 | $2240995292 | $— | $2592053407 |

---

------

**JPMorgan Ultra-Short Municipal Income ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**November 30,** <br>**2022**<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> 1.77% (a) (b)<br>| $288389747 | $3467596810 | $3404984402 | $13960 | $42000 | $351058115 | 350882674 | $2274232 | $— |

---

&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, 2022.

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

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

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

- **a. Name of Series:** JPMorgan Ultra-Short Municipal Income ETF

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

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

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

- **a. Date of fiscal year-end:** 2023-02-28

- **b. Date as of which information is reported:** 2022-11-30

**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:** $2613774779.64

**Total Liabilities:** $3227108.33

**Net Assets:** $2610547671.31

**Cash Not Reported:** $35143.74

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 6771.78323000 | **1-Year:** 47016.18120000 | **5-Year:** 100173.24440000 | **10-Year:** 0.00000000 | **30-Year:** 11573.84470000

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

- **3-Month:** 6118.63980000 | **1-Year:** 20565.66648000 | **5-Year:** 737.58971000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000205216 | -0.29%               | 0.16%                | 0.59%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-890130.28              | $-11799155.07                              |
| Month 2  | $-5461612.08             | $5079451.68                                |
| Month 3  | $-283072.18              | $11642900.94                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Town of Wellesley MA                                                                       | Town of Wellesley, Municipal Purpose Loan                                                                                                              | CUSIP: 949493YW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                                       | Chicago Midway International Airport, Second Lien, Series 2013B                                                                                        | CUSIP: 167562MU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $360526.10    | 0.01%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parkland School District                                                                   | Parkland School District                                                                                                                               | CUSIP: 701383YX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130234.62    | 0.00%             | 2023-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cook County High School District No. 203 New Trier Township                                | Cook County High School District No. 203 New Trier Township, Series 2016B                                                                              | CUSIP: 215489NK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25009.00     | 0.00%             | 2022-12-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                                      | California Infrastructure and Economic Development Bank                                                                                                | CUSIP: 13034AQ60<br>LEI: 549300C1OG9RDIM8ET06 | Long             | STIV             | MUN               | US        |   5250000 | PA      | $5172063.23   | 0.20%             | 2047-08-01      | Floating      | 2.25%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York                                                                                                                                       | CUSIP: 64966KYX5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    345000 | PA      | $350529.45    | 0.01%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                                        | County of Harris, Permanent Improvement, Series 2017A                                                                                                  | CUSIP: 414005XE3<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25507.44     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vermont Municipal Bond Bank                                                                | Vermont Municipal Bond Bank, Series 3                                                                                                                  | CUSIP: 924214RQ4<br>LEI: 54930081EMY8D1GYM846 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Jacinto Community College District                                                     | San Jacinto Community College District, Limited Tax                                                                                                    | CUSIP: 798025RZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10049.63     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                              | Delaware State Economic Development Authority, Delmarva Power and Light Co. Project                                                                    | CUSIP: 246387SU9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    715000 | PA      | $675799.20    | 0.03%             | 2031-01-01      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| Village of Hebron OH Water System Revenue                                                  | Village of Hebron, Water System Mortgage                                                                                                               | CUSIP: 422651CA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus GA Water & Sewerage Revenue                                               | City of Columbus, Water and Sewerage                                                                                                                   | CUSIP: 199144VX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40422.45     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Wastewater Revenue                 | San Francisco City and County Public Utilities Commission Wastewater, Series 2016B                                                                     | CUSIP: 79768HDD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35736.63     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of La Porte IN Sewage Works Revenue                                                   | City of La Porte, Sewage Works                                                                                                                         | CUSIP: 504046BG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40040.64     | 0.00%             | 2023-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Caledonia Community Schools                                                                | Caledonia Community Schools, Unlimited Tax, Series 2020I                                                                                               | CUSIP: 129271SC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10062.65     | 0.00%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Rankin Utility Authority                                                              | West Rankin Utility Authority                                                                                                                          | CUSIP: 955525BB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25006.12     | 0.00%             | 2023-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Fiscal Year 2013, Tax-Exempt, Series F, Subseries F-1                                                                                | CUSIP: 64966KQK2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    170000 | PA      | $171019.34    | 0.01%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lynnwood WA Utility Revenue                                                        | City of Lynnwood                                                                                                                                       | CUSIP: 551702CH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Tewksbury MA                                                                       | Town of Tewksbury, Municipal Purpose Loan                                                                                                              | CUSIP: 881626M77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25710.60     | 0.00%             | 2025-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Framingham MA                                                                      | City of Framingham, Municipal Purpose Loan                                                                                                             | CUSIP: 3516946H2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Little Falls NJ                                                                | Township of Little Falls, General Improvement                                                                                                          | CUSIP: 537173KN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25246.02     | 0.00%             | 2023-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Union High School District No. 210-Phoenix                                 | Maricopa County Union High School District No. 210 Phoenix, School Improvement, Project of 2011 and 2017                                               | CUSIP: 567505PK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30435.42     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue                | Massachusetts Transportation Trust Fund Metropolitan Highway System, Senior, Series 2019A                                                              | CUSIP: 57563CEG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200416.20    | 0.01%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                              | Alabama Federal Aid Highway Finance Authority                                                                                                          | CUSIP: 010268BZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25463.90     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Woburn MA                                                                          | City of Woburn, Municipal Purpose Loan                                                                                                                 | CUSIP: 977521F32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99696.68     | 0.00%             | 2025-11-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Texas State University System                                                              | Texas State University System                                                                                                                          | CUSIP: 88278PYE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $63097.58     | 0.00%             | 2025-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                      | Metropolitan Transportation Authority, Series 2012D                                                                                                    | CUSIP: 59259YQK8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1466507.92   | 0.06%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Corpus Christi TX                                                                  | City of Corpus Christi, General Improvement                                                                                                            | CUSIP: 220113EC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45257.51     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Huntsville AL                                                                      | City of Huntsville, Warrants                                                                                                                           | CUSIP: 447025R33<br>LEI: 549300FQXH802SS93031 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30543.20     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Wichita KS                                                                         | City of Wichita, Series 823                                                                                                                            | CUSIP: 967245QC8<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Half-Cent Sales Tax Revenue                                           | County of Broward, Half-Cent Sales Tax                                                                                                                 | CUSIP: 11502RAT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30586.49     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 10 Tacoma                                                | Pierce County School District No. 10 Tacoma, Unlimited Tax                                                                                             | CUSIP: 720424XN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Union High School District                                                         | Sequoia Union High School District                                                                                                                     | CUSIP: 817409ZT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41544.98     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                  | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series 2013A                                                | CUSIP: 414009GP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $340000.00    | 0.01%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington County School District Board of Education/St George                             | Washington County School District Board of Education                                                                                                   | CUSIP: 938718E66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30185.93     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                 | Illinois Finance Authority, Downers Grove Community High School                                                                                        | CUSIP: 45204E2P2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35019.87     | 0.00%             | 2022-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Transportation Board                                                               | Arizona Transportation Board, Excise Tax, Maricopa County Regional Area Road Fund                                                                      | CUSIP: 040649MT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42356.60     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Streamwood IL                                                                   | Village of Streamwood                                                                                                                                  | CUSIP: 863242FQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20420.37     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Abilene Independent School District                                                        | Abilene Independent School District, Unlimited Tax School Building                                                                                     | CUSIP: 003464KL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25129.23     | 0.00%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Scottsdale AZ                                                                      | City of Scottsdale, Preserve Acquisition                                                                                                               | CUSIP: 8104536D7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35093.15     | 0.00%             | 2032-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Cedar Hill TX                                                                      | City of Cedar Hill,  Refunding and Improvement                                                                                                         | CUSIP: 150411P91<br>LEI: 549300TTHFV14IJCYZ33 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45125.16     | 0.00%             | 2023-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hickman Mills C-1 School District/MO                                                       | Hickman Mills C-1 School District                                                                                                                      | CUSIP: 46741RCB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50176.58     | 0.00%             | 2023-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                      | Metropolitan Transportation Authority, Dedicated Tax Fund                                                                                              | CUSIP: 59259N2C6<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102001.87    | 0.00%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                      | Metropolitan Transportation Authority                                                                                                                  | CUSIP: 59259YXU8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20219.48     | 0.00%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dublin City School District                                                                | Dublin City School District, School Facilities Construction and Improvement, Series 2019A                                                              | CUSIP: 26371GTG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Sherman TX                                                                         | City of Sherman, Combination Tax, Certificates of Obligation                                                                                           | CUSIP: 824161RR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25942.71     | 0.00%             | 2024-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland OH                                                                       | City of Cleveland, Various Purpose                                                                                                                     | CUSIP: 186343L80<br>LEI: 549300IQSLQPCVVMKJ96 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Connecticut                                                                  | University of Connecticut, Series A                                                                                                                    | CUSIP: 914233YT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25078.75     | 0.00%             | 2023-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County (The)                                                    | School Board of Miami-Dade County (The), Series 2015D                                                                                                  | CUSIP: 59333MT54<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26166.14     | 0.00%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Weslaco Independent School District                                                        | Weslaco Independent School District, Unlimited Tax, Series 2015A                                                                                       | CUSIP: 950885RU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15069.89     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 144 Prairie Hills                                          | Cook County School District No. 144 Prairie Hills, Series 2011C                                                                                        | CUSIP: 215021RN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Buffalo Municipal Water Finance Authority                                                  | Buffalo Municipal Water Finance Authority                                                                                                              | CUSIP: 119699MU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $126004.70    | 0.00%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                          | State of Illinois                                                                                                                                      | CUSIP: 452153CN7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52099.01     | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                             | Nebraska Public Power District, Series B                                                                                                               | CUSIP: 63968AU94<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40083.90     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lima OH Sanitary Sewer System Revenue                                              | City of Lima, Sanitary Sewer System                                                                                                                    | CUSIP: 532578CJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Clay MN                                                                          | County of Clay                                                                                                                                         | CUSIP: 183396PC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52504.54     | 0.00%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 3 Puyallup                                               | Pierce County School District No. 3 Puyallup, Unlimited Tax, Series 2012A                                                                              | CUSIP: 720390YL1<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      |
| County of Rockingham NH                                                                    | County of Rockingham, Municipal Purpose Loan                                                                                                           | CUSIP: 773420LB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30076.39     | 0.00%             | 2023-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Cumberland ME                                                                    | County of Cumberland                                                                                                                                   | CUSIP: 230525HZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $29931.46     | 0.00%             | 2023-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Centennial School District Bucks County                                                    | Centennial School District Bucks County, Series 2017A                                                                                                  | CUSIP: 151365KH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26081.17     | 0.00%             | 2024-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Neosho County Unified School District No. 413                                              | Neosho County Unified School District No. 413                                                                                                          | CUSIP: 640575HQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25259.68     | 0.00%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                                       | Chicago Midway International Airport, Second Lien, Series 2013B                                                                                        | CUSIP: 167562ND5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $721067.26    | 0.03%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                 | Illinois Finance Authority, Southern Illinois Healthcare Enterprises, Inc.                                                                             | CUSIP: 45204EYT9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063302.30   | 0.04%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Glendale CO                                                                        | City of Glendale                                                                                                                                       | CUSIP: 37850NBM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sunshine State Governmental Financing Commission                                           | Sunshine State Governmental Financing Commission, Miami Dade County Program, Series 2010A-1                                                            | CUSIP: 867868FF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25291.93     | 0.00%             | 2027-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                        | State of Washington, Various Purpose, Series R-C                                                                                                       | CUSIP: 93974C8B9<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20296.10     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Series G                                                                                                                             | CUSIP: 64966LDF5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35978.17     | 0.00%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Klein Independent School District                                                          | Klein Independent School District, Unlimited Tax                                                                                                       | CUSIP: 498531FF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $67527.67     | 0.00%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hennepin MN                                                                      | County of Hennepin                                                                                                                                     | CUSIP: 425507CQ1<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Juan Unified School District                                                           | San Juan Unified School District, Election of 2002                                                                                                     | CUSIP: 798306UT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75310.58     | 0.00%             | 2023-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of South Haven MI                                                                     | City of South Haven, Limited Tax                                                                                                                       | CUSIP: 838243MJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70653.36     | 0.00%             | 2023-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                                      | County of Cuyahoga, Ohio Economic Development                                                                                                          | CUSIP: 232263LS0<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    495000 | PA      | $495000.00    | 0.02%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Waukegan IL Water & Sewer System Revenue                                           | City of Waukegan, First Lien, Water and Sewer System                                                                                                   | CUSIP: 943011KK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105112.83    | 0.00%             | 2022-12-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Turnpike & Infrastructure Commission                                                  | Ohio Turnpike and Infrastructure Commission, Junior Lien, Series 2013A-1                                                                               | CUSIP: 67760HJM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $276421.48    | 0.01%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                      | Metropolitan Transportation Authority, Dedicated Tax Fund, Series 2017A                                                                                | CUSIP: 59259N5Y5<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10200.19     | 0.00%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus GA Water & Sewerage Revenue                                               | City of Columbus, Water and Sewerage                                                                                                                   | CUSIP: 199144SK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50010.77     | 0.00%             | 2023-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Mercer NJ                                                                        | County of Mercer, County College                                                                                                                       | CUSIP: 587839ZA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20034.92     | 0.00%             | 2023-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Hawkins TN                                                                       | County of Hawkins                                                                                                                                      | CUSIP: 420218TB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25290.26     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kankakee County Community High School District No. 307 Bradley-Bourbonnais                 | Kankakee County Community High School District No. 307 Bradley-Bourbonnais, Alternative Revenue Source                                                 | CUSIP: 484386GM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130000.00    | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                   | Massachusetts Development Finance Agency, Caregroup Issue                                                                                              | CUSIP: 57584XDN8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50629.92     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GMG Community School District                                                              | GMG Community School District                                                                                                                          | CUSIP: 36188EBV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40242.44     | 0.00%             | 2023-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Pasadena TX                                                                        | City of Pasadena                                                                                                                                       | CUSIP: 7023164U1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55109.77     | 0.00%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St George UT Sales Tax Revenue                                                     | City of St. George, Franchise Tax                                                                                                                      | CUSIP: 78955TAJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                           | Pennsylvania Turnpike Commission                                                                                                                       | CUSIP: 7092248P7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | STIV             | MUN               | US        |   8000000 | PA      | $8000000.00   | 0.31%             | 2039-12-01      | Variable      | 1.86%                 | No            |                  2 | On Loan: No      |
| Massachusetts State College Building Authority                                             | Massachusetts State College Building Authority, Series 2014A                                                                                           | CUSIP: 575832WZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25260.92     | 0.00%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County School District R-1                                                       | Jefferson County School District R-1                                                                                                                   | CUSIP: 472736P27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140130.48    | 0.01%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                           | Pennsylvania Turnpike Commission, Series 2011A                                                                                                         | CUSIP: 709223E23<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tift County Hospital Authority                                                             | Tift County Hospital Authority                                                                                                                         | CUSIP: 886640HT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85000.00     | 0.00%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Suffolk VA                                                                         | City of Suffolk, Tax-Exempt, Series 2017A                                                                                                              | CUSIP: 8648133M0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25099.77     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County Public Hospital District No. 2                                                 | King County Public Hospital District No. 2, Evergreen Healthcare, Unlimited Tax                                                                        | CUSIP: 494791QJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Plumas Unified School District                                                             | Plumas Unified School District, Election of 2016, Series B                                                                                             | CUSIP: 729297EH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30506.78     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                          | State of Illinois                                                                                                                                      | CUSIP: 452152D32<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    250000 | PA      | $259085.35    | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                               | City and County of Honolulu, Series C                                                                                                                  | CUSIP: 4386705C1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26064.21     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                                         | Rhode Island Health and Educational Building Corp., Higher Education Facilities, Brown University                                                      | CUSIP: 762197PK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25458.28     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                    | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2020, Series 2020A                                                       | CUSIP: 64971XLA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20212.06     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                 | Illinois Finance Authority, Rush University Medical Center Obligated Group, Series 2015A                                                               | CUSIP: 45203HN57<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26196.25     | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bergen County Improvement Authority (The)                                                  | Bergen County Improvement Authority (The), Guaranteed Fort Lee Board of Education                                                                      | CUSIP: 08377PCF7<br>LEI: 549300GA3U8F8Z1HOS09 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                        | State of California, Various Purpose                                                                                                                   | CUSIP: 13063CHC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $61397.78     | 0.00%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rossford Exempted Village School District                                                  | Rossford Exempted Village School District, School Facilities Project                                                                                   | CUSIP: 778430AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Kansas City MO Water Revenue                                                       | City of Kansas City, Series 2021A                                                                                                                      | CUSIP: 485116ZJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Series D                                                                                                                             | CUSIP: 64966KDW0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    435000 | PA      | $436770.80    | 0.02%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Arkansas                                                                          | State of Arkansas, Federal Highway                                                                                                                     | CUSIP: 041042VX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45920.88     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Woodway TX                                                                         | City of Woodway                                                                                                                                        | CUSIP: 980805SQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25431.15     | 0.00%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Inland Protection Financing Corp.                                                          | Inland Protection Financing Corp.                                                                                                                      | CUSIP: 45746RAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30430.19     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 401 Highline                                               | King County School District No. 401 Highline, Unlimited Tax                                                                                            | CUSIP: 495033DL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, Northwell Health Obligated Group, Series 2019B2                                                                    | CUSIP: 64990GTC6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    240000 | PA      | $244309.27    | 0.01%             | 2048-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                           | State of Florida Board of Education, Public Education Capital Outlay, Series 2019A                                                                     | CUSIP: 34153QPZ3<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45573.93     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                                          | State of California Department of Water Resources, Central Valley Project, Water System, Series AS                                                     | CUSIP: 13067WKN1<br>LEI: 549300X618YEC5LGBQ98 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA                                                                         | City of Seattle, Limited Tax, Series 2013A                                                                                                             | CUSIP: 812626S42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25120.64     | 0.00%             | 2023-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JEA Water & Sewer System Revenue                                                           | JEA Water and Sewer System                                                                                                                             | CUSIP: 46613PVW3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  13200000 | PA      | $13200000.00  | 0.51%             | 2038-10-01      | Variable      | 1.06%                 | No            |                  2 | On Loan: No      |
| Onslow Water & Sewer Authority                                                             | Onslow Water & Sewer Authority, Combined Enterprise System                                                                                             | CUSIP: 682852CJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Valley Water Reclamation Facility                                                    | South Valley Water Reclamation Facility, Sewer                                                                                                         | CUSIP: 84059NBX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75367.98     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster School District                                                                  | Lancaster School District, Election of 2012, Series A                                                                                                  | CUSIP: 513804HT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20197.78     | 0.00%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Denver Urban Renewal Authority                                                             | Denver Urban Renewal Authority, Stapleton Senior Tax                                                                                                   | CUSIP: 249301FT4<br>LEI: 54930040L61W75KRAG79 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| King County School District No. 405 Bellevue                                               | King County School District No. 405 Bellevue, Unlimited Tax                                                                                            | CUSIP: 495098YP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Polk FL                                                                          | County of Polk, Public Facilities                                                                                                                      | CUSIP: 731124BN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                                    | Bay Area Toll Authority, Toll Bridge, Series 2017S-7                                                                                                   | CUSIP: 072024UW0<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |    140000 | PA      | $141165.36    | 0.01%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                               | Commonwealth of Pennsylvania                                                                                                                           | CUSIP: 70914PWL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25957.71     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                                                 | Monroe County Industrial Development Corp., Rochester General Hospital                                                                                 | CUSIP: 61075TEX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500305.05    | 0.02%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| El Paso County Hospital District                                                           | El Paso County Hospital District                                                                                                                       | CUSIP: 283590EQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55605.69     | 0.00%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jackson County Reorganized School District No. 7                                           | Jackson County Reorganized School District No. 7, Lee's Summit R-7                                                                                     | CUSIP: 467520VP4<br>LEI: 549300HKYX7HMV5CWZ34 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20118.95     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                       | Triborough Bridge and Tunnel Authority, Series 2008B-1                                                                                                 | CUSIP: 89602NT46<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25574.82     | 0.00%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Scago Educational Facilities Corp. for Colleton School District                            | SCAGO Educational Facilities Corp. for Colleton School District                                                                                        | CUSIP: 80585PBJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 403 Renton                                                 | King County School District No. 403 Renton, Unlimited Tax                                                                                              | CUSIP: 495080UH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $66749.09     | 0.00%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Wastewater Transmission Revenue                                         | City of Chicago, Waterworks, Second Lien, Series 2008C                                                                                                 | CUSIP: 167727WG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $626223.56    | 0.02%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Spokane WA Water & Wastewater Revenue                                              | City of Spokane, Water and Wastewater System                                                                                                           | CUSIP: 849103AH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Klein Independent School District                                                          | Klein Independent School District, Unlimited Tax                                                                                                       | CUSIP: 498531KW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52482.97     | 0.00%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Hills School District                                                                | North Hills School District, Series 2016A                                                                                                              | CUSIP: 659868QW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20017.90     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Arlington Heights IL                                                            | Village of Arlington Heights                                                                                                                           | CUSIP: 041447B77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Highway Improvement, Series T                                                                                                           | CUSIP: 677522QX5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     95000 | PA      | $97130.01     | 0.00%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                         | Health and Educational Facilities Authority of the State of Missouri, BJC Health System                                                                | CUSIP: 60635R2G1<br>LEI: 549300IWTBCMX5JB3277 | Long             | STIV             | MUN               | US        |  13110000 | PA      | $13110000.00  | 0.50%             | 2038-05-15      | Variable      | 1.86%                 | No            |                  2 | On Loan: No      |
| Kankakee & Will Counties Community Unit School District No. 5/IL                           | Kankakee and Will Counties Community Unit School District No. 5, Limited Tax                                                                           | CUSIP: 484242HW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $275000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                              | New Jersey Turnpike Authority, Series 2014A                                                                                                            | CUSIP: 6461394W2<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1085536.62   | 0.04%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No. 1                                                 | Denver City and County School District No. 1                                                                                                           | CUSIP: 249174PU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Management Services                                                  | Florida Department of Management Services, Series 2018A                                                                                                | CUSIP: 34160PEA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21657.38     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| White Cloud Public Schools                                                                 | White Cloud Public Schools, Unlimited Tax                                                                                                              | CUSIP: 963592HZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25130.80     | 0.00%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                 | Michigan Finance Authority, Trinity Health Credit Group                                                                                                | CUSIP: 59447TQC0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    240000 | PA      | $250384.03    | 0.01%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rahway NJ                                                                          | City of Rahway                                                                                                                                         | CUSIP: 750667XE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100564.07    | 0.00%             | 2023-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Midland TX                                                                         | City of Midland, Certificates of Obligation                                                                                                            | CUSIP: 597749Z94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41978.14     | 0.00%             | 2025-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Milwaukee Redevelopment Authority                                                          | Milwaukee Redevelopment Authority, Public Schools, Series 2016A                                                                                        | CUSIP: 602418BJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40857.59     | 0.00%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fox Valley Park District                                                                   | Fox Valley Park District                                                                                                                               | CUSIP: 351592HR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45040.28     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wright MN                                                                        | County of Wright                                                                                                                                       | CUSIP: 982276AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Bay Area Rapid Transit District Sales Tax Revenue                            | San Francisco Bay Area Rapid Transit District, Sales Tax, Series 2016A                                                                                 | CUSIP: 797669WP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55823.87     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                             | Wayne County Airport Authority, Series C                                                                                                               | CUSIP: 944514XV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                                    | Dallas Fort Worth International Airport                                                                                                                | CUSIP: 235036Q60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $667568.47    | 0.03%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FSU Financial Assistance, Inc.                                                             | FSU Financial Assistance, Inc., Series 2012C                                                                                                           | CUSIP: 302644FA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99905.73     | 0.00%             | 2025-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                                       | State of Mississippi, Series 2012H                                                                                                                     | CUSIP: 605581CR6<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |    110000 | PA      | $110000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Mecklenburg NC                                                                   | County of Mecklenburg, Series 2011-C                                                                                                                   | CUSIP: 584002QX0<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Garnet Valley School District                                                              | Garnet Valley School District                                                                                                                          | CUSIP: 366268NL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45102.28     | 0.00%             | 2023-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hopewell Valley Regional School District                                                   | Hopewell Valley Regional School District                                                                                                               | CUSIP: 439686KY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25183.20     | 0.00%             | 2025-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Boulder Larimer & Weld Counties St Vrain Valley School District Re1J                       | Boulder Larimer and Weld Counties St. Vrain Valley School District Re1J, Series 2014A                                                                  | CUSIP: 101565C98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41008.33     | 0.00%             | 2023-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Orange & Maplewood School District                                                   | South Orange and Maplewood School District                                                                                                             | CUSIP: 839091QA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25045.73     | 0.00%             | 2023-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                 | Illinois Finance Authority, Presence Health Network                                                                                                    | CUSIP: 45204EEP9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    265000 | PA      | $266163.99    | 0.01%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Jefferson Hills School District                                                       | West Jefferson Hills School District                                                                                                                   | CUSIP: 953470VN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30486.81     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson County Improvement Authority                                                        | Hudson County Improvement Authority, Courthouse Project                                                                                                | CUSIP: 443730PJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41377.75     | 0.00%             | 2025-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Twin Lakes School Building Corp.                                                           | Twin Lakes School Building Corp., First Mortgage                                                                                                       | CUSIP: 901663CD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35635.64     | 0.00%             | 2024-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                            | State of Hawaii, Series FG                                                                                                                             | CUSIP: 419792LY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20242.71     | 0.00%             | 2023-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, State Sales Tax                                                                                                    | CUSIP: 64990AFN0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51533.54     | 0.00%             | 2024-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                       | District of Columbia, Income Tax, Series 2012C                                                                                                         | CUSIP: 25477GLR4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     85000 | PA      | $85000.00     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Killeen Independent School District                                                        | Killeen Independent School District, Unlimited Tax                                                                                                     | CUSIP: 494152UJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140715.71    | 0.01%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of McKinney TX                                                                        | City of McKinney                                                                                                                                       | CUSIP: 5816467A8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30494.16     | 0.00%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Corning City School District                                                               | Corning City School District                                                                                                                           | CUSIP: 219417TV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5119500 | PA      | $5155922.68   | 0.20%             | 2023-06-26      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                                       | Kansas Development Finance Authority, Kansas Department of Commerce Impact Program, Series 2020T                                                       | CUSIP: 48542RMJ0<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |    410000 | PA      | $410000.00    | 0.02%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston Independent School District                                                        | Houston Independent School District, Maintenance Tax Notes                                                                                             | CUSIP: 442403MY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45696.16     | 0.00%             | 2023-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grossmont Healthcare District                                                              | Grossmont Healthcare District                                                                                                                          | CUSIP: 399223CF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25766.59     | 0.00%             | 2024-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Mill School District No. 4                                                            | Fort Mill School District No. 4, Series 2017B                                                                                                          | CUSIP: 986525VN0<br>LEI: 5493003IDG5PRDEDK149 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20124.46     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Manor Independent School District                                                          | Manor Independent School District, Unlimited Tax, School Building                                                                                      | CUSIP: 564096ZS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20315.24     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Pasco FL                                                                         | County of Pasco, Fire-Rescue Projects                                                                                                                  | CUSIP: 702503CV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35698.78     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                             | Nebraska Public Power District, Series 2012B                                                                                                           | CUSIP: 63968AUK9<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |    165000 | PA      | $165298.60    | 0.01%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                           | State of Florida Board of Education, Public Education Capital Outlay                                                                                   | CUSIP: 34153P3M8<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45573.93     | 0.00%             | 2023-06-01      | 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 2018E                                                            | CUSIP: 544445GZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15519.35     | 0.00%             | 2024-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus Metropolitan Library                                                              | Columbus Metropolitan Library, Ohio Library Facilities, Special Obligation                                                                             | CUSIP: 199520CR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20498.48     | 0.00%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Columbus City School District                                                              | Columbus City School District, Limited Tax, School Facilities Construction and Improvement                                                             | CUSIP: 199507Z80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                              | Kentucky State Property and Building Commission, Project No. 106, Series 2013A                                                                         | CUSIP: 49151FEK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20412.61     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southwestern Illinois Development Authority                                                | Southwestern Illinois Development Authority, Flood Prevention District Council Project                                                                 | CUSIP: 84552YQS3<br>LEI: 549300B1KLLJ8NU5XK71 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125598.78    | 0.00%             | 2023-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District No. 37 Vancouver                                              | Clark County, Vancouver School District No. 37                                                                                                         | CUSIP: 181144RW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25118.13     | 0.00%             | 2023-12-01      | Fixed         | 3.00%                 | 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                                                                  | CUSIP: 60637AMU3<br>LEI: 549300IWTBCMX5JB3277 | Long             | STIV             | MUN               | US        |  40000000 | PA      | $40000000.00  | 1.53%             | 2036-06-01      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| Southfield Library Building Authority                                                      | Southfield Library Building Authority, Limited Tax                                                                                                     | CUSIP: 844211CS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40404.16     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                       | State of Connecticut, Series 2012G                                                                                                                     | CUSIP: 20772JLD2<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25030.81     | 0.00%             | 2024-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crawford Central School District                                                           | Crawford Central School District, Series 2012A                                                                                                         | CUSIP: 224655KJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50059.42     | 0.00%             | 2023-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Clark Department of Aviation                                                     | County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien                                                                       | CUSIP: 18085PSE5<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    400000 | PA      | $414124.80    | 0.02%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dover NH                                                                           | City of Dover, Series 2017B                                                                                                                            | CUSIP: 260183F78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50046.60     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Piedmont Municipal Power Agency                                                            | Piedmont Municipal Power Agency                                                                                                                        | CUSIP: 720175TQ1<br>LEI: 549300C7VOBGIG4OD375 | Long             | DBT              | MUN               | US        |    105000 | PA      | $109879.01    | 0.00%             | 2025-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| State of New Hampshire                                                                     | State of New Hampshire, Series 2020C                                                                                                                   | CUSIP: 6446825Z5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| William S Hart Union High School District                                                  | William S Hart Union High School District, Election of 2008, Series 2013C                                                                              | CUSIP: 969268CE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35357.70     | 0.00%             | 2025-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Washington County Independent School District No. 833/MN                             | South Washington County Independent School District No. 833, School Building, Series 2018B                                                             | CUSIP: 840610TS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35147.25     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dublin City School District                                                                | Dublin City School District, School Facilities Construction and Improvement                                                                            | CUSIP: 26371GVC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue                    | Metropolitan Transit Authority of Harris County, Sales and Use Tax, Contractual Obligations                                                            | CUSIP: 41422EFK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25553.67     | 0.00%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of DeKalb GA                                                                        | County of DeKalb, Special Transportation, Parks and Greenspace and Libraries Tax                                                                       | CUSIP: 240451YC2<br>LEI: 54930077BXREPE6WKC96 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Merrillville Community School Corp.                                                        | Merrillville Community School Corp.                                                                                                                    | CUSIP: 590245CC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1024351.22   | 0.04%             | 2024-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Foothills Park & Recreation District                                                       | Foothills Park and Recreation District                                                                                                                 | CUSIP: 34511PBT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| East Allen Multi School Building Corp.                                                     | East Allen Multi School Building Corp., Indiana Ad Valorem Property Tax, First Mortgage                                                                | CUSIP: 270456FZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10081.94     | 0.00%             | 2023-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                  | Indiana Finance Authority, Franciscan Alliance, Inc., Obligated Group                                                                                  | CUSIP: 45470YCU3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    345000 | PA      | $359006.76    | 0.01%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hallsdale-Powell Utility District                                                          | Hallsdale-Powell Utility District, Water and Sewer                                                                                                     | CUSIP: 406313NM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45371.58     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lamar Consolidated Independent School District                                             | Lamar Consolidated Independent School District, Unlimited Tax                                                                                          | CUSIP: 513174TF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50258.70     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Hampshire                                                                     | State of New Hampshire, Capital Improvement                                                                                                            | CUSIP: 6446824K9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $145000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Infrastructure Bank                                                             | New Jersey Infrastructure Bank, Environmental Infrastructure, Series 2007A                                                                             | CUSIP: 645791K78<br>LEI: 5493006ZE03IRA2BET07 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10187.06     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Clifton NJ                                                                         | City of Clifton                                                                                                                                        | CUSIP: 187090W43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20006.79     | 0.00%             | 2023-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Ocean City NJ                                                                      | City of Ocean City, General Improvement                                                                                                                | CUSIP: 674684RR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $121405.79    | 0.00%             | 2023-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Cary NC Combined Utility Systems Revenue                                           | Town of Cary, Combined Utility Enterprise System                                                                                                       | CUSIP: 147056HQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Higher Education, Series 2014A                                                                                                          | CUSIP: 6775215K8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25160.76     | 0.00%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clark Regional Wastewater District                                                         | Clark Regional Wastewater District                                                                                                                     | CUSIP: 181584AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                             | Nebraska Public Power District                                                                                                                         | CUSIP: 63968AZP3<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36580.70     | 0.00%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Keene NH                                                                           | City of Keene                                                                                                                                          | CUSIP: 487350VF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20125.96     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp.                                                               | Alaska Housing Finance Corp., General Mortgage, Series 2019A                                                                                           | CUSIP: 01170RHH8<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    305000 | PA      | $297966.94    | 0.01%             | 2024-06-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| King County School District No. 411 Issaquah                                               | King County School District No. 411 Issaquah, Unlimited Tax                                                                                            | CUSIP: 4952245F0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public School Authority                                                           | Virginia Public School Authority, School Financing 1997 Resolution, Series 2013A                                                                       | CUSIP: 92817SM39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10167.59     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fairview Park OH                                                                   | City of Fairview Park, Limited Tax                                                                                                                     | CUSIP: 305837JM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55000.00     | 0.00%             | 2030-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                                         | State of Minnesota, Trunk Highway                                                                                                                      | CUSIP: 60412APT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25413.99     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Municipal Bond Bank                                                                  | Maine Municipal Bond Bank, Series 2018B                                                                                                                | CUSIP: 56045RC64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20430.15     | 0.00%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Junction CO                                                                  | City of Grand Junction                                                                                                                                 | CUSIP: 385786BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                          | State of Illinois                                                                                                                                      | CUSIP: 452153CK3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4865000 | PA      | $4955964.80   | 0.19%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tift County Hospital Authority                                                             | Tift County Hospital Authority                                                                                                                         | CUSIP: 886640HE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County (The)                                                    | School Board of Miami-Dade County (The)                                                                                                                | CUSIP: 59333MM69<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20888.15     | 0.00%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dublin City School District                                                                | Dublin City School District, Various Purpose                                                                                                           | CUSIP: 26371GQT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Oyster Bay NY                                                                      | Town of Oyster Bay                                                                                                                                     | CUSIP: 692160TY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25044.33     | 0.00%             | 2023-03-09      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Municipal Power Agency No. 1                                                | North Carolina Municipal Power Agency No. 1, Catawba Electric, Series A                                                                                | CUSIP: 658203X74<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25637.24     | 0.00%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GCS School Building Corp. One                                                              | GCS School Building Corp. One, Unlimited Ad Valorem Property Tax First Mortgage                                                                        | CUSIP: 36828VGP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $48037.33     | 0.00%             | 2026-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Butler County Unified School District No. 375 Circle                                       | Butler County Unified School District No. 375 Circle, Series 2013-1                                                                                    | CUSIP: 123425EW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20110.00     | 0.00%             | 2030-09-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Village of Glendale Heights IL                                                             | Village of Glendale Heights                                                                                                                            | CUSIP: 378508LK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $155145.03    | 0.01%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Woman's University                                                                   | Texas Woman's University, Financing System                                                                                                             | CUSIP: 882874KE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20170.00     | 0.00%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Tiffin OH                                                                          | City of Tiffin, Limited Tax, Capital Improvement                                                                                                       | CUSIP: 886563GZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Arizona Transportation Board                                                               | Arizona Transportation Board, Excise Tax, Maricopa County Regional Area Road Fund                                                                      | CUSIP: 040649MB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $86243.58     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Capital Facilities Lease Appropriation, Parks and Recreation Improvement Fund Projects, Series 2016C                                    | CUSIP: 67759HHS6<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    155000 | PA      | $155000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                      | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project                                                                               | CUSIP: 546399BW5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    285000 | PA      | $287707.27    | 0.01%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of South River NJ                                                                  | Borough of South River, General Improvement                                                                                                            | CUSIP: 839669NT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 111 Burbank                                                | Cook County School District No. 111, Burbank                                                                                                           | CUSIP: 214579LH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                                  | Dallas Area Rapid Transit, Sales Tax, Senior Lien                                                                                                      | CUSIP: 235241SE7<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |    630000 | PA      | $630000.00    | 0.02%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Energy Research & Development Authority                                     | New York State Energy Research and Development Authority, Electric and Gas Corp. Project                                                               | CUSIP: 649845HH0<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    425000 | PA      | $423280.28    | 0.02%             | 2034-04-01      | Variable      | 2.63%                 | No            |                  2 | On Loan: No      |
| City of Stamford CT                                                                        | City of Stamford                                                                                                                                       | CUSIP: 852634PT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60744.34     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Washoe NV Gas Tax Revenue                                                        | County of Washoe, Fuel Tax                                                                                                                             | CUSIP: 940839CK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35142.01     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                         | Tennessee Energy Acquisition Corp., Gas Project, Series 2017A                                                                                          | CUSIP: 880443HZ2<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1607365.93   | 0.06%             | 2048-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Cook County Township High School District No. 225                                          | Cook County Township High School District No. 225, Glenbrook                                                                                           | CUSIP: 215777JU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                             | Oklahoma Water Resources Board, Master Trust, Series 2013A                                                                                             | CUSIP: 67919PKC6<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15125.36     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Energy Agency of Nebraska                                                        | Municipal Energy Agency of Nebraska, Power Supply System, Series 2022A                                                                                 | CUSIP: 625914KH8<br>LEI: N31S7V1JSNSIMBEEGT03 | Long             | DBT              | MUN               | US        |    105000 | PA      | $105863.52    | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Richmond CA Wastewater Revenue                                                     | City of Richmond, Wastewater, Capital Appreciation                                                                                                     | CUSIP: 764507AV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $196503.06    | 0.01%             | 2023-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County School District No. 3 Tempe Elementary                                     | Maricopa County School District No. 3, Tempe Elementary, School Improvement                                                                            | CUSIP: 566880VU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70586.89     | 0.00%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freehold Township Board of Education                                                       | Freehold Township Board of Education                                                                                                                   | CUSIP: 356514NL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85425.79     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Elizabeth NJ                                                                       | City of Elizabeth                                                                                                                                      | CUSIP: 2866776B0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25033.27     | 0.00%             | 2023-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                    | Los Angeles Department of Water and Power, Water System, Series 2013B                                                                                  | CUSIP: 544495ZR8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40583.30     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Jose Unified School District                                                           | San Jose Unified School District, Series 2013-GO                                                                                                       | CUSIP: 798186ZR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25422.31     | 0.00%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Plainfield High School Building Corp.                                                      | Plainfield High School Building Corp., Ad Valorem Property Tax, First Mortgage                                                                         | CUSIP: 726286FC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35532.77     | 0.00%             | 2023-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of La Grange IL                                                                    | Village of La Grange                                                                                                                                   | CUSIP: 503282GL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of St Paul MN Sewer Revenue                                                           | City of St. Paul, Sewer                                                                                                                                | CUSIP: 793071TJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Livingston NY                                                                    | County of Livingston, Public Improvement                                                                                                               | CUSIP: 538650LC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35575.75     | 0.00%             | 2024-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Omaha NE Sewer Revenue                                                             | City of Omaha, Sanitary Sewerage System, Series 2020A                                                                                                  | CUSIP: 681810ML8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36008.66     | 0.00%             | 2025-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                                         | State of Wisconsin, Series 1                                                                                                                           | CUSIP: 97705L3K1<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40417.46     | 0.00%             | 2024-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County School District R-1                                                       | Jefferson County School District R-1                                                                                                                   | CUSIP: 472736U21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50046.24     | 0.00%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Akron OH                                                                           | City of Akron, Various Purpose, Series 2015A                                                                                                           | CUSIP: 010033Q84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| County of St Louis MN                                                                      | County of St. Louis, Capital Improvement                                                                                                               | CUSIP: 791230TB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp.                                                               | Alaska Housing Finance Corp., State Capital Project, Series 2018B                                                                                      | CUSIP: 011839QV2<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                          | State of Colorado, UCDHSC Fitzsimons Academic, Series 2013A                                                                                            | CUSIP: 196711PN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25539.97     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesquite TX Waterworks & Sewer System Revenue                                      | City of Mesquite, Waterworks and Sewer System                                                                                                          | CUSIP: 590775AZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45027.89     | 0.00%             | 2023-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Colorado State Board for Community Colleges & Occupational Educational System              | Colorado State Board for Community Colleges and Occupational Educational System, Series 2017A                                                          | CUSIP: 196696PR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20060.59     | 0.00%             | 2023-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Clarksville TN                                                                     | City of Clarksville                                                                                                                                    | CUSIP: 182486RD4<br>LEI: 5493000GGEJLABLR8E68 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25071.96     | 0.00%             | 2023-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Alaska Municipal Bond Bank Authority                                                       | Alaska Municipal Bond Bank Authority, Series TWO                                                                                                       | CUSIP: 01179RQ89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80144.38     | 0.00%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                      | North Carolina Housing Finance Agency, Homeownership, Series 44                                                                                        | CUSIP: 658207YY5<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    240000 | PA      | $234150.91    | 0.01%             | 2024-07-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, School Districts Financing Program, Series 2017G                                                                   | CUSIP: 64990CN49<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20246.02     | 0.00%             | 2023-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                                        | Louisville and Jefferson County Metropolitan Government, Series 2016A                                                                                  | CUSIP: 546585QC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                        | State of Washington, Various Purpose                                                                                                                   | CUSIP: 93974DLQ9<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25957.71     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Ottawa Public Schools                                                                 | West Ottawa Public Schools, School Building and Site, Unlimited Tax                                                                                    | CUSIP: 955023UA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20127.78     | 0.00%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennessee State School Bond Authority                                                      | Tennessee State School Bond Authority, Higher Educational Facilities Second Program                                                                    | CUSIP: 880558JZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20918.72     | 0.00%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Weston MA                                                                          | Town of Weston                                                                                                                                         | CUSIP: 9611654V6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120000.00    | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gloucester County Improvement Authority (The)                                              | Gloucester County Improvement Authority (The), Series 2013A                                                                                            | CUSIP: 37969YQE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15085.41     | 0.00%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St. Clair County Township High School District No. 203 O'Fallon                            | St. Clair County Township High School District No. 203 O'Fallon                                                                                        | CUSIP: 788618EP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Monmouth NJ                                                                      | County of Monmouth                                                                                                                                     | CUSIP: 609561FK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25403.84     | 0.00%             | 2023-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                               | Mississippi Development Bank, Hinds Project                                                                                                            | CUSIP: 60534WQW1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |     95000 | PA      | $96559.24     | 0.00%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                                    | Dallas Fort Worth International Airport                                                                                                                | CUSIP: 2350365S5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31849.93     | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                                          | State of California Department of Water Resources, Central Valley Project, Water System, Series AN                                                     | CUSIP: 13067WNB4<br>LEI: 549300X618YEC5LGBQ98 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Winfield Building Corp.                                                                    | Winfield Building Corp., Indiana Lease Rental, Sewage Works Treatment Plant Project                                                                    | CUSIP: 97401DBC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35469.56     | 0.00%             | 2024-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                              | City of Atlanta, Water and Wastewater                                                                                                                  | CUSIP: 047870MU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26351.54     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Antelope Valley-East Kern Water Agency                                                     | Antelope Valley-East Kern Water Agency                                                                                                                 | CUSIP: 03672YAF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30372.17     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                                 | Capital Trust Agency, Inc., Multi-Family,  GMF Jacksonville Pool Project, Series 2012A                                                                 | CUSIP: 14052TCT9<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    155000 | PA      | $155000.00    | 0.01%             | 2026-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                                       | City of Colorado Springs, Utilities System Improvement, Series A-1                                                                                     | CUSIP: 196632YT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25569.29     | 0.00%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp.                                                          | Hudson Yards Infrastructure Corp., Second Indenture, Series 2017A                                                                                      | CUSIP: 44420RAJ9<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20970.52     | 0.00%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Morristown NJ                                                                      | Town of Morristown                                                                                                                                     | CUSIP: 618533ZM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25153.07     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook & Will Counties Community College District No. 515                                    | Cook and Will Counties Community College District No. 515, Limited Community College                                                                   | CUSIP: 213057NL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Utah (The)                                                                   | University of Utah (The), Series 2017A                                                                                                                 | CUSIP: 915183YG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20337.85     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bonney Lake WA Water & Sewer Revenue                                               | City of Bonney Lake, Water and Sewer System                                                                                                            | CUSIP: 09845NCB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southwest Licking Local School District                                                    | Southwest Licking Local School District, School Facilities Project                                                                                     | CUSIP: 845065AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $245000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cherokee County Board of Education                                                         | Cherokee County Board of Education, School System, Series B                                                                                            | CUSIP: 164231MC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20331.19     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District                                                          | San Diego Unified School District, Election of 1998, Series D-1                                                                                        | CUSIP: 797355SL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25444.62     | 0.00%             | 2023-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Texas State University System                                                              | Texas State University System, Series 2021A                                                                                                            | CUSIP: 88278PB37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25185.51     | 0.00%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                  | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System                                                              | CUSIP: 414009GK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cobb GA                                                                          | County of Cobb                                                                                                                                         | CUSIP: 190774NW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45093.65     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                         | South Carolina Jobs-Economic Development Authority, Wofford College                                                                                    | CUSIP: 837031UT8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125928.08    | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                               | County of Prince George's, Consolidated Public Improvement                                                                                             | CUSIP: 741701Q33<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30029.70     | 0.00%             | 2024-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                   | Massachusetts Development Finance Agency, Partners Healthcare System Issue                                                                             | CUSIP: 57584X7C9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    165000 | PA      | $172227.68    | 0.01%             | 2038-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Ocean City NJ                                                                      | City of Ocean City, General Improvement                                                                                                                | CUSIP: 674684PK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50029.68     | 0.00%             | 2022-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Camarillo Community Development Commission Successor Agency                                | Camarillo Community Development Commission Successor Agency, Camarillo Corridor Project                                                                | CUSIP: 13177UAJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25428.37     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| White City Water Improvement District                                                      | White City Water Improvement District                                                                                                                  | CUSIP: 963548CV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25014.31     | 0.00%             | 2023-02-01      | Fixed         | 3.00%                 | 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                                                                     | CUSIP: 64971XE79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $551050.65    | 0.02%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Jackson WI                                                                      | Village of Jackson, Series 2017A                                                                                                                       | CUSIP: 469152GJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX                                                                         | City of Lubbock                                                                                                                                        | CUSIP: 549188ZQ6<br>LEI: 549300I1QTL3QZV4BX74 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35105.23     | 0.00%             | 2023-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                       | Colorado Health Facilities Authority, Children's Hospital Colorado Project, Series C                                                                   | CUSIP: 19648A7T6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20754.65     | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vermont Municipal Bond Bank                                                                | Vermont Municipal Bond Bank                                                                                                                            | CUSIP: 924214XR5<br>LEI: 54930081EMY8D1GYM846 | Long             | DBT              | MUN               | US        |    180000 | PA      | $180000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Snohomish County Public Utility District No. 1 Electric System Revenue                     | Snohomish County Public Utility District No. 1, Electric System                                                                                        | CUSIP: 833102YZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Champaign County Community Unit School District No. 7 Tolono                               | Champaign County Community Unit School District No. 7 Tolono, Series 2014B                                                                             | CUSIP: 158267GG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                              | Commonwealth of Massachusetts, Consolidated Loan of 2014                                                                                               | CUSIP: 57582P3V0<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50100.73     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Will Grundy Etc Counties Community College District No. 525                                | Will Grundy Counties Community College District No. 525, Series 2012A                                                                                  | CUSIP: 969080FP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Monmouth County Improvement Authority (The)                                                | Monmouth County Improvement Authority (The), Governmental Pooled Loan Project                                                                          | CUSIP: 60956PKR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Garden Grove Agency Community Development Successor Agency                                 | Garden Grove Agency Community Development Successor Agency, Tax Allocation                                                                             | CUSIP: 365250AK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20377.71     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Mississippi Educational Building Corp.                                       | University of Mississippi Educational Building Corp., Campus Improvement Project, Series 2015C                                                         | CUSIP: 914476QV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35778.34     | 0.00%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Beacon NY                                                                          | City of Beacon, Public Improvement, Series 2018A                                                                                                       | CUSIP: 073653PF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30061.56     | 0.00%             | 2023-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Westminster CO Sales & Use Tax Revenue                                             | City of Westminster, Sales & Use Tax                                                                                                                   | CUSIP: 960668HQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Utah (The)                                                                   | University of Utah (The)                                                                                                                               | CUSIP: 915183SH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30506.78     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fishers Industrial Redevelopment District                                                  | Fishers Industrial Redevelopment District, Income Tax                                                                                                  | CUSIP: 33803MAR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35602.24     | 0.00%             | 2024-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Village of Midlothian IL                                                                   | Village of Midlothian                                                                                                                                  | CUSIP: 597810GC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70871.25     | 0.00%             | 2024-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cumberland Valley School District                                                          | Cumberland Valley School District, Series 2018A                                                                                                        | CUSIP: 230822RD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $265000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hermosa Beach Public Financing Authority                                                   | Hermosa Beach Public Financing Authority                                                                                                               | CUSIP: 427637AZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25622.94     | 0.00%             | 2024-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colton Joint Unified School District                                                       | Colton Joint Unified School District, Election of 2008, Series 2010B                                                                                   | CUSIP: 197036JC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27795.29     | 0.00%             | 2035-08-01      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| Arlington Central School District                                                          | Arlington Central School District, Series 2012B                                                                                                        | CUSIP: 041717NB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25013.46     | 0.00%             | 2022-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Health Facilities Development Co.                                        | Montgomery County Health Facilities Development Co., Heritage Manor-Woodlands Project                                                                  | CUSIP: 613692AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $231152.06    | 0.01%             | 2023-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Center Independent School District                                                         | Center Independent School District, Unlimited Tax                                                                                                      | CUSIP: 151735FY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45186.56     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Paso Independent School District                                                        | El Paso Independent School District, Unlimited Tax                                                                                                     | CUSIP: 283770LF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40698.30     | 0.00%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clovis Unified School District                                                             | Clovis Unified School District, Election of 2012, Series B                                                                                             | CUSIP: 189342G44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20337.85     | 0.00%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District No. 114 Evergreen                                             | Clark County School District No. 114 Evergreen, Unlimited Tax                                                                                          | CUSIP: 181234L52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Series D                                                                                                                             | CUSIP: 64966KDZ3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40150.96     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                   | State of Connecticut, Special Tax Transportation Infrastructure Purposes                                                                               | CUSIP: 207758ZG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65686.48     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                                      | Chicago Park District                                                                                                                                  | CUSIP: 167615Q89<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35888.36     | 0.00%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland County Independent School District No. 29 Norman                                 | Cleveland County Independent School District No. 29 Norman, Combined Purpose                                                                           | CUSIP: 186072RU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45045.72     | 0.00%             | 2023-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                            | New York City Water and Sewer System, Second General Resolution, Fiscal Year 2018, Series 2018CC-2                                                     | CUSIP: 64972GPV0<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    310000 | PA      | $310275.22    | 0.01%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Skokie Park District                                                                       | Skokie Park District, Capital Appreciation                                                                                                             | CUSIP: 830745GK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| West Lafayette School Building Corp.                                                       | West Lafayette School Building Corp., Ad Valorem Property Tax, First Mortgage                                                                          | CUSIP: 95370PAK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $86278.06     | 0.00%             | 2023-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                       | Chicago O'Hare International Airport, Senior Lien                                                                                                      | CUSIP: 167593NA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25050.38     | 0.00%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Normal IL                                                                          | Town of Normal, Series 2017A                                                                                                                           | CUSIP: 656066QM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35232.87     | 0.00%             | 2023-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Coffee County Hospital Authority                                                           | Coffee County Hospital Authority                                                                                                                       | CUSIP: 192137DQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Erie County Industrial Development Agency (The)                                            | Erie County Industrial Development Agency (The), City School District of the City of Buffalo Project, Series 2013A                                     | CUSIP: 29509PJS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $196856.93    | 0.01%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                               | West Virginia Economic Development Authority, Correctional Juvenile and Public Safety Facilities                                                       | CUSIP: 95648MMU0<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    805000 | PA      | $817387.50    | 0.03%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Billings MT                                                                        | City of Billings                                                                                                                                       | CUSIP: 0900957E4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35014.52     | 0.00%             | 2023-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Saratoga Springs City School District                                                      | Saratoga Springs City School District                                                                                                                  | CUSIP: 803561BW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12012000 | PA      | $12016984.98  | 0.46%             | 2023-06-29      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No. 1                                                 | Denver City and County School District No. 1                                                                                                           | CUSIP: 24919PJU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                            | Indianapolis Local Public Improvement Bond Bank, Stormwater Project                                                                                    | CUSIP: 45528UJV4<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100021.65    | 0.00%             | 2025-01-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| City of Cabot AR Sales & Use Tax Revenue                                                   | City of Cabot, Sales Tax, Series 2021B                                                                                                                 | CUSIP: 127028DX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Guntersville AL                                                                    | City of Guntersville, Warrants                                                                                                                         | CUSIP: 403136GP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Apopka FL Utility System Revenue                                                   | City of Apopka, Utility System                                                                                                                         | CUSIP: 037667CL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30059.75     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westerville City School District                                                           | Westerville City School District, School Facilities Project                                                                                            | CUSIP: 960030AF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30699.11     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                                   | University of California                                                                                                                               | CUSIP: 91412GVR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20237.13     | 0.00%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York                                                                                                                                       | CUSIP: 64966J5G7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    105000 | PA      | $105227.15    | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                                            | Chester County Industrial Development Authority, Longwood Gardens Project                                                                              | CUSIP: 165588DT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Park Hill School District of Platte County                                                 | Park Hill School District of Platte County, Missouri Direct Deposit Program                                                                            | CUSIP: 727730JY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40253.92     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                    | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2021, Series 2021C, Subseries C-1                                        | CUSIP: 64971XTR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25850.25     | 0.00%             | 2024-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Public Works Financing Authority                                        | Los Angeles County Public Works Financing Authority, Multiple Capital Projects II                                                                      | CUSIP: 54473EQE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                          | State of Illinois                                                                                                                                      | CUSIP: 4521526P1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20621.01     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Chesterfield VA                                                                  | County of Chesterfield                                                                                                                                 | CUSIP: 166395MQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100108.98    | 0.00%             | 2023-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                        | State of Washington, State and Local Agency Personal Property                                                                                          | CUSIP: 939720NW4<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51812.85     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas State University System                                                              | Texas State University, Financing System, Series 2019A                                                                                                 | CUSIP: 88278PZT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42065.05     | 0.00%             | 2025-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                              | North Texas Tollway Authority                                                                                                                          | CUSIP: 66285WL61<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55099.53     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Aransas Public Facilities Corp.                                                       | Port Aransas Public Facilities Corp., Multifamily Housing, Palladium Port Aransas Apartments                                                           | CUSIP: 733461AA5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    500000 | PA      | $498826.20    | 0.02%             | 2024-01-01      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                      | Pennsylvania Economic Development Financing Authority, UPMC                                                                                            | CUSIP: 70870JEH7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1492342.50   | 0.06%             | 2023-11-15      | Floating      | 2.27%                 | No            |                  2 | On Loan: No      |
| Grady County School Finance Authority                                                      | Grady County School Finance Authority, Educational Facilities Lease, Tuttle Public Schools Project                                                     | CUSIP: 384201DJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10166.87     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                                       | State of Mississippi, Tax-Exempt, Series 2012H                                                                                                         | CUSIP: 605581CZ8<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2030-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                                    | State of North Carolina                                                                                                                                | CUSIP: 658268DU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $166014.39    | 0.01%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                                   | San Antonio Water System, Junior Lien                                                                                                                  | CUSIP: 79642BZU0<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20213.71     | 0.00%             | 2024-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                     | New York State Urban Development Corp., State Personal Income Tax, General Purpose                                                                     | CUSIP: 650035B72<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35258.70     | 0.00%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan City School Building Corp.                                                        | Michigan City School Building Corp., Ad Valorem Property Tax First Mortgage, Series 2016B                                                              | CUSIP: 594381GT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30245.83     | 0.00%             | 2023-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Aspen CO                                                                           | City of Aspen                                                                                                                                          | CUSIP: 045258CX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carrollton Independent School System                                                       | Carrollton Independent School System                                                                                                                   | CUSIP: 145317AR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20169.15     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                                         | County of Clark, Limited Tax, Series 2019A                                                                                                             | CUSIP: 180848G49<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    170000 | PA      | $170000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sulphur Springs Union School District                                                      | Sulphur Springs Union School District, Community Facilities District No. 2002-1, Special Tax                                                           | CUSIP: 865483CW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25103.75     | 0.00%             | 2023-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Johnson IN Local Income Tax Revenue                                              | County of Johnson, Local Income Tax                                                                                                                    | CUSIP: 478422AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25218.72     | 0.00%             | 2023-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Reynoldsburg City School District                                                          | Reynoldsburg City School District, Unlimited Tax                                                                                                       | CUSIP: 761852GP1<br>LEI: 5493008FQ0C4VK7NRG77 | Long             | DBT              | MUN               | US        |    160000 | PA      | $160000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                                     | City of Minneapolis, University Gateway Project                                                                                                        | CUSIP: 603786HK3<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| L'Anse Creuse Public Schools                                                               | L'Anse Creuse Public Schools, Unlimited Tax                                                                                                            | CUSIP: 516228QQ9<br>LEI: 549300L3W88HP5QUMY54 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50465.76     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pismo Beach Public Financing Agency                                                        | Pismo Beach Public Financing Agency, Beach Municipal Pier Project                                                                                      | CUSIP: 72433PAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30728.99     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hallandale Beach FL                                                                | City of Hallandale Beach                                                                                                                               | CUSIP: 40610DAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25465.92     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                                      | New Jersey Health Care Facilities Financing Authority, Virtua Health, Inc.                                                                             | CUSIP: 645790RS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $138161.11    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kane County Community Unit School District No. 101 Batavia                                 | Kane County Community Unit School District No. 101 Batavia                                                                                             | CUSIP: 483857CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40081.60     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Milwaukee WI                                                                       | City of Milwaukee, Promissory Notes, Series 2018 N1                                                                                                    | CUSIP: 602366XZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1329956.43   | 0.05%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 410 Snoqualmie Valley                                      | King County School District No. 410 Snoqualmie Valley, Unlimited Tax                                                                                   | CUSIP: 495206QQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bureau County Township High School District No. 502                                        | Bureau County Township High School District No. 502, Series 2017A                                                                                      | CUSIP: 121133CS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Garden Grove Unified School District                                                       | Garden Grove Unified School District, Election of 2010, Series C                                                                                       | CUSIP: 365298N20<br>LEI: 5493003B67I0BLYG4P22 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10165.60     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sunshine State Governmental Financing Commission                                           | Sunshine State Governmental Financing Commission, Miami Dade County Program, Series 2011B-1                                                            | CUSIP: 867868GQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30646.67     | 0.00%             | 2030-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                                         | City of Houston, Series 2016A                                                                                                                          | CUSIP: 442331K45<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36054.55     | 0.00%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota State Building Authority                                                      | South Dakota State Building Authority                                                                                                                  | CUSIP: 83755LG75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30551.75     | 0.00%             | 2024-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Health and Hospitals Corp.                                                   | New York City Health and Hospitals Corp., Health System                                                                                                | CUSIP: 649674KB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $467147.60    | 0.02%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of South Windsor CT                                                                   | Town of South Windsor                                                                                                                                  | CUSIP: 840772G50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30094.09     | 0.00%             | 2023-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Madison County Board of Education/AL                                                       | Madison County Board of Education, Tax Anticipation Warrants                                                                                           | CUSIP: 556752NG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20342.70     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                           | Pennsylvania Turnpike Commission, Series 2014A                                                                                                         | CUSIP: 709224CD9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Alaska                                                                            | State of Alaska, Series 2013B                                                                                                                          | CUSIP: 011770Z98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60244.25     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State University at Raleigh                                                 | North Carolina State University at Raleigh, Series 2013A                                                                                               | CUSIP: 658289D83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20402.63     | 0.00%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                           | New York State Thruway Authority, Series K                                                                                                             | CUSIP: 650009H22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51231.32     | 0.00%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No. 1                                                 | Denver City and County School District No. 1, Series 2012B                                                                                             | CUSIP: 249174SE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Health Facilities Authority                                                        | Arizona Health Facilities Authority                                                                                                                    | CUSIP: 040506NH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1068505.23   | 0.04%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Twin Rivers Unified School District                                                        | Twin Rivers Unified School District                                                                                                                    | CUSIP: 90171TBD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $166130.65    | 0.01%             | 2035-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Chattanooga TN                                                                     | City of Chattanooga                                                                                                                                    | CUSIP: 162376AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140040.52    | 0.01%             | 2025-10-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Forest Hills Public Schools/MI                                                             | Forest Hills Public Schools, 2021 School Building and Site, Unlimited Tax                                                                              | CUSIP: 345748ZT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20126.95     | 0.00%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Lee FL Water & Sewer Revenue                                                     | County of Lee, Water and Sewer, Series A                                                                                                               | CUSIP: 523530KM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25346.13     | 0.00%             | 2031-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Yakima County School District No. 203 Highland                                             | Yakima County School District No. 203 Highland, Unlimited Tax                                                                                          | CUSIP: 984440EG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                                          | State of California Department of Water Resources, Central Valley Project, Water System, Series AW                                                     | CUSIP: 13067WLQ3<br>LEI: 549300X618YEC5LGBQ98 | Long             | DBT              | MUN               | US        |    165000 | PA      | $165000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bexar County Hospital District                                                             | Bexar County Hospital District, Limited Tax                                                                                                            | CUSIP: 088365GX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200993.64    | 0.01%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                       | Chicago O'Hare International Airport, General Airport, Senior Lien                                                                                     | CUSIP: 167593ND0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $265534.03    | 0.01%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts State College Building Authority                                             | Massachusetts State College Building Authority, Series 2014A                                                                                           | CUSIP: 575832XE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30313.10     | 0.00%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                                       | County of Miami-Dade, Water and Sewer System, Series B                                                                                                 | CUSIP: 59334DHK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20402.63     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lucas-Plaza Housing Development Corp.                                                      | Lucas-Plaza Housing Development Corp.                                                                                                                  | CUSIP: 549364AE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $777110.36    | 0.03%             | 2024-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                                      | City of Chicago, Second Lien Waterworks Project                                                                                                        | CUSIP: 167736ZD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501208.50    | 0.02%             | 2023-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Winchester VA                                                                      | City of Winchester, Public Improvement                                                                                                                 | CUSIP: 973126TH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35215.17     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenport Union Free School District                                                       | Greenport Union Free School District                                                                                                                   | CUSIP: 395393ET4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2880000 | PA      | $2885112.86   | 0.11%             | 2023-06-23      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                 | Illinois Finance Authority, Riverside Health System                                                                                                    | CUSIP: 45203HRJ3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    215000 | PA      | $215417.06    | 0.01%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pittsford Central School District                                                          | Pittsford Central School District, Series 2012B                                                                                                        | CUSIP: 725635EV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20011.50     | 0.00%             | 2022-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 410 Snoqualmie Valley                                      | King County School District No. 410 Snoqualmie Valley , Unlimited Tax                                                                                  | CUSIP: 495206PX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monmouth County Improvement Authority (The)                                                | Monmouth County Improvement Authority (The), Governmental Pooled Loan Project                                                                          | CUSIP: 60956PMZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County Public Utility District No. 1                                                 | Clark County Public Utility District No. 1                                                                                                             | CUSIP: 181108YH8<br>LEI: 549300YCT5BMOWZSMQ97 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15371.01     | 0.00%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Connecticut                                                                  | University of Connecticut, Series 2015A                                                                                                                | CUSIP: 914233A43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26196.73     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                   | Massachusetts Development Finance Agency, Salem Community Corp.                                                                                        | CUSIP: 57584Y2P3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    365000 | PA      | $364272.48    | 0.01%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                                          | Salem Hospital Facility Authority, Multi Model, Salem Health Project, Series 2019A                                                                     | CUSIP: 794458FC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25254.45     | 0.00%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Washington                                                                   | University of Washington                                                                                                                               | CUSIP: 91523NQU3<br>LEI: T8YS5W0N70BYCTHPA429 | Long             | DBT              | MUN               | US        |    140000 | PA      | $140000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No. 1                                                 | Denver City and County School District No. 1                                                                                                           | CUSIP: 249174UE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Clean Water Fund - State Revolving Fund                               | State of Connecticut Clean Water Fund, State Revolving Fund                                                                                            | CUSIP: 20775YBU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25160.58     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No. 1                                                 | Denver City and County School District No. 1, Series 2012B                                                                                             | CUSIP: 249174SN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170000.00    | 0.01%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carmel Local Public Improvement Bond Bank                                                  | Carmel Local Public Improvement Bond Bank, Series 2021A                                                                                                | CUSIP: 143287GQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $66943.64     | 0.00%             | 2025-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Evanston IL                                                                        | City of Evanston, Series 2017B                                                                                                                         | CUSIP: 299228CG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2022-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                                   | County of Miami-Dade, Aviation System                                                                                                                  | CUSIP: 59333PE38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225217.53    | 0.01%             | 2023-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Merrillville Community School Corp.                                                        | Merrillville Community School Corp.                                                                                                                    | CUSIP: 590245CB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1017365.19   | 0.04%             | 2023-07-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District                                                        | Los Angeles Unified School District, Series 2015A                                                                                                      | CUSIP: 5446462Z4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $71064.86     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                                        | Idaho Housing and Finance Association, Federal Highway Trust                                                                                           | CUSIP: 45129WMQ0<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31698.47     | 0.00%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Midland TX                                                                         | City of Midland                                                                                                                                        | CUSIP: 597749W71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45280.03     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Department of Transportation                                                 | Massachusetts Department of Transportation, Capital Appreciation, Series 1997C                                                                         | CUSIP: 576018BD6<br>LEI: 549300CGDCL8XZK3KN03 | Long             | DBT              | MUN               | US        |    130000 | PA      | $129697.83    | 0.00%             | 2023-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Salem OR                                                                           | City of Salem                                                                                                                                          | CUSIP: 794454U30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30379.63     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hawaii HI                                                                        | County of Hawaii, Series 2013B                                                                                                                         | CUSIP: 419722H30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45015.74     | 0.00%             | 2023-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SCAGO Educational Facilities Corp. for Calhoun School District                             | SCAGO Educational Facilities Corp. for Calhoun School District                                                                                         | CUSIP: 80585MBH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Norwood MA                                                                         | Town of Norwood                                                                                                                                        | CUSIP: 669555ZU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45611.00     | 0.00%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                                          | State of California Department of Water Resources, Central Valley Project, Water System                                                                | CUSIP: 13067WNM0<br>LEI: 549300X618YEC5LGBQ98 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Boulder Larimer & Weld Counties St Vrain Valley School District Re1J                       | Boulder Larimer and Weld Counties St. Vrain Valley School District Re1J                                                                                | CUSIP: 101565ZQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140130.48    | 0.01%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Troy Community School District                                                        | East Troy Community School District                                                                                                                    | CUSIP: 275679BV9<br>LEI: 549300YXWDN8HROR5C40 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20024.78     | 0.00%             | 2023-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Naperville IL                                                                      | City of Naperville                                                                                                                                     | CUSIP: 630412UV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Canadian County Independent School District No. 69 Mustang                                 | Canadian County Independent School District No. 69 Mustang                                                                                             | CUSIP: 135591GJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $44807.68     | 0.00%             | 2023-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                            | State of Hawaii                                                                                                                                        | CUSIP: 419792MF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36515.48     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Milwaukee WI                                                                     | County of Milwaukee, Series 2014A                                                                                                                      | CUSIP: 602245A69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Village of Los Lunas NM                                                                    | Village of Los Lunas                                                                                                                                   | CUSIP: 545559DE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20015.41     | 0.00%             | 2023-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ohio State University (The)                                                                | Ohio State University (The), General Receipts, Series 2010D                                                                                            | CUSIP: 677632ZQ7<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Bernardino City Unified School District                                                | San Bernardino City Unified School District, Election of 2012, Series A                                                                                | CUSIP: 796711VG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20197.78     | 0.00%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, State Sales Tax                                                                                                    | CUSIP: 64990AFV2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     95000 | PA      | $95702.19     | 0.00%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of New Hanover NC                                                                   | County of New Hanover, Community College, Series 2013A                                                                                                 | CUSIP: 644800X82<br>LEI: 549300TDDH9O6TH23823 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20047.72     | 0.00%             | 2026-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Birmingham AL                                                                      | City of Birmingham, Series 2013A                                                                                                                       | CUSIP: 09088RWF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130815.48    | 0.01%             | 2032-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| East Wenatchee Water District/WA                                                           | East Wenatchee Water District                                                                                                                          | CUSIP: 275791GD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25225.76     | 0.00%             | 2023-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                   | State of Connecticut, Special Tax Transportation Infrastructure Purposes, Series 2018A                                                                 | CUSIP: 207758XB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90185.08     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Spokane WA                                                                         | City of Spokane, Unlimited Tax                                                                                                                         | CUSIP: 849067W33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Avon Community School Building Corp.                                                       | Avon Community School Building Corp., Ad Valorem Property Tax First Mortgage                                                                           | CUSIP: 054071KZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25505.83     | 0.00%             | 2024-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp.                                                               | Alaska Housing Finance Corp., State Capital Project, Series 2015A                                                                                      | CUSIP: 011839ET0<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Marple Newtown School District                                                             | Marple Newtown School District                                                                                                                         | CUSIP: 571363HN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30375.15     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Paul MN Sales & Use Tax Revenue                                                 | City of St. Paul, Sales Tax, Series 2019C                                                                                                              | CUSIP: 79307TDK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25080.23     | 0.00%             | 2023-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Public Education Cooperative District                                    | Montgomery County Public Education Cooperative District, Public Schools Project                                                                        | CUSIP: 613211AH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201531.52    | 0.01%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix AZ                                                                         | City of Phoenix                                                                                                                                        | CUSIP: 718814X84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5045.10      | 0.00%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah State Building Ownership Authority                                                    | Utah State Building Ownership Authority, Master Lease Program, Series 2012A                                                                            | CUSIP: 917547XK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35009.77     | 0.00%             | 2025-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Arlington Central School District                                                          | Arlington Central School District                                                                                                                      | CUSIP: 041717NN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10110.85     | 0.00%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New Orleans LA                                                                     | City of New Orleans                                                                                                                                    | CUSIP: 64763FPE3<br>LEI: 54930084B6KHR5PR2651 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No. 1                                                 | Denver City and County School District No. 1                                                                                                           | CUSIP: 24919PMG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                             | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement, Series 2018A                                                            | CUSIP: 6461363C3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35409.58     | 0.00%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monmouth County Improvement Authority (The)                                                | Monmouth County Improvement Authority (The), Governmental Pooled Loan Project                                                                          | CUSIP: 60956PVL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dansville Schools                                                                          | Dansville Schools, Unlimited Tax                                                                                                                       | CUSIP: 236388BD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25254.68     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                       | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series 2012B                                                                          | CUSIP: 89602NZF4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    235000 | PA      | $236306.67    | 0.01%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Longmont CO Wastewater Revenue                                                     | City of Longmont, Wastewater                                                                                                                           | CUSIP: 543098BY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25553.67     | 0.00%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, State Personal Income Tax, General Purpose                                                                         | CUSIP: 64990FB94<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    160000 | PA      | $160144.99    | 0.01%             | 2023-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada                                                                            | State of Nevada, Capital Improvement and Cultural Affairs                                                                                              | CUSIP: 641461N79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26100.65     | 0.00%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Benton WA                                                                        | County of Benton, Limited Tax                                                                                                                          | CUSIP: 082847GX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30106.43     | 0.00%             | 2023-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                  | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System                                                              | CUSIP: 414009HZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25926.88     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                             | State of Maryland, Department of Transportation                                                                                                        | CUSIP: 574203NV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                                         | Port of Seattle, Intermediate Lien                                                                                                                     | CUSIP: 735389VF2<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    315000 | PA      | $316841.93    | 0.01%             | 2023-03-01      | 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                                                                                             | CUSIP: 494619BY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60000.00     | 0.00%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado                                                                     | University of Colorado, Enterprise System, Series A                                                                                                    | CUSIP: 91417KZE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20250.10     | 0.00%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Interlocken Metropolitan District                                                          | Interlocken Metropolitan District, Series 2018A-1                                                                                                      | CUSIP: 45875CAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                       | Colorado Health Facilities Authority                                                                                                                   | CUSIP: 19648FXB5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    130000 | PA      | $140085.83    | 0.01%             | 2049-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroeville Finance Authority                                                              | Monroeville Finance Authority, University of Pittsburg Medical Center                                                                                  | CUSIP: 611530BQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $230992.22    | 0.01%             | 2023-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                              | North Texas Tollway Authority                                                                                                                          | CUSIP: 66285WL87<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    355000 | PA      | $355700.81    | 0.01%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Methacton School District                                                                  | Methacton School District                                                                                                                              | CUSIP: 591506S35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45274.40     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Madison Water & Wastewater Board                                                           | Madison Water and Wastewater Board                                                                                                                     | CUSIP: 556589FE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $145000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Athens OH                                                                          | City of Athens, Swimming Pool Facilities                                                                                                               | CUSIP: 047177FN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25105.86     | 0.00%             | 2023-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                       | State of Connecticut, Series 2022A                                                                                                                     | CUSIP: 20772KPD5<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45030.83     | 0.00%             | 2023-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Brick Township Municipal Utilities Authority (The)                                         | Brick Township Municipal Utilities Authority (The), Series 2016A                                                                                       | CUSIP: 107897HT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                                  | Dallas Area Rapid Transit, Sales Tax, Senior Lien                                                                                                      | CUSIP: 235241SV9<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chesterfield MO                                                                    | City of Chesterfield                                                                                                                                   | CUSIP: 16645PGD7<br>LEI: 549300K3XOE25R1JNE58 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76762.71     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Houston                                                                      | University of Houston                                                                                                                                  | CUSIP: 914302CB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47331.78     | 0.00%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroeville Finance Authority                                                              | Monroeville Finance Authority, University of Pittsburg Medical Center                                                                                  | CUSIP: 611530AM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $430168.86    | 0.02%             | 2023-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| South Harrison Township School District                                                    | South Harrison Township School District                                                                                                                | CUSIP: 838192FT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25043.00     | 0.00%             | 2023-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arapahoe County Water & Wastewater Authority                                               | Arapahoe County Water and Wastewater Authority                                                                                                         | CUSIP: 038716FM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                                      | New Jersey Health Care Facilities Financing Authority, Valley Health System Obligated                                                                  | CUSIP: 645790ML7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52844.90     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara County Financing Authority                                                     | Santa Clara County Financing Authority, Capital Facilities, Series 2021A                                                                               | CUSIP: 801577QC4<br>LEI: 549300A73O1Q5POHAT69 | Long             | DBT              | MUN               | US        |    140000 | PA      | $141478.58    | 0.01%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pima County Unified School District No. 20 Vail                                            | Pima County Unified School District No. 20 Vail, School Improvement                                                                                    | CUSIP: 721893EW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20046.33     | 0.00%             | 2023-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                   | Massachusetts Development Finance Agency, Williams College, Series 2013P                                                                               | CUSIP: 57583UWE4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45596.10     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Missouri City TX                                                                   | City of Missouri City                                                                                                                                  | CUSIP: 606020X59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35450.81     | 0.00%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Economic Development Finance Authority                                          | Washington Economic Development Finance Authority, Washington Biomedical Research Properties II                                                        | CUSIP: 93975WES0<br>LEI: 549300TQ7IXFA28IYO51 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35422.02     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, Great Neck Library                                                                                                 | CUSIP: 649907Y97<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50119.12     | 0.00%             | 2023-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City & County Honolulu HI Wastewater System Revenue                                        | City and County Honolulu, Wastewater System, Series B                                                                                                  | CUSIP: 438701ZJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30431.93     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Stratford CT                                                                       | Town of Stratford                                                                                                                                      | CUSIP: 8628114T0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50045.31     | 0.00%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Plymouth-Canton Community School District                                                  | Plymouth-Canton Community School District, Unlimited Tax                                                                                               | CUSIP: 729429NX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45473.39     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX                                                                          | City of Austin, Public Improvement                                                                                                                     | CUSIP: 052397HP4<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30554.43     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shenendehowa Central School District                                                       | Shenendehowa Central School District                                                                                                                   | CUSIP: 823194N76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $190109.29    | 0.01%             | 2022-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, School Districts Financing Program                                                                                 | CUSIP: 64990B2H5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40811.91     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pleasantville Union Free School District                                                   | Pleasantville Union Free School District                                                                                                               | CUSIP: 729067HV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20203.74     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Adams 12 Five Star Schools                                                                 | Adams 12 Five Star Schools, The City and County of Broomfield                                                                                          | CUSIP: 006449HE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125138.81    | 0.00%             | 2022-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, School Districts Financing Program                                                                                 | CUSIP: 649906A38<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300592.53    | 0.01%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, School Discricts Financing Program                                                                                 | CUSIP: 65000BVP0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10019.75     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Orange NY                                                                        | County of Orange, Various Purpose                                                                                                                      | CUSIP: 6845753K7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70442.61     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                  | Indiana Finance Authority, Deaconess Health System, Series 2013A                                                                                       | CUSIP: 45471AKQ4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25139.93     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Solid Waste Resources Revenue                                       | City of Los Angeles, Solid Waste Resources, Series 2013A                                                                                               | CUSIP: 54463PCE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $44952.91     | 0.00%             | 2023-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| County of Onondaga NY                                                                      | County of Onondaga                                                                                                                                     | CUSIP: 68277DCM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25103.10     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Milwaukee WI                                                                       | City of Milwaukee, Promissory Notes, Series 2020N4                                                                                                     | CUSIP: 602366C38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35262.19     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Des Moines IA                                                                      | City of Des Moines                                                                                                                                     | CUSIP: 25009XKJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25181.17     | 0.00%             | 2023-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                                           | State of Georgia, Series 2016C                                                                                                                         | CUSIP: 3733843G9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25054.50     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tacoma Metropolitan Park District                                                          | Tacoma Metropolitan Park District, Unlimited Tax                                                                                                       | CUSIP: 592240SY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Milton School District/WI                                                                  | Milton School District                                                                                                                                 | CUSIP: 602190GF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85507.67     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Charles Park District                                                                   | St. Charles Park District, Master Lease Program, Series 2017B                                                                                          | CUSIP: 787760LK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25021.45     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                           | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                                    | CUSIP: 20282EAF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41900.22     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, State Sales Tax                                                                                                    | CUSIP: 64990ABC8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    260000 | PA      | $261889.24    | 0.01%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                             | State of Texas, Transportation Commission Mobility Fund                                                                                                | CUSIP: 882723MY2<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20635.91     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Lottery Revenue                                                           | State of Florida, State Board of Education, Lottery, Series 2014A                                                                                      | CUSIP: 341507M24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70131.80     | 0.00%             | 2025-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Scott County School District Finance Corp.                                                 | Scott County School District Finance Corp.                                                                                                             | CUSIP: 809545XN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21053.66     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                     | Iowa Finance Authority, Health System                                                                                                                  | CUSIP: 46246K4Q2<br>LEI: 549300NQVL49BTHOW391 | Long             | STIV             | MUN               | US        |  14990000 | PA      | $14952051.32  | 0.57%             | 2035-02-15      | Floating      | 2.47%                 | Yes           |                  2 | On Loan: No      |
| City of Charlotte NC                                                                       | City of Charlotte                                                                                                                                      | CUSIP: 161037F50<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25303.93     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Queen Creek AZ Excise Tax Revenue                                                  | Town of Queen Creek, Excise Tax                                                                                                                        | CUSIP: 74823YCC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40659.72     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware River & Bay Authority                                                             | Delaware River and Bay Authority, Series 2012B                                                                                                         | CUSIP: 246317EF4<br>LEI: 549300DIIIT0MBXYHJ34 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25043.19     | 0.00%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hammond LA Sales Tax Revenue                                                       | City of Hammond, Sales and Use Tax                                                                                                                     | CUSIP: 408505CK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp./NY                                              | Monroe County Industrial Development Corp., University of Rochester Project, Series 2013A                                                              | CUSIP: 61075THK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20289.12     | 0.00%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                  | Indiana Finance Authority, State Revolving Fund Program, Series 2017C                                                                                  | CUSIP: 45506DH65<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25108.52     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Myers FL                                                                      | City of Fort Myers, Series 2014A                                                                                                                       | CUSIP: 348073BZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| University of Wisconsin Hospitals & Clinics                                                | University of Wisconsin Hospitals and Clinics                                                                                                          | CUSIP: 915260CA9<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |    320000 | PA      | $322674.37    | 0.01%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                  | Indiana Finance Authority, Deaconess Health System, Series 2013A                                                                                       | CUSIP: 45471AKS0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25150.57     | 0.00%             | 2025-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allegheny PA                                                                     | County of Allegheny                                                                                                                                    | CUSIP: 01728VPB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Henry GA                                                                         | County of Henry, Sales Tax                                                                                                                             | CUSIP: 426337BG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20208.73     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Corpus Christi TX                                                                  | City of Corpus Christi                                                                                                                                 | CUSIP: 2201125S1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35200.28     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kane & DeKalb Counties Community Unit School District No. 302 Kaneland                     | Kane and DeKalb Counties Community Unit School District No. 302 Kaneland                                                                               | CUSIP: 483782HP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $19908.23     | 0.00%             | 2023-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Village of Western Springs IL                                                              | Village of Western Springs                                                                                                                             | CUSIP: 959554ME3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                      | Metropolitan Transportation Authority                                                                                                                  | CUSIP: 59261ANE3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $257163.85    | 0.01%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nevada System of Higher Education                                                          | Nevada System of Higher Education                                                                                                                      | CUSIP: 641496MY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25332.36     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                               | New Jersey Housing and Mortgage Finance Agency, Multi-Family, Series 2019B                                                                             | CUSIP: 646108D80<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |     90000 | PA      | $89533.76     | 0.00%             | 2023-05-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                                  | Michigan State Hospital Finance Authority, Trinity Health Credit Group, Series 2008C                                                                   | CUSIP: 59465HUH7<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |    155000 | PA      | $155000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Larimer Weld & Boulder County School District R-2J Thompson                                | Larimer Weld and Boulder County School District, R-2J Thompson                                                                                         | CUSIP: 517210WF3<br>LEI: 549300S0MXGSC6YRX497 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55016.91     | 0.00%             | 2022-12-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                     | North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group                                                                            | CUSIP: 65821DMZ1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    240000 | PA      | $240433.34    | 0.01%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kane McHenry Cook & De Kalb Counties Unit School District No. 300/IL                       | Kane McHenry Cook and De Kalb Counties Unit School District No. 300, Series 2021A                                                                      | CUSIP: 484080UM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75096.38     | 0.00%             | 2023-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Snohomish County Public Utility District No. 1 Electric System Revenue                     | Snohomish County Public Utility District No. 1, Electric System                                                                                        | CUSIP: 833102YH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180000.00    | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Larimer County School District No. R-1 Poudre                                              | Larimer County School District No. R-1 Poudre                                                                                                          | CUSIP: 517138YJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $165092.48    | 0.01%             | 2022-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Suisun City Redevelopment Agency                                                           | Suisun City Redevelopment Agency, Redevelopment Project, Series B                                                                                      | CUSIP: 865060AK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40755.42     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Snohomish County Public Utility District No. 1 Electric System Revenue                     | Snohomish County Public Utility District No. 1, Electric System                                                                                        | CUSIP: 833102YS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County Community Consolidated School District No. 146 Tinley Park                     | Cook County Community Consolidated School District No. 146 Tinley Park                                                                                 | CUSIP: 215039EK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                                          | State of California Department of Water Resources, Central Valley Project, Water System, Series AQ                                                     | CUSIP: 13066K3M9<br>LEI: 549300X618YEC5LGBQ98 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20161.77     | 0.00%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX                                                                         | City of Lubbock, Series 2018A                                                                                                                          | CUSIP: 549188F88<br>LEI: 549300I1QTL3QZV4BX74 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40040.15     | 0.00%             | 2023-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX Waterworks & Sewer System Revenue                                        | City of Dallas, Waterworks and Sewer System, Series 2012A                                                                                              | CUSIP: 2354164P6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120231.10    | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                                       | Pennsylvania Higher Educational Facilities Authority, Philadelphia University                                                                          | CUSIP: 70917SDU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20230.22     | 0.00%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                       | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels                                                                                        | CUSIP: 89602N5A8<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20453.53     | 0.00%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Warren Woods Public Schools                                                                | Warren Woods Public Schools, Unlimited Tax                                                                                                             | CUSIP: 936019PS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20174.69     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public School Authority                                                           | Virginia Public School Authority, School Financing 1997 Resolution, Series 2013A                                                                       | CUSIP: 92817SM70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25409.00     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washingtonville Central School District                                                    | Washingtonville Central School District                                                                                                                | CUSIP: 940739QL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65847.67     | 0.00%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Building Authority                                                            | North Dakota Building Authority, Facilities Improvement                                                                                                | CUSIP: 658905EG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $290000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puente Basin Water Agency                                                                  | Puente Basin Water Agency, Walnut Valley Water District Project                                                                                        | CUSIP: 745056BK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25322.58     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University Medical Center Corp.                                                            | University Medical Center Corp., Hospital                                                                                                              | CUSIP: 914062EB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30532.27     | 0.00%             | 2036-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| County of Eagle CO                                                                         | County of Eagle                                                                                                                                        | CUSIP: 26947NCG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sachse TX                                                                          | City of Sachse, Combination Tax and Limited Surplus                                                                                                    | CUSIP: 785751QP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $66830.17     | 0.00%             | 2025-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                             | Charlotte-Mecklenburg Hospital Authority (The), Healthcare System, Atrium Health                                                                       | CUSIP: 160853TL1<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |    910000 | PA      | $915139.04    | 0.04%             | 2048-01-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                                         | Board of Regents of the University of Texas System, Financing System, Series 2012A                                                                     | CUSIP: 9151376U2<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20349.15     | 0.00%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lansing School District                                                                    | Lansing School District, Unlimited Tax                                                                                                                 | CUSIP: 516444QM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65372.29     | 0.00%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                                         | State of Louisiana, Series D-1                                                                                                                         | CUSIP: 5464167E2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                                         | County of Clark, Nevada Power Co.                                                                                                                      | CUSIP: 181008BC6<br>LEI: 549300LDD8NZB2EOVG83 | Long             | STIV             | MUN               | US        |   1600000 | PA      | $1592463.84   | 0.06%             | 2036-01-01      | Variable      | 1.65%                 | No            |                  2 | On Loan: No      |
| Town of Middleton MA                                                                       | Town of Middleton, Municipal Purpose Loan                                                                                                              | CUSIP: 596731FG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $39847.75     | 0.00%             | 2025-08-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                      | Metropolitan Transportation Authority, Dedicated Tax Fund, Series 2012A                                                                                | CUSIP: 59259NR47<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1641999.49   | 0.06%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Madison Water & Wastewater Board                                                           | Madison Water and Wastewater Board                                                                                                                     | CUSIP: 556589HK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                                      | New Jersey Health Care Facilities Financing Authority, Barnabas Health Obligated Group                                                                 | CUSIP: 645790MC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $230546.47    | 0.01%             | 2042-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                        | State of California, Various Purpose                                                                                                                   | CUSIP: 13063CJU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51244.90     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Venice FL Utility Revenue                                                          | City of Venice, Utility System                                                                                                                         | CUSIP: 922690FZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gloucester County Improvement Authority (The)                                              | Gloucester County Improvement Authority (The), GCSSSD/GCVTSD Project                                                                                   | CUSIP: 37970PKE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35240.95     | 0.00%             | 2023-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                                        | State of New Jersey                                                                                                                                    | CUSIP: 646039WM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20674.17     | 0.00%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                                    | City of Jacksonville                                                                                                                                   | CUSIP: 469487NP3<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10199.65     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Madera County Board of Education                                                           | Madera County Board of Education                                                                                                                       | CUSIP: 55646DAY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20203.13     | 0.00%             | 2023-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Diego Community College District                                                       | San Diego Community College District, Election of 2002                                                                                                 | CUSIP: 797272MK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20348.51     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis Special School District No. 1                                                  | Minneapolis Special School District No. 1                                                                                                              | CUSIP: 603792RX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30120.22     | 0.00%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlanta Urban Residential Finance Authority                                                | Atlanta Urban Residential Finance Authority, Multi-Family                                                                                              | CUSIP: 04785VBB9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1740000 | PA      | $1726988.63   | 0.07%             | 2023-09-01      | Variable      | 0.44%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 95-Brookfield                                              | Cook County School District No. 95-Brookfield                                                                                                          | CUSIP: 214309GS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                           | Pennsylvania Turnpike Commission, Senior Lien                                                                                                          | CUSIP: 7092232A8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    180000 | PA      | $180000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                     | California Municipal Finance Authority, Santa Rosa Community Health Centre                                                                             | CUSIP: 13048TYZ0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25100.18     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Chemung NY                                                                       | County of Chemung, Public Improvement                                                                                                                  | CUSIP: 164015U72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40006.39     | 0.00%             | 2022-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                              | City of Atlanta, Water and Wastewater, Series 2013B                                                                                                    | CUSIP: 047870LZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35850.45     | 0.00%             | 2029-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Floresville Independent School District                                                    | Floresville Independent School District, Unlimited Tax                                                                                                 | CUSIP: 340423KD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35087.37     | 0.00%             | 2025-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Oak Hills Local School District                                                            | Oak Hills Local School District, School Improvement                                                                                                    | CUSIP: 671392GQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20446.19     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Fargo Public School District No. 6                                                    | West Fargo Public School District No. 6, School Building                                                                                               | CUSIP: 952734PE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40875.63     | 0.00%             | 2024-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hatboro-Horsham School District                                                            | Hatboro-Horsham School District, Series B                                                                                                              | CUSIP: 418780LD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45326.98     | 0.00%             | 2024-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville Water Co.                                                                       | Louisville Water Co., Metro Government Waterworks Board                                                                                                | CUSIP: 54659RDG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25574.05     | 0.00%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alexandria Lake Area Sanitation District                                                   | Alexandria Lake Area Sanitation District, Sanitary Sewer Board                                                                                         | CUSIP: 015091CE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25103.52     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakota Local School District/Butler County                                                 | Lakota Local School District                                                                                                                           | CUSIP: 51280UBJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Richland County School District No. 1/SC                                                   | Richland County School District No. 1, Series 2014C                                                                                                    | CUSIP: 763665YK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35209.04     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                        | State of California, Various Purpose                                                                                                                   | CUSIP: 13063D2J6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110473.80    | 0.00%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Avon Community School Building Corp.                                                       | Avon Community School Building Corp., Ad Valorem Property Tax First Mortgage                                                                           | CUSIP: 054071KB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40119.88     | 0.00%             | 2023-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Limestone County Water & Sewer Authority                                                   | Limestone County Water and Sewer Authority, Series 2014B                                                                                               | CUSIP: 532647FK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30420.54     | 0.00%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Garland TX Electric Utility System Revenue                                         | City of Garland, Electric Utility System                                                                                                               | CUSIP: 366133KP0<br>LEI: 549300O5KXJ5HAWVEN53 | Long             | DBT              | MUN               | US        |    490000 | PA      | $492889.78    | 0.02%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                                         | City of Seattle, Municipal Light and Power Improvement, Series 2020A                                                                                   | CUSIP: 812643UG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30438.91     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, University Hospitals Health System, Inc.                                                                                                | CUSIP: 67756CBZ0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   4325000 | PA      | $4332913.45   | 0.17%             | 2027-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Forest Hills Public Schools/MI                                                             | Forest Hills Public Schools, Unlimited Tax                                                                                                             | CUSIP: 345748XG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20208.73     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Orlando FL                                                                         | City of Orlando, Florida Contract Tourist Development Tax Payments                                                                                     | CUSIP: 686432AW5<br>LEI: G8GZFWRIKS3AFD6AWU52 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20657.61     | 0.00%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County School District R-1                                                       | Jefferson County School District R-1                                                                                                                   | CUSIP: 472736S65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30016.82     | 0.00%             | 2027-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                               | Massachusetts Bay Transportation Authority, Sales Tax, Series 2003C                                                                                    | CUSIP: 575579DV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30483.60     | 0.00%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Benton County School District No. 17 Kennewick                                             | Benton County School District No. 17 Kennewick, Unlimited Tax                                                                                          | CUSIP: 082887PG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of North Olmsted OH                                                                   | City of North Olmsted, Capital Improvement, Limited Tax                                                                                                | CUSIP: 661292XX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Scott County School District Finance Corp.                                                 | Scott County School District Finance Corp.                                                                                                             | CUSIP: 809545VE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25023.94     | 0.00%             | 2023-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                                      | New Jersey Health Care Facilities Financing Authority, Virtua Health, Inc.                                                                             | CUSIP: 645790RL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10243.03     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada Highway Improvement Revenue                                                | State of Nevada Highway Improvement, Motor Vehicle Fuel Tax                                                                                            | CUSIP: 641480KB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $245000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County Community Consolidated School District No. 3 Beach Park                        | Lake County Community Consolidated School District No. 3 Beach Park                                                                                    | CUSIP: 508444EH5<br>LEI: 549300OXP7UXKVRQI587 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300681.84    | 0.01%             | 2023-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fayette County School District Finance Corp.                                               | Fayette County School District Finance Corp., Series 2020B                                                                                             | CUSIP: 312432N86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Cecil MD                                                                         | County of Cecil                                                                                                                                        | CUSIP: 14984PAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130000.00    | 0.00%             | 2022-12-01      | 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 E, Subseries E-1                                            | CUSIP: 64971XXE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20084.81     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Rockland NY                                                                      | County of Rockland, Various Purpose                                                                                                                    | CUSIP: 77355PUK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Township of Union NJ/Union County                                                          | Township of Union, General Improvement                                                                                                                 | CUSIP: 908703PL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25061.79     | 0.00%             | 2023-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Fiscal Year 2018, Series B, Subseries B-4                                                                                            | CUSIP: 64966MSB6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | STIV             | MUN               | US        |  25000000 | PA      | $25000000.00  | 0.96%             | 2046-10-01      | Variable      | 0.98%                 | No            |                  2 | On Loan: No      |
| City of Cambridge MA                                                                       | City of Cambridge, Series 2015A                                                                                                                        | CUSIP: 132285Z67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20064.23     | 0.00%             | 2023-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Pulaski VA                                                                       | County of Pulaski                                                                                                                                      | CUSIP: 745536BH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41099.60     | 0.00%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Henderson NV                                                                       | City of Henderson                                                                                                                                      | CUSIP: 4252004E9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25049.52     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rockwall Independent School District                                                       | Rockwall Independent School District, Unlimited Tax                                                                                                    | CUSIP: 7742854M9<br>LEI: 5493008ZIVPUZPQOR621 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25121.63     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of South Carolina                                                               | University of South Carolina, Higher Education Facilities                                                                                              | CUSIP: 914857CF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25260.92     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Millis MA                                                                          | Town of Millis                                                                                                                                         | CUSIP: 601090SK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4120000 | PA      | $4131423.94   | 0.16%             | 2023-05-24      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| San Bernardino County Transportation Authority                                             | San Bernardino County Transportation Authority, Sales Tax, Series 2014A                                                                                | CUSIP: 796846EU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20126.96     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Longwood Central School District Suffolk County                                            | Longwood Central School District Suffolk County                                                                                                        | CUSIP: 543364HB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20253.09     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Utility District No. 1 of Lewis County                                              | Lewis County Public Utility District No. 1, Cowlitz Falls Hydro Electric Project                                                                       | CUSIP: 527839DH4<br>LEI: 549300GUJWR2C89RVS54 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102004.82    | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Seaside Heights NJ                                                              | Borough of Seaside Heights                                                                                                                             | CUSIP: 812489PC0<br>LEI: 5493006J8DP7CFLCLM32 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| University of Cincinnati                                                                   | University of Cincinnati, General Receipts, Series 2012C                                                                                               | CUSIP: 9141194A7<br>LEI: 549300E0RD3ICJ858L23 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250000.00    | 0.01%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, State Personal Income Tax, General Purpose                                                                         | CUSIP: 64990ECH8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150143.15    | 0.01%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Thurston County School District No. 33 Tumwater/WA                                         | Thurston County School District No. 33 Tumwater, Unlimited Tax                                                                                         | CUSIP: 886155ND8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pleasantville School District                                                              | Pleasantville School District                                                                                                                          | CUSIP: 729042JH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $24988.73     | 0.00%             | 2023-02-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 123 Oak Lawn                                               | Cook County School District No. 123 Oak Lawn, Capital Appreciation                                                                                     | CUSIP: 214651HZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                     | Maine Health and Higher Educational Facilities Authority, Series 2020A                                                                                 | CUSIP: 56042RT69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60690 | PA      | $61472.18     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County School District No. 76-Diamond Lake/IL                                         | Lake County School District No. 76-Diamond Lake, School Building                                                                                       | CUSIP: 508769GF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35069.96     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hilliard School District                                                                   | Hilliard School District, Series 2013A                                                                                                                 | CUSIP: 431621PM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Municipal Bond Bank                                                                  | Maine Municipal Bond Bank                                                                                                                              | CUSIP: 56045RVH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25313.46     | 0.00%             | 2023-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                                         | County of Clark, Sales and Excise Tax                                                                                                                  | CUSIP: 181012BU8<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25362.85     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                     | Maine Health and Higher Educational Facilities Authority, Series 2017B                                                                                 | CUSIP: 56042RQ47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25345.42     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County (The)                                                    | School Board of Miami-Dade County (The), Series 2014D                                                                                                  | CUSIP: 59333MM77<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25967.55     | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Harlingen TX                                                                       | City of Harlingen                                                                                                                                      | CUSIP: 412882VZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20098.13     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                     | New York State Urban Development Corp., State Personal Income Tax, State Facilities and Equipment                                                      | CUSIP: 650034Y70<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30264.16     | 0.00%             | 2023-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Sampson NC                                                                       | County of Sampson, Limited Obligation                                                                                                                  | CUSIP: 79588VAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ypsilanti Community Utilities Authority                                                    | Ypsilanti Community Utilities Authority, Water Supply System No. 7, Charter Township Ypsilanti, Limited Tax                                            | CUSIP: 987834QB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175763.39    | 0.01%             | 2023-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                                   | University of California, Series 2013AF                                                                                                                | CUSIP: 91412G5B7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20235.82     | 0.00%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware County Authority                                                                  | Delaware County Authority, Villanova University                                                                                                        | CUSIP: 246008NM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25864.52     | 0.00%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Alaska                                                                            | State of Alaska, Series 2013B                                                                                                                          | CUSIP: 0117702A1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $145583.00    | 0.01%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                                        | City of Austin, Water and Wastewater System, Series 2013A                                                                                              | CUSIP: 052477NK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10111.03     | 0.00%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 405 Bellevue                                               | King County School District No. 405 Bellevue, Unlimited Tax                                                                                            | CUSIP: 495098VD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                             | American Municipal Power, Inc.                                                                                                                         | CUSIP: 02765UPN8<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |    835000 | PA      | $838925.17    | 0.03%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Portland Community College District                                                        | Portland Community College District                                                                                                                    | CUSIP: 736688KN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30407.33     | 0.00%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hanover Public School District                                                             | Hanover Public School District                                                                                                                         | CUSIP: 41115MEM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25106.33     | 0.00%             | 2023-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Durham Capital Financing Corp.                                                             | Durham Capital Financing Corp., Limited Obligation                                                                                                     | CUSIP: 266780CD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Escambia County Housing Finance Authority                                                  | Escambia County Housing Finance Authority, Multi-County Program                                                                                        | CUSIP: 296122VZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $69722.91     | 0.00%             | 2023-04-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                        | State of Washington, Motor Vehicle Fuel Tax                                                                                                            | CUSIP: 93974C7G9<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20296.10     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Polk Community School District                                                       | North Polk Community School District, Series 2017A                                                                                                     | CUSIP: 661707GQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30070.10     | 0.00%             | 2023-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Routt County School District Re-2 Steamboat Springs                                        | Routt County School District Re-2 Steamboat Springs                                                                                                    | CUSIP: 779324LP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                    | Port Authority of New York and New Jersey, Consolidated                                                                                                | CUSIP: 73358WQP2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    175000 | PA      | $179165.28    | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northampton County General Purpose Authority                                               | Northampton County General Purpose Authority, St. Luke's University Health Network Project, Series 2016A                                               | CUSIP: 66353RBN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45627.57     | 0.00%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St. George UT                                                                      | City of St. George, Excise Tax                                                                                                                         | CUSIP: 789556HS9<br>LEI: 5493000P9OIY2JDS4K57 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75090.08     | 0.00%             | 2023-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Fiscal Year 2017, Series C                                                                                                           | CUSIP: 64966MJJ9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42416.76     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                             | Lower Colorado River Authority                                                                                                                         | CUSIP: 54811GLQ1<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    300000 | PA      | $303169.20    | 0.01%             | 2024-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| County of Middlesex NJ                                                                     | County of Middlesex                                                                                                                                    | CUSIP: 59656NYT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15010.28     | 0.00%             | 2023-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Walworth County Joint School District No. 2 Genoa - Bloomfield                             | Walworth County Joint School District No. 2 Genoa - Bloomfield, School Improvement                                                                     | CUSIP: 372357DS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20091.22     | 0.00%             | 2023-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                    | Port Authority of New York and New Jersey, Consolidated, Series 209                                                                                    | CUSIP: 73358WU51<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20303.20     | 0.00%             | 2023-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Worth Independent School District                                                     | Fort Worth Independent School District, Unlimited Tax                                                                                                  | CUSIP: 3494604K8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25125.75     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                                   | San Antonio Water System, Junior Lien, Series 2020A                                                                                                    | CUSIP: 79642GGX4<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20224.42     | 0.00%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                      | Metropolitan Transportation Authority, Dedicated Tax Fund                                                                                              | CUSIP: 59259NV42<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    125000 | PA      | $127390.70    | 0.00%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sunshine State Governmental Financing Commission                                           | Sunshine State Governmental Financing Commission, Miami Dade County Program, Series 2011C-1                                                            | CUSIP: 867868HC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45970.00     | 0.00%             | 2031-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                                       | Pennsylvania Higher Educational Facilities Authority, Trustees of the University                                                                       | CUSIP: 70917SVS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25436.44     | 0.00%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Pima AZ                                                                          | County of Pima, Series A                                                                                                                               | CUSIP: 721664DL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| McCracken County School District Finance Corp.                                             | McCracken County School District Finance Corp.                                                                                                         | CUSIP: 579832LA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                        | Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group                                                             | CUSIP: 97712D7Z3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    180000 | PA      | $190687.86    | 0.01%             | 2054-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Bexar TX                                                                         | County of Bexar, Flood Control Tax                                                                                                                     | CUSIP: 088281VQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46615.85     | 0.00%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Gibson School Building Corp.                                                         | South Gibson School Building Corp., First Mortgage                                                                                                     | CUSIP: 838015DV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41005.93     | 0.00%             | 2025-01-10      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cotulla Independent School District                                                        | Cotulla Independent School District, Unlimited Tax                                                                                                     | CUSIP: 222057HC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25123.69     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Juvenile Correctional Building Fund Projects                                                                                            | CUSIP: 677522P24<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35713.33     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Dunklin MO                                                                       | County of Dunklin                                                                                                                                      | CUSIP: 265620BS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $398179.92    | 0.02%             | 2026-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Louisville and Jefferson County Metropolitan Sewer District                                | Louisville and Jefferson County Metropolitan Sewer District, Sewer and Drainage System, Series 2013C                                                   | CUSIP: 546589UB6<br>LEI: 5493004O4I11L8BK0A22 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25083.25     | 0.00%             | 2025-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                       | Chicago O'Hare International Airport, Senior Lien                                                                                                      | CUSIP: 167593LE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25026.43     | 0.00%             | 2023-01-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                          | Palm Beach County School District                                                                                                                      | CUSIP: 696550C67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42163.18     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Bluffton OH                                                                     | Village of Bluffton, Ohio Hospital Facilities, Blanchard Valley Health System                                                                          | CUSIP: 096391AB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $160000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Utilities District of Omaha Gas System Revenue                                | Metropolitan Utilities District of Omaha Gas System                                                                                                    | CUSIP: 592625AW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.03%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Series B                                                                                                                             | CUSIP: 64966J2Y1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    230000 | PA      | $230444.11    | 0.01%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Transportation Commission State Highway Fund                                         | Texas Transportation Commission State Highway Fund, First Tier, Series 2016B                                                                           | CUSIP: 88283LKX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10135000 | PA      | $9087123.09   | 0.35%             | 2026-04-01      | Fixed         | 0.56%                 | No            |                  2 | On Loan: No      |
| South Brunswick Township Board of Education                                                | South Brunswick Township Board of Education                                                                                                            | CUSIP: 836802PM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46184.40     | 0.00%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                              | North Texas Tollway Authority, Second Tier                                                                                                             | CUSIP: 66285WWS1<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    460000 | PA      | $460957.26    | 0.02%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Denton TX                                                                          | City of Denton                                                                                                                                         | CUSIP: 2488664C6<br>LEI: 549300UWEY8IKYK09T27 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50052.23     | 0.00%             | 2023-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                             | State of Texas, Water Financial Assistance, Series 2021B                                                                                               | CUSIP: 882724VM6<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25109.77     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of McKinney TX Waterworks & Sewer System Revenue                                      | City of McKinney, Waterworks and Sewer System                                                                                                          | CUSIP: 581714TN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20143.20     | 0.00%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Iowa                                                                              | State of Iowa, Special Obligation                                                                                                                      | CUSIP: 46257TEL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25315.31     | 0.00%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 3 Puyallup                                               | Pierce County School District No. 3 Puyallup, Unlimited Tax, Series 2012A                                                                              | CUSIP: 720390YK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue                      | State of Florida Department of Transportation Turnpike System, Series 2013A                                                                            | CUSIP: 3431362U0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55772.70     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Okaloosa FL Sales Tax Revenue                                                    | County of Okaloosa, Sales Tax                                                                                                                          | CUSIP: 67823RCR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25492.90     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                    | Port Authority of New York and New Jersey, Consolidated                                                                                                | CUSIP: 73358WJN5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25022.27     | 0.00%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bethlehem Central School District                                                          | Bethlehem Central School District                                                                                                                      | CUSIP: 087329NK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20271.55     | 0.00%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vermont Municipal Bond Bank                                                                | Vermont Municipal Bond Bank, Series 3                                                                                                                  | CUSIP: 924214MR7<br>LEI: 54930081EMY8D1GYM846 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Brighton CO                                                                        | City of Brighton                                                                                                                                       | CUSIP: 109297BP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ferris Independent School District                                                         | Ferris Independent School District, Unlimited Tax                                                                                                      | CUSIP: 315387MN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25064.51     | 0.00%             | 2023-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Peoria Metropolitan Airport Authority                                                      | Peoria Metropolitan Airport Authority, Series 2017D                                                                                                    | CUSIP: 71319RCA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Decatur IL                                                                         | City of Decatur                                                                                                                                        | CUSIP: 243127XV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $207810.84    | 0.01%             | 2027-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Serenity Ridge Metropolitan District No. 2                                                 | Serenity Ridge Metropolitan District No. 2, Limited Tax                                                                                                | CUSIP: 817504AF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    636000 | PA      | $681676.12    | 0.03%             | 2035-12-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Pasco County School Board                                                                  | Pasco County School Board, Series 2015A                                                                                                                | CUSIP: 702528JK7<br>LEI: 549300NYEDMC7IDJPE68 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40595.94     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Middlesex County Improvement Authority                                                     | Middlesex County Improvement Authority, Open Space Trust Fund                                                                                          | CUSIP: 596566XQ7<br>LEI: 549300QDGS1CLXDHV188 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65037.39     | 0.00%             | 2022-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Special Health Care District                                               | Maricopa County Special Health Care District, Integrated Health Services, Series 2018C                                                                 | CUSIP: 56756TAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45619.14     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Derby KS                                                                           | City of Derby, Series 2019-A                                                                                                                           | CUSIP: 249776DA0<br>LEI: 549300CONBN0WRKRFQ93 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                     | New York State Urban Development Corp., State Personal Income Tax, General Purpose, Series 2013E-B                                                     | CUSIP: 650035F60<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    195000 | PA      | $196416.93    | 0.01%             | 2024-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bonds  | Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Trevecca Nazarene University Project, Series 2021B      | CUSIP: 592029AF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130151.32    | 0.00%             | 2023-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Bernardino City Unified School District                                                | San Bernardino City Unified School District, Series 2013A                                                                                              | CUSIP: 796711WM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25422.31     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kyrene Elementary School District No. 28                                                   | Kyrene Elementary School District No. 28                                                                                                               | CUSIP: 567137F41<br>LEI: 54930076HGOXEKIIH691 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20172.31     | 0.00%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Greenfield Middle School Building Corp.                                                    | Greenfield Middle School Building Corp., Ad Valorem Property Tax First Mortgage                                                                        | CUSIP: 39501PEU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30451.08     | 0.00%             | 2023-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Nueces TX                                                                        | County of Nueces, Combination of Tax                                                                                                                   | CUSIP: 670386MS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25652.54     | 0.00%             | 2025-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Inglewood Unified School District                                                          | Inglewood Unified School District, Election of 2012, Series 2013A                                                                                      | CUSIP: 457110KN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20347.54     | 0.00%             | 2035-08-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH Sales Tax Revenue                                                    | County of Hamilton, Sales Tax, Series 2000B                                                                                                            | CUSIP: 407287KK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2022-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Missouri City TX                                                                   | City of Missouri City                                                                                                                                  | CUSIP: 606020X67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31022.12     | 0.00%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Illinois                                                                     | University of Illinois, Series C                                                                                                                       | CUSIP: 914331LA9<br>LEI: 549300VD8PPC4Q5HK850 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45271.51     | 0.00%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Garland TX Electric Utility System Revenue                                         | City of Garland, Electric Utility System, Series 2016A                                                                                                 | CUSIP: 366133KD7<br>LEI: 549300O5KXJ5HAWVEN53 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20117.95     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Maury TN                                                                         | County of Maury                                                                                                                                        | CUSIP: 577625ZJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30958.13     | 0.00%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Bend Community School Building Corp.                                                 | South Bend Community School Building Corp., First Mortgage                                                                                             | CUSIP: 836514BK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30051.60     | 0.00%             | 2023-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Greene Central School District                                                             | Greene Central School District                                                                                                                         | CUSIP: 394720FJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11678000 | PA      | $11760001.75  | 0.45%             | 2023-06-29      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp.                                                               | Alaska Housing Finance Corp., State Capital Project, Series 2014D                                                                                      | CUSIP: 011839DU8<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bexar County Hospital District                                                             | Bexar County Hospital District                                                                                                                         | CUSIP: 088365FZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75372.62     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Ewing NJ                                                                       | Township of Ewing, General Improvement                                                                                                                 | CUSIP: 300551MA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99854.97     | 0.00%             | 2023-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                                        | North Dakota Housing Finance Agency, Home Mortgage Finance Program                                                                                     | CUSIP: 658909YZ3<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |    125000 | PA      | $115769.50    | 0.00%             | 2026-07-01      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| City of Wheat Ridge CO Sales & Use Tax Revenue                                             | City of Wheat Ridge, Sales & Use Tax                                                                                                                   | CUSIP: 96255NAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                                 | Virginia Commonwealth Transportation Board, Federal Transportation                                                                                     | CUSIP: 92778UAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31603.47     | 0.00%             | 2025-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greeneville Health & Educational Facilities Board                                          | Greeneville Health and Educational Facilities Board, Ballad Health Obligated Group, Series 2018A                                                       | CUSIP: 396649EG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $146668.79    | 0.01%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Castle Rock CO Sales & Use Tax Revenue                                             | Town of Castle Rock, Sales and Use Tax                                                                                                                 | CUSIP: 14849TDS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26360.39     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                       | District of Columbia, Income Tax, Series 2012D                                                                                                         | CUSIP: 25477GMK8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                  | Indiana Finance Authority, First Lien, CWA Authority Project, Series 2021-1                                                                            | CUSIP: 45505MJD9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10197.99     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Windham School District                                                                    | Windham School District                                                                                                                                | CUSIP: 973330CX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $62109.65     | 0.00%             | 2024-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Weld County School District No. Re-1                                                       | Weld County School District No. Re-1                                                                                                                   | CUSIP: 949238CR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25023.30     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Patrick Henry Local School District                                                        | Patrick Henry Local School District, Ohio School Facilities Project                                                                                    | CUSIP: 703346AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Essex NJ                                                                         | County of Essex, Series A                                                                                                                              | CUSIP: 296804TL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20222.61     | 0.00%             | 2023-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Johnson County Unified School District No. 233 Olathe                                      | Johnson County Unified School District No. 233 Olathe                                                                                                  | CUSIP: 478718R92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50905.34     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio State University (The)                                                                | Ohio State University (The), General Receipts                                                                                                          | CUSIP: 677632J77<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |    160000 | PA      | $160000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Airport Passenger Facility Charge                                       | City of Atlanta Airport Passenger Facility Charge, Sub Lien, Series 2014A                                                                              | CUSIP: 04780TCQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30688.61     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Evanston IL                                                                        | City of Evanston, Series 2017A                                                                                                                         | CUSIP: 299228BL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Vermont Municipal Bond Bank                                                                | Vermont Municipal Bond Bank, Series 2                                                                                                                  | CUSIP: 924214RD3<br>LEI: 54930081EMY8D1GYM846 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH Sales Tax Revenue                                                    | County of Hamilton, Sales Tax, Series 2016A                                                                                                            | CUSIP: 407287LX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $445000.00    | 0.02%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                  | Indiana Finance Authority, State Revolving Fund Program                                                                                                | CUSIP: 45506DZC2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50217.03     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN Gas Revenue                                                             | City of Memphis, Gas System                                                                                                                            | CUSIP: 58616PBT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Wright MN                                                                        | County of Wright, Jail                                                                                                                                 | CUSIP: 982271RD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $240000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maine Turnpike Authority                                                                   | Maine Turnpike Authority                                                                                                                               | CUSIP: 560551NP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10141.07     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                              | New York State Environmental Facilities Corp., State Revolving Funds, Master Financing Program, Series 2012E                                           | CUSIP: 64985HKG1<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40120.99     | 0.00%             | 2024-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bryan County School Finance Authority                                                      | Bryan County School Finance Authority, Durant Public Schools Project                                                                                   | CUSIP: 117510BG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northern Michigan University                                                               | Northern Michigan University, Series 2018A                                                                                                             | CUSIP: 665398LK7<br>LEI: 549300Y2Q94GGNQC7X56 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of West Chester OH                                                                | Township of West Chester, Various Purpose, Limited Tax                                                                                                 | CUSIP: 952063KW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Erie County Industrial Development Agency (The)                                            | Erie County Industrial Development Agency (The), City School District of the City of Buffalo Project                                                   | CUSIP: 29509PKU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25256.76     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vermont Municipal Bond Bank                                                                | Vermont Municipal Bond Bank, Series 3                                                                                                                  | CUSIP: 924214C64<br>LEI: 54930081EMY8D1GYM846 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Highland Local School District/Medina County                                               | Highland Local School District, Medina County                                                                                                          | CUSIP: 430416JB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $215000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Municipal Utility District No. 171                                           | Harris County Municipal Utility District No. 171                                                                                                       | CUSIP: 41423TED7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Douglas County School District No. Re-1 Douglas & Elbert Counties                          | Douglas County School District No. Re-1 Douglas and Elbert Counties                                                                                    | CUSIP: 258885F98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50016.73     | 0.00%             | 2023-12-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Airport System Revenue                                                | County of Broward, Airport System, Series Q-1                                                                                                          | CUSIP: 114894QW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $195338.93    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Perry Township Schools/Marion County IN                                                    | Perry Township Schools                                                                                                                                 | CUSIP: 715000BN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2375000 | PA      | $2395602.65   | 0.09%             | 2024-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Oshkosh WI Sewer Revenue                                                           | City of Oshkosh, Wisconsin Sewer System, Series D                                                                                                      | CUSIP: 68825VGB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25238.07     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Texas College                                                                        | South Texas College, Limited Tax                                                                                                                       | CUSIP: 84055QEP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20323.82     | 0.00%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wa-Nee Community Schools                                                                   | Wa-Nee Community Schools                                                                                                                               | CUSIP: 92938PAV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125070.59    | 0.00%             | 2023-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Richardson TX                                                                      | City of Richardson, Combination Tax, Certificates of Obligation                                                                                        | CUSIP: 763227WS0<br>LEI: 549300YMK2Z7UGNHHQ13 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100494.76    | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Garfield County School District No. Re002 Garfield                                         | Garfield County School District No. RE-2 Garfield                                                                                                      | CUSIP: 365653PS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Airport Passenger Facility Charge                                       | City of Atlanta Airport Passenger Facility Charge, Sub Lien, Series 2014A                                                                              | CUSIP: 04780TCN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25631.84     | 0.00%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                             | New Jersey Transportation Trust Fund Authority, Transportation System, Series 2006A                                                                    | CUSIP: 646136FM8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75076.59     | 0.00%             | 2022-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                       | District of Columbia, Income Tax, Series 2012C                                                                                                         | CUSIP: 25477GKV6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     80000 | PA      | $80000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                                    | County of Montgomery, Consolidated Public Improvement, Series 2015B                                                                                    | CUSIP: 6133404Z8<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp.                                                          | Hudson Yards Infrastructure Corp., Second Indenture, Series 2017A                                                                                      | CUSIP: 44420RAE0<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45135.30     | 0.00%             | 2023-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                          | Southeast Energy Authority A Cooperative District, Project No. 4                                                                                       | CUSIP: 84136FAW7<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503462.85    | 0.02%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                                         | City of Houston, Combined Utility System, Junior Lien                                                                                                  | CUSIP: 4424365M9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70000.00     | 0.00%             | 2022-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                  | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System                                                              | CUSIP: 414009MR8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    575000 | PA      | $571007.26    | 0.02%             | 2049-12-01      | Floating      | 2.47%                 | No            |                  2 | On Loan: No      |
| Sto Rox School District                                                                    | Sto Rox School District                                                                                                                                | CUSIP: 862369DP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150010.80    | 0.01%             | 2022-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Dublin OH                                                                          | City of Dublin, Various Purpose                                                                                                                        | CUSIP: 263713ZN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                           | Pennsylvania Turnpike Commission, Senior Lien                                                                                                          | CUSIP: 7092232B6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    175000 | PA      | $175328.93    | 0.01%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                   | Massachusetts Development Finance Agency, Boston University Issue                                                                                      | CUSIP: 57584YSM2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   5110000 | PA      | $5206929.04   | 0.20%             | 2042-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Nutley NJ                                                                      | Township of Nutley                                                                                                                                     | CUSIP: 670590EY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $44926.86     | 0.00%             | 2023-04-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                   | State of Connecticut, Special Tax Transportation Infrastructure Purposes                                                                               | CUSIP: 207758TK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25462.03     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                               | Clark County School District, Limited Tax, Various Purpose                                                                                             | CUSIP: 181059WL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100013.91    | 0.00%             | 2026-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Antelope Valley Community College District                                                 | Antelope Valley Community College District                                                                                                             | CUSIP: 03667PET5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $73690.53     | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                 | Illinois Finance Authority, Unitypoint Health                                                                                                          | CUSIP: 45204ECK2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1527457.73   | 0.06%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Kansas City MO                                                                     | City of Kansas City, Special Obligation, Series 2009E                                                                                                  | CUSIP: 485106DQ8<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |     45000 | PA      | $44767.95     | 0.00%             | 2023-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Tacoma WA Sewer Revenue                                                            | City of Tacoma                                                                                                                                         | CUSIP: 873545KC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                    | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2018                                                                     | CUSIP: 64971XR42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10397.18     | 0.00%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Albany Plain Local School District                                                     | New Albany Plain Local School District, School Improvement                                                                                             | CUSIP: 64184PFX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2043-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Pico Rivera CA Local Transportation Sales Tax Revenue                              | City of Pico Rivera, Sales Tax, Series 2018A                                                                                                           | CUSIP: 71988YAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35442.90     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                  | New Jersey Economic Development Authority, School Facilities Construction, Series XX                                                                   | CUSIP: 64577BKG8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2710000 | PA      | $2742728.13   | 0.11%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Comal TX                                                                         | County of Comal, Limited Tax                                                                                                                           | CUSIP: 199795MU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35962.03     | 0.00%             | 2025-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Essex NJ                                                                         | County of Essex, Series AC                                                                                                                             | CUSIP: 296804UZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25158.70     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Conroe Independent School District                                                         | Conroe Independent School District, Unlimited Tax, School Building, Series 2014A                                                                       | CUSIP: 208418WR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20102.24     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                           | Energy Northwest, Project 3 Electric                                                                                                                   | CUSIP: 29270CZ65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25359.94     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salem OR Water & Sewer Revenue                                                     | City of Salem, Water and Sewer                                                                                                                         | CUSIP: 794481KA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20253.09     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District                                                        | Los Angeles Unified School District, Series D                                                                                                          | CUSIP: 544646U42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20304.25     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Olentangy Local School District                                                            | Olentangy Local School District, Unlimited Tax, Series B                                                                                               | CUSIP: 680616XC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alaska Municipal Bond Bank Authority                                                       | Alaska Municipal Bond Bank Authority, Series 2013-1                                                                                                    | CUSIP: 011798KP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95223.78     | 0.00%             | 2023-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts School Building Authority                                                    | Massachusetts School Building Authority, Dedicated Sales Tax, Series 2013A                                                                             | CUSIP: 576000PE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20049.63     | 0.00%             | 2023-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, State Personal Income Tax, General Purpose                                                                         | CUSIP: 64990EQA8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    205000 | PA      | $206537.03    | 0.01%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Airport System Revenue                                                | County of Broward, Airport System, Series Q-1                                                                                                          | CUSIP: 114894QU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $540973.30    | 0.02%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tallahassee FL                                                                     | City of Tallahassee                                                                                                                                    | CUSIP: 874458JD5<br>LEI: 549300MPY4HDPK8B1G15 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125000.00    | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                    | Port Authority of New York and New Jersey, Consolidated, Series 175                                                                                    | CUSIP: 73358WJM7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100203.99    | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Wastewater System Revenue                                           | City of Los Angeles, Wastewater System                                                                                                                 | CUSIP: 53945CAK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75971.48     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Chatham NC                                                                       | County of Chatham, Public Facility Corp.                                                                                                               | CUSIP: 16207RAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Public Facilities Co.                                                        | Orange County Public Facilities Co., Limited Obligation                                                                                                | CUSIP: 684618CJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40805.26     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Jacinto Community College District                                                     | San Jacinto Community College District, Limited Tax                                                                                                    | CUSIP: 798025PE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25130.38     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Morton Grove IL                                                                 | Village of Morton Grove                                                                                                                                | CUSIP: 619262FS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75065.19     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grapevine TX                                                                       | City of Grapevine                                                                                                                                      | CUSIP: 388625CF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40201.20     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Venice FL Utility Revenue                                                          | City of Venice, Utility System                                                                                                                         | CUSIP: 922690GH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2042-12-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Burlington County Bridge Commission                                                        | Burlington County Bridge Commission, Governmental Loan Program                                                                                         | CUSIP: 121653JV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $240000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue                      | State of Florida Department of Transportation Turnpike System, Series 2016B                                                                            | CUSIP: 343137BF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $19863.27     | 0.00%             | 2026-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| City & County of Broomfield CO Sales & Use Tax Revenue                                     | City and County of Broomfield, Sales and Use Tax                                                                                                       | CUSIP: 114760FK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Township of Bridgewater NJ                                                                 | Township of Bridgewater                                                                                                                                | CUSIP: 108709SR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25278.27     | 0.00%             | 2023-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Campbell KY                                                                      | County of Campbell                                                                                                                                     | CUSIP: 134231GH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                                | California Educational Facilities Authority, University of Southern California, Series 2012A                                                           | CUSIP: 130178R81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35713.33     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                                   | San Antonio Water System, Junior Lien, Series 2014A                                                                                                    | CUSIP: 79642BD91<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46011.87     | 0.00%             | 2025-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cambridge MA                                                                       | City of Cambridge                                                                                                                                      | CUSIP: 1322856V4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25130.38     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of South River NJ                                                                  | Borough of South River, General Improvement                                                                                                            | CUSIP: 839669NM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                                        | Idaho Housing and Finance Association, Single Family Mortgage                                                                                          | CUSIP: 45129YXW1<br>LEI: 5493002WM3NYB1LQB744 | Long             | STIV             | MUN               | US        |   4360000 | PA      | $4360000.00   | 0.17%             | 2038-01-01      | Variable      | 2.08%                 | No            |                  2 | On Loan: No      |
| Chippewa Valley Schools                                                                    | Chippewa Valley Schools                                                                                                                                | CUSIP: 170016XU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30343.76     | 0.00%             | 2025-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ball State University                                                                      | Ball State University, Housing and Dining System                                                                                                       | CUSIP: 058508EF5<br>LEI: 549300PJHK1SF4O5E481 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25344.23     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                                     | Patriots Energy Group Financing Agency, Series 2018A                                                                                                   | CUSIP: 70342PAK0<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   4385000 | PA      | $4400867.12   | 0.17%             | 2048-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Niskayuna Central School District                                                          | Niskayuna Central School District                                                                                                                      | CUSIP: 654727HN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70379.31     | 0.00%             | 2023-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Snohomish County School District No. 2 Everett                                             | Snohomish County School District No. 2 Everett, Unlimited Tax                                                                                          | CUSIP: 833119ZJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Manchester Essex Regional School District                                                  | Manchester Essex Regional School District, Unlimited Tax                                                                                               | CUSIP: 562158DR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35144.92     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                            | Minnesota Higher Education Facilities Authority, Carleton College                                                                                      | CUSIP: 60416H2Z6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    220000 | PA      | $221313.97    | 0.01%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake Michigan College District                                                             | Lake Michigan College District, Building and Site, Limited Tax                                                                                         | CUSIP: 510175FB3<br>LEI: 5493004MDX24YTYZPF53 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20251.92     | 0.00%             | 2038-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Spartanburg Sanitary Sewer District                                                        | Spartanburg Sanitary Sewer District, Sewer System, Series B                                                                                            | CUSIP: 847175KM7<br>LEI: 549300FVRXYUI1JB6W32 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25156.82     | 0.00%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Alabama (The)                                                                | University of Alabama (The)                                                                                                                            | CUSIP: 914026SQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20747.22     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                                         | City of Seattle, Municipal Light and Power Improvement, Series 2019A                                                                                   | CUSIP: 812643SV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25211.44     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Elizabeth Forward School District                                                          | Elizabeth Forward School District, Series 2021C                                                                                                        | CUSIP: 286663TR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $9879.61      | 0.00%             | 2023-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                            | State of Hawaii, Series FK                                                                                                                             | CUSIP: 419792QT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30315.59     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                   | State of Connecticut, Special Tax Transportation Infrastructure Purposes                                                                               | CUSIP: 207758NV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35071.97     | 0.00%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                              | New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects - Seco | CUSIP: 64986AZ79<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40534.52     | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                                | Long Island Power Authority, Electric System                                                                                                           | CUSIP: 542691DM9<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | STIV             | MUN               | US        |    125000 | PA      | $113853.49    | 0.00%             | 2050-09-01      | Variable      | 0.85%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                        | Wisconsin Health and Educational Facilities Authority, The Monroe Clinic, Inc.                                                                         | CUSIP: 97712DRK4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30941.63     | 0.00%             | 2038-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Hays TX                                                                          | County of Hays, Limited Tax                                                                                                                            | CUSIP: 421020WM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20028.77     | 0.00%             | 2029-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| City of Kansas City MO                                                                     | City of Kansas City, Special Obligation                                                                                                                | CUSIP: 485106DR6<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |    275000 | PA      | $264436.07    | 0.01%             | 2024-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chula Vista Municipal Financing Authority                                                  | Chula Vista Municipal Financing Authority, Series 2015B                                                                                                | CUSIP: 17131DAH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45713.97     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Middletown OH                                                                      | City of Middletown                                                                                                                                     | CUSIP: 597129DR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Hidalgo County Regional Mobility Authority                                                 | Hidalgo County Regional Mobility Authority, Senior Lien                                                                                                | CUSIP: 429343AJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kohler School District                                                                     | Kohler School District                                                                                                                                 | CUSIP: 50025MBH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30182.18     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Alabama (The)                                                                | University of Alabama (The), Series 2019B                                                                                                              | CUSIP: 914026VH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35305.59     | 0.00%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                 | Michigan Finance Authority, Trinity Health Credit Group                                                                                                | CUSIP: 59447TQA4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1045000.00   | 0.04%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                                | Washington State Housing Finance Commission                                                                                                            | CUSIP: 939783SH0<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   6530000 | PA      | $7127320.00   | 0.27%             | 2050-07-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Atlanta & Fulton County Recreation Authority                                               | Atlanta and Fulton County Recreation Authority, Park Improvement                                                                                       | CUSIP: 047681NF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin Hills Transportation Corridor Agency                                           | San Joaquin Hills Transportation Corridor Agency, Toll Road, Senior Lien                                                                               | CUSIP: 798111BA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $113323.27    | 0.00%             | 2025-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Odessa-Montour Central School District                                                     | Odessa-Montour Central School District                                                                                                                 | CUSIP: 675889GR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14071000 | PA      | $14144252.22  | 0.54%             | 2023-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Council Rock School District                                                               | Council Rock School District                                                                                                                           | CUSIP: 222263H40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36150.09     | 0.00%             | 2025-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Milwaukee WI                                                                     | County of Milwaukee, Corporate Purpose                                                                                                                 | CUSIP: 602245U42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100147.16    | 0.00%             | 2024-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Williamson TX                                                                    | County of Williamson, Limited Tax                                                                                                                      | CUSIP: 9698874F2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60186.54     | 0.00%             | 2023-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No. 1                                                 | Denver City and County School District No. 1, Series 2012B                                                                                             | CUSIP: 249174SF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon Housing & Community Services Department                                    | State of Oregon, Housing and Community Services Department, Single-Family Mortgage Program                                                             | CUSIP: 686087G35<br>LEI: 549300N3PYWYJ0Z8N757 | Long             | DBT              | MUN               | US        |    435000 | PA      | $421055.73    | 0.02%             | 2024-07-01      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| City of Mansfield TX                                                                       | City of Mansfield                                                                                                                                      | CUSIP: 564378CJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20100.19     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                                         | Matching Fund Special Purpose Securitization Corp.                                                                                                     | CUSIP: 57665NAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |   1000000 | PA      | $1020548.30   | 0.04%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Francisco CA Public Utilities Commission Water Revenue                         | City of San Francisco, Public Utilities Commission, Series 2017A                                                                                       | CUSIP: 79765RT41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31389.56     | 0.00%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                       | City of Baltimore, Series D                                                                                                                            | CUSIP: 059231ZH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25351.23     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Elgin IL                                                                           | City of Elgin                                                                                                                                          | CUSIP: 2862995P3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.15     | 0.00%             | 2022-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Charleston Educational Excellence Finance Corp.                                            | Charleston Educational Excellence Finance Corp., Series 2013B                                                                                          | CUSIP: 160131CW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35827.39     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Geauga OH                                                                        | County of Geauga, South Franklin Circle Project                                                                                                        | CUSIP: 368401AG0<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   4890000 | PA      | $5008388.86   | 0.19%             | 2047-12-31      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                    | New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Series F-1                                                               | CUSIP: 64971QW90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $391653.83    | 0.02%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Beach Development Authority                                                       | Virginia Beach Development Authority, Public Facilities, Series B                                                                                      | CUSIP: 92774GGW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                                        | County of Harris, Toll Road, Senior Lien, Series 2015B                                                                                                 | CUSIP: 414005VC9<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25436.44     | 0.00%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Alexandria MN                                                                      | City of Alexandria, Series 2020A                                                                                                                       | CUSIP: 015104VW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50116.96     | 0.00%             | 2023-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Airport System Revenue                                                | County of Broward, Airport System                                                                                                                      | CUSIP: 114894QV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $282481.61    | 0.01%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Centennial School District Bucks County                                                    | Centennial School District Bucks County                                                                                                                | CUSIP: 151365MM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150139.80    | 0.01%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery TX                                                                    | County of Montgomery, Unlimited Tax                                                                                                                    | CUSIP: 6136815A9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140850.18    | 0.01%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Akron (The)                                                                  | University of Akron (The), General Receipts, Series 2016A                                                                                              | CUSIP: 914023KZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25049.35     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenville County School District                                                          | Greenville County School District, Building Equity Sooner for Tomorrow Installment Purchase                                                            | CUSIP: 396066HK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook & Will Counties School District No. 194                                               | Cook and Will Counties School District No. 194, Series B                                                                                               | CUSIP: 213075FQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Will Grundy Etc Counties Community College District No. 525                                | Will Grundy Etc Counties Community College District No. 525, Series 2013B                                                                              | CUSIP: 969080FW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25661.18     | 0.00%             | 2033-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC                                                                         | City of Raleigh, Series 2020A                                                                                                                          | CUSIP: 751120EE2<br>LEI: 549300I7RPBIIRI16112 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25310.14     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Tom Green TX                                                                     | County of Tom Green, Combination Tax and Limited Surplus                                                                                               | CUSIP: 889642FW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36602.53     | 0.00%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                       | Colorado Educational and Cultural Facilities Authority, Johnson and Wales University Project, Series B                                                 | CUSIP: 19645RVF5<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35275.01     | 0.00%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                                         | Dallas Independent School District, Unlimited Tax                                                                                                      | CUSIP: 235308VL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52503.02     | 0.00%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Davis School District                                                                      | Davis School District, School District Bond Guaranty Program                                                                                           | CUSIP: 2390192T8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25316.36     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                                     | Clifton Higher Education Finance Corp., Idea Public Schools                                                                                            | CUSIP: 187145GQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $538357.78    | 0.02%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority (The)                                                  | Camden County Improvement Authority (The), City Hall Project                                                                                           | CUSIP: 13281NXD9<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31917.34     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota State Building Authority                                                      | South Dakota State Building Authority                                                                                                                  | CUSIP: 83755LWM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25952.92     | 0.00%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                 | Chicago Board of Education, Capital Appreciation School Reform                                                                                         | CUSIP: 167501WY7<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3420000 | PA      | $3297314.34   | 0.13%             | 2023-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                             | State of Texas, Veterans                                                                                                                               | CUSIP: 882723J34<br>LEI: 549300X9CH74QB747L76 | Long             | STIV             | MUN               | US        |  17370000 | PA      | $17370000.00  | 0.67%             | 2045-06-01      | Variable      | 1.92%                 | No            |                  2 | On Loan: No      |
| City of Sausalito CA                                                                       | City of Sausalito, 2016 Financing Project                                                                                                              | CUSIP: 804528AJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50319.46     | 0.00%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                  | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System                                                              | CUSIP: 414009MD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alameda County Joint Powers Authority                                                      | Alameda County Joint Powers Authority, Multiple Capital Projects                                                                                       | CUSIP: 010831CQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $165000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Fiscal Year 2014                                                                                                                     | CUSIP: 64966QUF5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5030.74      | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                       | District of Columbia, Income Tax, Series 2012A                                                                                                         | CUSIP: 25477GKB0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Juan Unified School District                                                           | San Juan Unified School District, Election of 2002                                                                                                     | CUSIP: 798306TK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40675.70     | 0.00%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                                     | State Public School Building Authority, The School District of the City of Harrisburg Project, Series 2016A                                            | CUSIP: 85732TKK7<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15691.29     | 0.00%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnetonka Independent School District No. 276                                             | Minnetonka Independent School District No. 276, Series 2016F                                                                                           | CUSIP: 604204PN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25104.35     | 0.00%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Perry Township Schools/Marion County IN                                                    | Perry Township Schools                                                                                                                                 | CUSIP: 715000BK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2520000 | PA      | $2533529.63   | 0.10%             | 2023-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Rutgers The State University of New Jersey                                                 | Rutgers The State University of New Jersey, Series 2016M                                                                                               | CUSIP: 783186ST7<br>LEI: 549300BOYDHNW8J60112 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25779.72     | 0.00%             | 2024-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Oakland CA Sewer Revenue                                                           | City of Oakland, Sewer                                                                                                                                 | CUSIP: 67232NCA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35475.22     | 0.00%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                                       | Massachusetts Housing Finance Agency                                                                                                                   | CUSIP: 57586NB26<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                           | Energy Northwest, Project 3 Electric, Series 2018C                                                                                                     | CUSIP: 29270CZ73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30260.20     | 0.00%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix AZ                                                                         | City of Phoenix                                                                                                                                        | CUSIP: 718814X43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5037.88      | 0.00%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Plymouth-Canton Community School District                                                  | Plymouth-Canton Community School District, School Building and Site, Series 2013A                                                                      | CUSIP: 729429MZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20125.30     | 0.00%             | 2033-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Folsom Public Financing Authority                                                          | Folsom Public Financing Authority                                                                                                                      | CUSIP: 34439NCN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Joplin Schools                                                                             | Joplin Schools, Missouri Direct Deposit Program                                                                                                        | CUSIP: 48068TBJ2<br>LEI: 549300LQYWEE2YEJQV54 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100249.21    | 0.00%             | 2025-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Onslow NC                                                                        | County of Onslow, Limited Obligation                                                                                                                   | CUSIP: 68285TBN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20249.11     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harnett NC                                                                       | County of Harnett, Limited Obligation                                                                                                                  | CUSIP: 41333TBY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                                         | Virginia Public Building Authority, Public Facilities, Series 2018A                                                                                    | CUSIP: 928172Y90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30482.82     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                 | Michigan Finance Authority, Clean Water Revolving Fund, Series 2016B                                                                                   | CUSIP: 59447TPH0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25509.52     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                                          | State of California Department of Water Resources, Central Valley Project, Water System, Series AN                                                     | CUSIP: 13066K2D0<br>LEI: 549300X618YEC5LGBQ98 | Long             | DBT              | MUN               | US        |    105000 | PA      | $105000.00    | 0.00%             | 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 B                                                                                                    | CUSIP: 249182JA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25556.63     | 0.00%             | 2026-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| University of South Carolina                                                               | University of South Carolina, Higher Education Facilities                                                                                              | CUSIP: 914857CY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20208.73     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                                        | State of New Jersey, Various Purpose                                                                                                                   | CUSIP: 646039UH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40190.73     | 0.00%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Series J                                                                                                                             | CUSIP: 64966LMT5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31082.06     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Putnam NY                                                                        | County of Putnam, Public Improvement                                                                                                                   | CUSIP: 746639UE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20036.10     | 0.00%             | 2023-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pinal County Community College District                                                    | Pinal County Community College District                                                                                                                | CUSIP: 722035DX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30416.24     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Plano TX                                                                           | City of Plano                                                                                                                                          | CUSIP: 727177WR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30552.19     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Dauphin School District                                                            | Central Dauphin School District                                                                                                                        | CUSIP: 153300XK9<br>LEI: 549300B7BTSSV63QDZ15 | Long             | DBT              | MUN               | US        |     20000 | PA      | $19981.40     | 0.00%             | 2023-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 159 Matteson-Richton Park                                  | Cook County School District No. 159 Matteson-Richton Park                                                                                              | CUSIP: 215260MS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90000.00     | 0.00%             | 2022-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                                  | Michigan State Hospital Finance Authority, Trinity Health Credit Group                                                                                 | CUSIP: 59465HUK0<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |    255000 | PA      | $266033.03    | 0.01%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                          | County of Wake, Limited Obligation, Series 2016A                                                                                                       | CUSIP: 930876CL9<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Birmingham AL                                                                      | City of Birmingham, Series 2013A                                                                                                                       | CUSIP: 09088RN85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20115.45     | 0.00%             | 2027-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Adams PA                                                                         | County of Adams                                                                                                                                        | CUSIP: 006115JD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25543.13     | 0.00%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                        | Wisconsin Health and Educational Facilities Authority, Mercy Alliance, Inc.                                                                            | CUSIP: 97710BW40<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    160000 | PA      | $160217.23    | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 3 Puyallup                                               | Pierce County School District No. 3 Puyallup, Unlimited Tax                                                                                            | CUSIP: 720390YH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alaska Municipal Bond Bank Authority                                                       | Alaska Municipal Bond Bank Authority, Series 2017-3                                                                                                    | CUSIP: 01179RXM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Olentangy Local School District                                                            | Olentangy Local School District, Unlimited Tax, Series 2020A                                                                                           | CUSIP: 680616N39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Mobile AL                                                                        | County of Mobile, Warrants                                                                                                                             | CUSIP: 6072673Q2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26523.73     | 0.00%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arapahoe County School District No. 5 Cherry Creek                                         | Arapahoe County School District No. 5 Cherry Creek                                                                                                     | CUSIP: 164555AH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1101025.20   | 0.04%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Broward Hospital District                                                            | South Broward Hospital District, Memorial Healthcare System                                                                                            | CUSIP: 836753LQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25898.63     | 0.00%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                           | Ohio Water Development Authority, Drinking Water Assistance                                                                                            | CUSIP: 67765QBB1<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                     | New York State Urban Development Corp., State Personal Income Tax, General Purpose, Series 2013C                                                       | CUSIP: 650035C30<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    260000 | PA      | $261889.24    | 0.01%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 415 Kent                                                   | King County School District No. 415 Kent, Unlimited Tax                                                                                                | CUSIP: 495278V59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30714.05     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denton Independent School District                                                         | Denton Independent School District, Unlimited Tax                                                                                                      | CUSIP: 249002CR5<br>LEI: 5493005I9W678SUI0Z07 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30521.61     | 0.00%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Clark 2000 School Building Corp.                                                      | West Clark 2000 School Building Corp., First Mortgage                                                                                                  | CUSIP: 952108DP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25073.40     | 0.00%             | 2023-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Boonton NJ                                                                         | Town of Boonton                                                                                                                                        | CUSIP: 099275LF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1506038.85   | 0.06%             | 2023-06-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Sumter SC Waterworks & Sewer System Revenue                                        | City of Sumter, Waterworks & Sewer System                                                                                                              | CUSIP: 866611JE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Everett WA Water & Sewer Revenue                                                   | City of Everett, Water and Sewer                                                                                                                       | CUSIP: 300060PA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $420000.00    | 0.02%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                                       | City of Colorado Springs, Utilities System Improvement, Series A-2                                                                                     | CUSIP: 196632ZL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25569.29     | 0.00%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bettendorf IA                                                                      | City of Bettendorf                                                                                                                                     | CUSIP: 087671S53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50349.98     | 0.00%             | 2023-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Conservatory Metropolitan District                                                         | Conservatory Metropolitan District, Limited Tax                                                                                                        | CUSIP: 20848RBB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clear Lake City Water Authority                                                            | Clear Lake City Water Authority                                                                                                                        | CUSIP: 18458PAT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $145468.74    | 0.01%             | 2023-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Thornton CO                                                                        | City of Thornton                                                                                                                                       | CUSIP: 885275DG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCAGO Educational Facilities Corp. for Pickens School District                             | SCAGO Educational Facilities Corp. for Pickens School District                                                                                         | CUSIP: 80585TBY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $520000.00    | 0.02%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Boulder Larimer & Weld Counties St Vrain Valley School District Re1J                       | Boulder Larimer and Weld Counties St. Vrain Valley School District Re1J                                                                                | CUSIP: 101565G94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55051.26     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Middletown City School District                                                            | Middletown City School District                                                                                                                        | CUSIP: 597137GR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2034-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                                | Connecticut State Health and Educational Facilities Authority, Yale University                                                                         | CUSIP: 20775DFJ6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | STIV             | MUN               | US        |   1465000 | PA      | $1458695.08   | 0.06%             | 2048-07-01      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| City of Lakeway TX                                                                         | City of Lakeway                                                                                                                                        | CUSIP: 512505ER5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45652.08     | 0.00%             | 2024-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                                                 | Duluth Independent School District No. 709                                                                                                             | CUSIP: 264474GW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100380.74    | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Laredo TX                                                                          | City of Laredo                                                                                                                                         | CUSIP: 5168234J7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50234.48     | 0.00%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New Orleans LA Sewerage Service Revenue                                            | City of New Orleans, Sewerage Service                                                                                                                  | CUSIP: 647719MX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15173.41     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                  | Indiana Finance Authority, Indiana University Health Obligated Group                                                                                   | CUSIP: 45470YEX5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    150000 | PA      | $146912.40    | 0.01%             | 2058-12-01      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| Eastern Washington University                                                              | Eastern Washington University, Services and Activities Fee                                                                                             | CUSIP: 277210FW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35655.19     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                        | Wisconsin Health and Educational Facilities Authority, The Monroe Clinic, Inc.                                                                         | CUSIP: 97712DRG3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25112.39     | 0.00%             | 2035-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| East Porter County School Corp.                                                            | East Porter County School Corp.                                                                                                                        | CUSIP: 274542AR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $29971.36     | 0.00%             | 2023-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| San Bernardino City Unified School District                                                | San Bernardino City Unified School District                                                                                                            | CUSIP: 796711YV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10158.28     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Twin Lakes Regional Sewer District                                                         | Twin Lakes Regional Sewer District                                                                                                                     | CUSIP: 901662AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25059.35     | 0.00%             | 2025-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Boulder Larimer & Weld Counties St Vrain Valley School District Re1J                       | Boulder Larimer and Weld Counties St. Vrain Valley School District Re1J                                                                                | CUSIP: 101565K65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45041.94     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| McLean County Public Building Commission                                                   | McLean County Public Building Commission                                                                                                               | CUSIP: 581872GX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $155000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lee FL Water & Sewer Revenue                                                     | County of Lee, Water and Sewer                                                                                                                         | CUSIP: 523530LB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56084.37     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Major New Infrastructure Project                                                                                                        | CUSIP: 677581GD6<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100093.20    | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                       | Triborough Bridge and Tunnel Authority, Series 2013C                                                                                                   | CUSIP: 89602NR71<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20228.56     | 0.00%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                           | Maricopa County Industrial Development Authority, Banner Health, Series 2016A                                                                          | CUSIP: 56682HBN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $576130.39    | 0.02%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                            | New York City Water and Sewer System, Second General Resolution, Fiscal Year 2019, Series 2019DD-2                                                     | CUSIP: 64972GSM7<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25601.74     | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas County Park Cities Municipal Utility District                                       | Dallas County Park Cities Municipal Utility District                                                                                                   | CUSIP: 234653BB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25745.44     | 0.00%             | 2025-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Fiscal Year 2015, Series 2015A                                                                                                       | CUSIP: 64966LRM5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31072.13     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St. Paul Metropolitan Airports Commission                                      | Minneapolis-St. Paul Metropolitan Airports Commission, Series 2014A                                                                                    | CUSIP: 603827VT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20456.92     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts State College Building Authority                                             | Massachusetts State College Building Authority                                                                                                         | CUSIP: 575831HD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5029.67      | 0.00%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Red River Education Finance Corp.                                                          | Red River Education Finance Corp., Christian University Project                                                                                        | CUSIP: 756872JC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40290.65     | 0.00%             | 2043-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of North Slope AK                                                                  | Borough of North Slope, Series 2020A                                                                                                                   | CUSIP: 662523K24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36997.09     | 0.00%             | 2025-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Linden Community School District                                                           | Linden Community School District, School Building and Site, Unlimited Tax                                                                              | CUSIP: 535358LD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30856.81     | 0.00%             | 2025-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Yakima County School District No. 7 Yakima                                                 | Yakima County School District No. 7 Yakima                                                                                                             | CUSIP: 984368NM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                                        | California State Public Works Board                                                                                                                    | CUSIP: 13068L7U3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5022286.50   | 0.19%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                  | New Jersey Economic Development Authority, School Facilities Construction, Series 2013NN                                                               | CUSIP: 645918V34<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30188.19     | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                        | Pennsylvania Housing Finance Agency, Single Family Mortgage                                                                                            | CUSIP: 70879QEE9<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    260000 | PA      | $254939.44    | 0.01%             | 2024-04-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| State of Nevada Highway Improvement Revenue                                                | State of Nevada Highway Improvement, Motor Vehicle Fuel Tax                                                                                            | CUSIP: 641480HV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40971.99     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Altoona Area School District                                                               | Altoona Area School District                                                                                                                           | CUSIP: 021807KB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                                | Ohio Higher Educational Facility Commission, Case Western Reserve, Inc.                                                                                | CUSIP: 67756DC38<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45990.50     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                     | New York State Urban Development Corp., State Personal Income Tax, General Purpose, Series A-1                                                         | CUSIP: 650035ZM3<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     95000 | PA      | $95676.56     | 0.00%             | 2024-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Richland SC                                                                      | County of Richland, Series 2013B                                                                                                                       | CUSIP: 763631K56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40249.92     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Brookline MA                                                                       | Town of Brookline, Municipal Purpose Loan                                                                                                              | CUSIP: 113745T94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20090.13     | 0.00%             | 2023-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                                            | County of King, Sewer, Junior Lien                                                                                                                     | CUSIP: 495290BC1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1545000 | PA      | $1493213.61   | 0.06%             | 2032-01-01      | Variable      | 0.62%                 | No            |                  2 | On Loan: No      |
| Wise County Industrial Development Authority                                               | Wise County Industrial Development Authority, Electric and Power Co. Project                                                                           | CUSIP: 977228AD7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2110000 | PA      | $2019423.19   | 0.08%             | 2040-11-01      | Variable      | 1.20%                 | No            |                  2 | On Loan: No      |
| County of Clay MO                                                                          | County of Clay                                                                                                                                         | CUSIP: 183469AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30593.75     | 0.00%             | 2024-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cook County High School District No. 205 Thornton Township                                 | Cook County High School District No. 205, Thornton Township, Limited Tax, Series 2017C                                                                 | CUSIP: 215525MG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Fox Crossing WI                                                                 | Village of Fox Crossing, Corporate Purpose                                                                                                             | CUSIP: 35137RAR3<br>LEI: 5493008CLL6DYGMAR054 | Long             | DBT              | MUN               | US        |    185000 | PA      | $185425.26    | 0.01%             | 2024-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                               | New Mexico Finance Authority, Subordinate Lien Public Project Revolving Fund, Tax-Exempt                                                               | CUSIP: 64711NR31<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50711.07     | 0.00%             | 2024-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Utah State University                                                                      | Utah State University, Student Building Fee, Series 2013B                                                                                              | CUSIP: 917563ER5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pentucket Regional School District                                                         | Pentucket Regional School District, Unlimited Tax                                                                                                      | CUSIP: 709699KB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25312.63     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                                       | County of Miami-Dade, Water and Sewer System, Series B                                                                                                 | CUSIP: 59334DHP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20443.43     | 0.00%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Galveston TX                                                                     | County of Galveston, Limited Tax                                                                                                                       | CUSIP: 364195EN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31405.82     | 0.00%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery TX                                                                    | County of Montgomery, Unlimited Tax                                                                                                                    | CUSIP: 6136815L5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30182.18     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York                                                                                                                                       | CUSIP: 64966JL38<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    280000 | PA      | $280540.65    | 0.01%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Cloud MN                                                                        | City of St. Cloud, Infrastructure Management Fund                                                                                                      | CUSIP: 78916BV50<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45002.57     | 0.00%             | 2025-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                             | Nebraska Public Power District, Series A                                                                                                               | CUSIP: 63968AX26<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10013.01     | 0.00%             | 2023-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Eugene OR Electric Utility System Revenue                                          | City of Eugene, Electric Utility System                                                                                                                | CUSIP: 298191G43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140128.41    | 0.01%             | 2024-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH Sewer System Revenue                                                 | County of Hamilton, Sewer System, The Metropolitan Sewer District of Greater Cincinnati                                                                | CUSIP: 407288YM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $295000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Alaska                                                                            | State of Alaska, Series 2013B                                                                                                                          | CUSIP: 0117702B9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20081.81     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                               | Mississippi Development Bank, Jackson Public School District, Limited Tax Refunding Note Project                                                       | CUSIP: 60534TX75<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25182.29     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yakima County School District No. 208 West Valley                                          | Yakima County School District No. 208 West Valley                                                                                                      | CUSIP: 984487NK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| University of New Mexico (The)                                                             | University of New Mexico (The), Subordinate Lien System, Series 2014C                                                                                  | CUSIP: 914692U89<br>LEI: 549300WZXG6PIBC7KB43 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25824.08     | 0.00%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Warsaw Multi-School Building Corp.                                                         | Warsaw Multi-School Building Corp., First Mortgage                                                                                                     | CUSIP: 93638RGE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85241.28     | 0.00%             | 2023-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                        | State of Washington, Motor Vehicle Fuel Tax, Series 2003F                                                                                              | CUSIP: 93974AUB8<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2022-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chippewa Valley Schools                                                                    | Chippewa Valley Schools                                                                                                                                | CUSIP: 170016YD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45205.50     | 0.00%             | 2034-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                               | New Mexico Finance Authority, Senior Lien Public Project Revolving Fund, Series 2019B                                                                  | CUSIP: 64711PBM1<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35441.16     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cupertino Union School District                                                            | Cupertino Union School District, 2013 Crossover, Series 2013A                                                                                          | CUSIP: 231237A73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25422.31     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                                       | Pennsylvania Higher Educational Facilities Authority, BRYN MAWR College                                                                                | CUSIP: 70917SKM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25582.60     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financial Authority                                  | Florida Higher Educational Facilities Financial Authority, Rollins College Project, Series 2012A                                                       | CUSIP: 34073TDG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                               | County of Prince George's, Consolidated Public Improvement, Series 2013B                                                                               | CUSIP: 741701S64<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45060.22     | 0.00%             | 2023-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                       | District of Columbia, Income Tax                                                                                                                       | CUSIP: 25477GLQ6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    185000 | PA      | $185000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of New York                                                                          | State of New York, Series 2013A                                                                                                                        | CUSIP: 649791HM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25156.82     | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Montgomery AL                                                                      | City of Montgomery, Warrants                                                                                                                           | CUSIP: 613035S88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15014.77     | 0.00%             | 2023-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                                   | San Antonio Water System, Junior Lien, Series 2015B                                                                                                    | CUSIP: 79642BU50<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10112.21     | 0.00%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                     | North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group, Series 2019B                                                              | CUSIP: 65821DWH0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | STIV             | MUN               | US        |   6710000 | PA      | $6710000.00   | 0.26%             | 2048-12-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, State Personal Income Tax, General Purpose                                                                         | CUSIP: 64990EMN4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35594.64     | 0.00%             | 2024-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                               | West Virginia Economic Development Authority, Appalachian Power Co.                                                                                    | CUSIP: 95648VBE8<br>LEI: 549300WW88TKKF5H1220 | Long             | STIV             | MUN               | US        |    135000 | PA      | $132055.69    | 0.01%             | 2040-03-01      | Variable      | 2.55%                 | No            |                  2 | On Loan: No      |
| Illinois Municipal Electric Agency                                                         | Illinois Municipal Electric Agency, Power Supply System                                                                                                | CUSIP: 452024HS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $317837.85    | 0.01%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Bloomfield NJ                                                                  | Township of Bloomfield, General Improvement                                                                                                            | CUSIP: 094171GU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40022.59     | 0.00%             | 2023-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                                 | Capital Trust Agency, Inc., Multi-Family Housing, Mission Springs Apartments Project                                                                   | CUSIP: 14052TDE1<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    620000 | PA      | $651000.00    | 0.02%             | 2042-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Greene & Scott Counties Community Unit School District No. 3                               | Greene and Scott Counties Community Unit School District No. 3, Series 2017B                                                                           | CUSIP: 394290DC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Paulding County School District                                                            | Paulding County School District                                                                                                                        | CUSIP: 703600FN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52504.54     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery PA                                                                    | County of Montgomery                                                                                                                                   | CUSIP: 6135795X5<br>LEI: 549300H278P9DGB7L217 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25048.81     | 0.00%             | 2023-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC Combined Enterprise System Revenue                                      | City of Raleigh, Combined Enterprise System                                                                                                            | CUSIP: 751100KJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Berlin NJ                                                                      | Township of Berlin                                                                                                                                     | CUSIP: 085181LY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20039.15     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Middletown City School District/OH                                                         | Middletown City School District                                                                                                                        | CUSIP: 597137GT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2048-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Allegheny School District                                                            | North Allegheny School District, Unlimited Tax, Series 2019A                                                                                           | CUSIP: 656678VP1<br>LEI: 549300MJH200V28PJP95 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25438.91     | 0.00%             | 2024-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Sharonville OH                                                                     | City of Sharonville, Special Obligation                                                                                                                | CUSIP: 819878AN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Burnsville MN                                                                      | City of Burnsville                                                                                                                                     | CUSIP: 122458X23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30023.60     | 0.00%             | 2022-12-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                          | State of Illinois                                                                                                                                      | CUSIP: 452152VS7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90254.73     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Palm Beach FL                                                                      | Town of Palm Beach, Public Improvement                                                                                                                 | CUSIP: 696583EG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25051.82     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                   | State of Connecticut Special Tax                                                                                                                       | CUSIP: 207758PP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4975000 | PA      | $4985230.59   | 0.19%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                               | New Mexico Finance Authority, Subordinate Lien Public Project Revolving Fund, Tax-Exempt                                                               | CUSIP: 64711NW27<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |    120000 | PA      | $121622.88    | 0.00%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                 | Illinois Finance Authority, Mercy Health System                                                                                                        | CUSIP: 45204EBG2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, State Personal Income Tax                                                                                          | CUSIP: 64990FUH5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20594.32     | 0.00%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lathrup Village MI                                                                 | City of Lathrup Village, Limited Tax                                                                                                                   | CUSIP: 518264EA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47675.34     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Governor Mifflin School District                                                           | Governor Mifflin School District, Series 2012B                                                                                                         | CUSIP: 383770GZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25123.15     | 0.00%             | 2023-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                                         | Akron Bath Copley Joint Township Hospital District, Children's Hospital Medical Center of Akron                                                        | CUSIP: 009730QD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $380825.68    | 0.01%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Van Buren AR Water & Sewer Revenue                                                 | City of Van Buren, Water and Sewer                                                                                                                     | CUSIP: 920584FE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                       | City of Baltimore, Wastewater Projects                                                                                                                 | CUSIP: 05922KUY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30421.47     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charleston Educational Excellence Finance Corp.                                            | Charleston Educational Excellence Finance Corp.                                                                                                        | CUSIP: 160131CV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $66520.36     | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroeville Finance Authority                                                              | Monroeville Finance Authority, University of Pittsburg Medical Center                                                                                  | CUSIP: 611530AQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21199.46     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Bend County Municipal Utility District No. 169                                        | Fort Bend County Municipal Utility District No. 169, Road Facilities, Series 2015A                                                                     | CUSIP: 34682HHT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2022-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Northampton MA                                                                     | City of Northampton, Municipal Purpose Loan                                                                                                            | CUSIP: 663617YN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25200.97     | 0.00%             | 2023-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                  | New Jersey Economic Development Authority, School Facilities Construction                                                                              | CUSIP: 645918T78<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    325000 | PA      | $326631.83    | 0.01%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, State Sales Tax                                                                                                    | CUSIP: 64990ARM9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25178.04     | 0.00%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC Combined Enterprise System Revenue                                      | City of Raleigh, Combined Enterprise System, Series 2013A                                                                                              | CUSIP: 751100JQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25156.82     | 0.00%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Larimer County School District No. R-1 Poudre                                              | Larimer County School District No. R-1 Poudre                                                                                                          | CUSIP: 517138XL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85077.96     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                                               | District of Columbia, Water and Sewer Authority, Public Utility, Senior Lien                                                                           | CUSIP: 254845AL4<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |     80000 | PA      | $81956.97     | 0.00%             | 2023-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bowling Green State University                                                             | Bowling Green State University, General Receipts, Series 2020A                                                                                         | CUSIP: 102885JY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20233.20     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Fiscal Year 2015                                                                                                                     | CUSIP: 64966LS77<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    240000 | PA      | $243926.42    | 0.01%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Oklahoma City OK                                                                   | City of Oklahoma City                                                                                                                                  | CUSIP: 678519TR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25155.57     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nebraska                                                                          | State of Nebraska, Series 2020A                                                                                                                        | CUSIP: 63968HF39<br>LEI: WU74F3GQOS5JZW2NEU96 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45120.27     | 0.00%             | 2023-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                           | California Health Facilities Financing Authority, St. Joseph Health System                                                                             | CUSIP: 13032UB64<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60603.28     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Owatonna Independent School District No. 761/MN                                            | Owatonna Independent School District No. 761, Series 2020A                                                                                             | CUSIP: 690564RE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80199.06     | 0.00%             | 2023-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Richland WA Waterworks Utility Revenue                                             | City of Richland, Waterworks Utility                                                                                                                   | CUSIP: 764279AJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20248.95     | 0.00%             | 2023-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina System                                                        | University of North Carolina, School of the Arts                                                                                                       | CUSIP: 91472AAA3<br>LEI: 5493004DU2QADMVXVR58 | Long             | DBT              | MUN               | US        |    185000 | PA      | $185682.80    | 0.01%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                                         | City of Houston, Combined Utility System, Junior Lien                                                                                                  | CUSIP: 4424365Z0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $80000.19     | 0.00%             | 2024-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Jackson Energy Authority                                                                   | Jackson Energy Authority, Wastewater System                                                                                                            | CUSIP: 46873PBG5<br>LEI: 5493007IEPPM6BK8K440 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Infrastructure Bank                                                             | New Jersey Infrastructure Bank, Environmental Infrastructure                                                                                           | CUSIP: 645791K86<br>LEI: 5493006ZE03IRA2BET07 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36437.70     | 0.00%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                           | State of Florida Board of Education, Public Education Capital Outlay, Series 2013C                                                                     | CUSIP: 34153P2U1<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20243.14     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Albany TX                                                                          | City of Albany, Combination Tax                                                                                                                        | CUSIP: 012551AB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30053.27     | 0.00%             | 2023-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                                        | State of New Jersey, Various Purpose                                                                                                                   | CUSIP: 646039VB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $96131.32     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                      | Metropolitan Transportation Authority, Dedicated Tax Fund                                                                                              | CUSIP: 59259NR62<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25029.86     | 0.00%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Los Alamos NM                                                                    | County of Los Alamos, Gross Receipts Tax                                                                                                               | CUSIP: 54423TBL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25296.47     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Industrial Development Authority                                                 | Lancaster Industrial Development Authority, Garden Spot Village Project                                                                                | CUSIP: 514349CU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65764.51     | 0.00%             | 2028-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Rockwall Independent School District                                                       | Rockwall Independent School District, Unlimited Tax                                                                                                    | CUSIP: 7742852M1<br>LEI: 5493008ZIVPUZPQOR621 | Long             | DBT              | MUN               | US        |     50000 | PA      | $46811.66     | 0.00%             | 2025-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Thornton Development Authority                                                             | Thornton Development Authority, Tax Increment, North Washington Street Corridor Project, Series N                                                      | CUSIP: 885277DP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                     | New York State Urban Development Corp., State Personal Income Tax, General Purpose, Series A-1                                                         | CUSIP: 650035YX0<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25178.04     | 0.00%             | 2025-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Walla Walla WA                                                                     | City of Walla Walla, Unlimited Tax                                                                                                                     | CUSIP: 932219KQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25093.59     | 0.00%             | 2023-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Waterbury CT                                                                       | City of Waterbury                                                                                                                                      | CUSIP: 9412472L1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50768.16     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                      | North Carolina Housing Finance Agency, Homeownership, Series 45                                                                                        | CUSIP: 658207A39<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    110000 | PA      | $108494.28    | 0.00%             | 2023-07-01      | Fixed         | 0.40%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                                 | Pennsylvania Turnpike Commission, Series 2021B                                                                                                         | CUSIP: 709221WB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Elizabeth Forward School District                                                          | Elizabeth Forward School District, Series 2021B                                                                                                        | CUSIP: 286663TH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $19759.22     | 0.00%             | 2023-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Infrastructure Bank                                                             | New Jersey Infrastructure Bank, Environmental Infrastructure                                                                                           | CUSIP: 64580CHB6<br>LEI: 5493006ZE03IRA2BET07 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40157.12     | 0.00%             | 2023-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Forsyth NC                                                                       | County of Forsyth                                                                                                                                      | CUSIP: 346623DU2<br>LEI: 549300QZDXNB40E8SI64 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25595.04     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Middlesex County Improvement Authority                                                     | Middlesex County Improvement Authority                                                                                                                 | CUSIP: 596566UQ0<br>LEI: 549300QDGS1CLXDHV188 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30011.50     | 0.00%             | 2023-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 74 Lincolnwood                                             | Cook County School District No. 74 Lincolnwood                                                                                                         | CUSIP: 213867FR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Hays TX                                                                          | County of Hays, Pass Through Toll, Unlimited Tax                                                                                                       | CUSIP: 421020XJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25088.07     | 0.00%             | 2035-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Winfield Building Corp.                                                                    | Winfield Building Corp., Indiana Lease Rental, Sewage Works Treatment Plant Project                                                                    | CUSIP: 97401DBF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41025.80     | 0.00%             | 2025-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Lancaster TX                                                                       | City of Lancaster                                                                                                                                      | CUSIP: 514444YW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25122.15     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                                   | University of California, Series 2017AV                                                                                                                | CUSIP: 91412GV77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20237.13     | 0.00%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Capital Facilities Lease Appropriation                                                                                                  | CUSIP: 67760ADQ6<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26131.31     | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lewiston ME                                                                        | City of Lewiston, Public Improvement                                                                                                                   | CUSIP: 52850CNT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25144.72     | 0.00%             | 2023-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Coppell Recreational Development Corp.                                                     | Coppell Recreational Development Corp.                                                                                                                 | CUSIP: 217494BE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25380.76     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Luzerne PA                                                                       | County of Luzerne, Series 2017A                                                                                                                        | CUSIP: 550697VV5<br>LEI: 5493001Z1Y4QDISEER29 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60051.49     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                  | New Jersey Economic Development Authority, School Facilities Construction, Series 2013NN                                                               | CUSIP: 645918W25<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25034.30     | 0.00%             | 2027-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Boston MA                                                                          | City of Boston, Series 2016A                                                                                                                           | CUSIP: 100853VV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20126.46     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Anoka MN                                                                         | County of Anoka, Capital Improvement, Series 2017A                                                                                                     | CUSIP: 0362137K6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20081.15     | 0.00%             | 2023-02-01      | 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 Project                                      | CUSIP: 54628CGF3<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                                       | Kansas Development Finance Authority, University Project, Series 2014C                                                                                 | CUSIP: 485429J70<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |    195000 | PA      | $195254.10    | 0.01%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri State Environmental Improvement & Energy Resources Authority                      | Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water                                    | CUSIP: 60636UBK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60969.31     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jackson County Building Corp.                                                              | Jackson County Building Corp.                                                                                                                          | CUSIP: 46723QBB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $124068.93    | 0.00%             | 2023-07-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Tampa Bay Water                                                                            | Tampa Bay Water, Water Supply                                                                                                                          | CUSIP: 875128HR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40975.14     | 0.00%             | 2023-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Hanover VA                                                                       | County of Hanover, Public Improvement, Series A                                                                                                        | CUSIP: 410774RS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50069.02     | 0.00%             | 2023-01-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| State of Nevada                                                                            | State of Nevada, Capital Improvement and Cultural Affairs, Series 2015B                                                                                | CUSIP: 641461N87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21087.29     | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grays Harbor County Public Utility District No. 1                                          | Grays Harbor County, Public Utility District No. 1                                                                                                     | CUSIP: 389532GD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20283.30     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Northglenn CO Wastewater System Revenue                                            | City of Northglenn, Wastewater System                                                                                                                  | CUSIP: 66645HAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Autauga County Board of Education                                                          | Autauga County Board of Education                                                                                                                      | CUSIP: 052636AJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30902.32     | 0.00%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                                      | New Jersey Health Care Facilities Financing Authority, Virtua Health, Inc.                                                                             | CUSIP: 645790RK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10243.03     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New Hope MN                                                                        | City of New Hope, Hennepin County, Series 2018A                                                                                                        | CUSIP: 64544PGE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50770.61     | 0.00%             | 2024-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Concord Community Schools Building Corp.                                                   | Concord Community Schools Building Corp., First Mortgage                                                                                               | CUSIP: 206256UM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25375.90     | 0.00%             | 2023-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hartford CT                                                                        | City of Hartford                                                                                                                                       | CUSIP: 416415JQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                                       | School District of Broward County, Series 2015A                                                                                                        | CUSIP: 115065XM1<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25835.64     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kershaw County Public Schools Foundation                                                   | Kershaw County Public Schools Foundation                                                                                                               | CUSIP: 492508BE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Tax-Exempt, Series A, Subseries A-1                                                                                                  | CUSIP: 64966KP31<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     60000 | PA      | $61063.67     | 0.00%             | 2025-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Pearland TX                                                                        | City of Pearland, Permanent Improvement                                                                                                                | CUSIP: 704865EH3<br>LEI: 549300UYAWZP0LF3EF82 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25703.41     | 0.00%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Garland TX Electric Utility System Revenue                                         | City of Garland, Electric Utility System                                                                                                               | CUSIP: 366133MH6<br>LEI: 549300O5KXJ5HAWVEN53 | Long             | DBT              | MUN               | US        |    660000 | PA      | $663892.35    | 0.03%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                              | North Texas Tollway Authority, First Tier, Series 2016A                                                                                                | CUSIP: 66285WSC1<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20524.91     | 0.00%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                                         | State of Wisconsin, Series 2015A                                                                                                                       | CUSIP: 97705L8J9<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30313.10     | 0.00%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Franklin Township Board of Education/Somerset County                                       | Franklin Township Board of Education                                                                                                                   | CUSIP: 355064JU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40033.45     | 0.00%             | 2030-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Pequannock Township Board of Education                                                     | Pequannock Township Board of Education                                                                                                                 | CUSIP: 713499FB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51317.01     | 0.00%             | 2025-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                          | State of Illinois                                                                                                                                      | CUSIP: 452153DE6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1234529.40   | 0.05%             | 2025-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lone Star College System                                                                   | Lone Star College System, Limited Tax                                                                                                                  | CUSIP: 542264EW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40076.87     | 0.00%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Parkway Transportation Corp.                                                         | Grand Parkway Transportation Corp., System Toll                                                                                                        | CUSIP: 38612PAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3095000 | PA      | $3107918.22   | 0.12%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2014A                                                           | CUSIP: 64990EMR5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20575.06     | 0.00%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Humble Independent School District                                                         | Humble Independent School District, Unlimited Tax School Building, Series 2015A                                                                        | CUSIP: 445047CQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20114.32     | 0.00%             | 2023-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                      | Louisiana Public Facilities Authority                                                                                                                  | CUSIP: 546399NV4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35030.55     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cobb County Kennestone Hospital Authority                                                  | Cobb County Kennestone Hospital Authority                                                                                                              | CUSIP: 190813PA7<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |     80000 | PA      | $80668.55     | 0.00%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Polk FL Utility System Revenue                                                   | County of Polk, Utility System                                                                                                                         | CUSIP: 731167FF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10201314.00  | 0.39%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Health Facilities Development Co.                                        | Montgomery County Health Facilities Development Co., Heritage Manor-Woodlands Project                                                                  | CUSIP: 613692AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $88553.39     | 0.00%             | 2023-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Series 2013-I                                                                                                                        | CUSIP: 64966KXR9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30480.82     | 0.00%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allegheny PA                                                                     | County of Allegheny, Series C-70                                                                                                                       | CUSIP: 01728VQC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Paso County School District No. 20 Academy                                              | El Paso County School District No. 20 Academy                                                                                                          | CUSIP: 283461E98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20504.16     | 0.00%             | 2023-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pueblo County School District No. 70                                                       | Pueblo County School District No. 70                                                                                                                   | CUSIP: 744890SQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Port Aransas TX                                                                    | City of Port Aransas, Combination Tax, Certificates of Obligation                                                                                      | CUSIP: 733454FW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25644.70     | 0.00%             | 2025-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oakland University                                                                         | Oakland University                                                                                                                                     | CUSIP: 673588HH5<br>LEI: 549300O12XLW6O082V10 | Long             | DBT              | MUN               | US        |    115000 | PA      | $115658.08    | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Midlothian IL                                                                   | Village of Midlothian                                                                                                                                  | CUSIP: 597810GD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40913.51     | 0.00%             | 2025-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Wayzata MN                                                                         | City of Wayzata, Series 2017A                                                                                                                          | CUSIP: 946796XV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                        | Virginia College Building Authority, Educational Facilities, 21st Century College and Equipment Programs                                               | CUSIP: 927781RJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40167.62     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota State Building Authority                                                      | South Dakota State Building Authority, Series B                                                                                                        | CUSIP: 83755LSE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45562.73     | 0.00%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio State University (The)                                                                | Ohio State University (The), General Receipts, Special Purpose, Series 2013A                                                                           | CUSIP: 677632ZW4<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20204.44     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sarasota County Public Hospital District                                                   | Sarasota County Public Hospital District, Sarasota Memorial Hospital                                                                                   | CUSIP: 803300CN0<br>LEI: 549300JY4SF4DU1YDF85 | Long             | DBT              | MUN               | US        |    690000 | PA      | $707143.19    | 0.03%             | 2024-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                             | Wayne County Airport Authority, Series G                                                                                                               | CUSIP: 944514TS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oxford Area School District                                                                | Oxford Area School District                                                                                                                            | CUSIP: 691789QM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40376.88     | 0.00%             | 2023-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Borough of Englewood Cliffs NJ                                                             | Borough of Englewood Cliffs                                                                                                                            | CUSIP: 293040GK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5945049 | PA      | $5936892.39   | 0.23%             | 2023-02-17      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Gainesville & Hall County Development Authority                                            | Gainesville and Hall County Development Authority, Hall County Facilities Project                                                                      | CUSIP: 362754JM6<br>LEI: 549300L0GMYXTK7H5359 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20666.07     | 0.00%             | 2024-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northampton County General Purpose Authority                                               | Northampton County General Purpose Authority, Lafayette College                                                                                        | CUSIP: 66353LDE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30642.48     | 0.00%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Menomonee Falls WI                                                              | Village of Menomonee Falls, Corporate Purpose                                                                                                          | CUSIP: 5870572H2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $247550.67    | 0.01%             | 2024-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| City of Thornton CO                                                                        | City of Thornton                                                                                                                                       | CUSIP: 885275CH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado Hospital Authority                                                  | University of Colorado Hospital Authority, University of Colorado Health                                                                               | CUSIP: 914183BC1<br>LEI: GQ60RLZ5ZEBY2J9KLI75 | Long             | STIV             | MUN               | US        |  35000000 | PA      | $35000000.00  | 1.34%             | 2039-11-15      | Variable      | 1.94%                 | No            |                  2 | On Loan: No      |
| Lodi Unified School District                                                               | Lodi Unified School District, Election of 2006                                                                                                         | CUSIP: 540274CE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40152.48     | 0.00%             | 2023-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                                             | County of Allen, Hospital Facilities, Bon Secours Mercy Health, Inc., Series 2020A                                                                     | CUSIP: 01757LGM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Adams Community Schools Renovation Building Corp.                                    | North Adams Community Schools Renovation Building Corp., First Mortgage, Ad Valorem Property Tax                                                       | CUSIP: 65659NDP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35504.56     | 0.00%             | 2023-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St. Charles County Public Water Supply District No. 2                                      | St. Charles County Public Water Supply District No. 2, Series 2016B                                                                                    | CUSIP: 78764YCT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma County Finance Authority                                                          | Oklahoma County Finance Authority, Deer Creek Public Schools Project                                                                                   | CUSIP: 67868VBR1<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |    130000 | PA      | $130000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                       | Colorado Health Facilities Authority, NCMC, Inc., Project                                                                                              | CUSIP: 19648A6B6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20780.29     | 0.00%             | 2029-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                          | County of Wake, Hospital System                                                                                                                        | CUSIP: 930866CG1<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105088.11    | 0.00%             | 2026-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Cuyahoga Metropolitan Housing Authority                                                    | Cuyahoga Metropolitan Housing Authority                                                                                                                | CUSIP: 23239TAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4350000 | PA      | $4474298.21   | 0.17%             | 2027-12-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                               | New Mexico Finance Authority, Subordinate Lien Public Project Revolving Fund, Tax-Exempt                                                               | CUSIP: 64711N3W3<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30651.17     | 0.00%             | 2024-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                 | Michigan Finance Authority, Henry Ford Health System                                                                                                   | CUSIP: 59447TLY7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20366.23     | 0.00%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                      | Metropolitan Transportation Authority, Series 2013A                                                                                                    | CUSIP: 59259YXR5<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20219.48     | 0.00%             | 2029-11-15      | 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, Jefferson Parish Projects                                     | CUSIP: 5462823J1<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100795.74    | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Major New Infrastructure Project                                                                                                        | CUSIP: 677581GQ7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200186.40    | 0.01%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Ridgeland MS                                                                       | City of Ridgeland                                                                                                                                      | CUSIP: 766039VY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25547.27     | 0.00%             | 2024-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Desert Sands Unified School District                                                       | Desert Sands Unified School District                                                                                                                   | CUSIP: 250433SF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10169.59     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri State Environmental Improvement & Energy Resources Authority                      | Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water                                    | CUSIP: 60636UJF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $290596.36    | 0.01%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                 | Michigan Finance Authority, Trinity Health Credit Group, Series 2019MI-1                                                                               | CUSIP: 59447TTR4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    135000 | PA      | $135000.00    | 0.01%             | 2022-12-01      | 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 2018, Series 2018-A-1                                                    | CUSIP: 64971XAE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10166.26     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financial Authority                                  | Florida Higher Educational Facilities Financial Authority, Rollins College Project                                                                     | CUSIP: 34073TED5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Warwick School District                                                                    | Warwick School District                                                                                                                                | CUSIP: 936652NE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40165.62     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Alabama Gas District (The)                                                           | Lower Alabama Gas District (The), Gas Project                                                                                                          | CUSIP: 547804AH7<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |    135000 | PA      | $135000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                        | State of Washington, Motor Vehicle Fuel Tax, Series 2020B                                                                                              | CUSIP: 93974ECP9<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45094.76     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Boston MA                                                                          | City of Boston, Series 2013B                                                                                                                           | CUSIP: 100853TE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20023.43     | 0.00%             | 2024-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                                | Ohio Higher Educational Facility Commission, Case Western University Project                                                                           | CUSIP: 67756DJK3<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    160000 | PA      | $160000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                                      | Illinois State Toll Highway Authority                                                                                                                  | CUSIP: 452252KC2<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    780000 | PA      | $781578.33    | 0.03%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                       | State of Connecticut                                                                                                                                   | CUSIP: 20772JB50<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25181.17     | 0.00%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Syracuse NY                                                                        | City of Syracuse, Public Improvement, Series 2019A                                                                                                     | CUSIP: 8717026A9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20135.88     | 0.00%             | 2023-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Hennepin MN                                                                      | County of Hennepin                                                                                                                                     | CUSIP: 425507DA5<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Boone Mchenry & Dekalb Counties Community Unit School District 100                         | Boone Mchenry and Dekalb Counties Community Unit School District 100, Series 2005B                                                                     | CUSIP: 099032FK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA                                                                         | City of Atlanta, Public Improvement                                                                                                                    | CUSIP: 047772ZJ0<br>LEI: 549300GHLQ0J51NUBM84 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Bolingbrook IL                                                                  | Village of Bolingbrook, Series 1999A                                                                                                                   | CUSIP: 097552HL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30067.17     | 0.00%             | 2034-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Kentucky Turnpike Authority                                                                | Kentucky Turnpike Authority, Revitalization Projects                                                                                                   | CUSIP: 491552B53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36241.43     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berkeley County School District                                                            | Berkeley County School District, Securing Assets for Education                                                                                         | CUSIP: 084208BF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2017A                                                           | CUSIP: 64990FE75<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15078.84     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chabot-Las Positas Community College District                                              | Chabot-Las Positas Community College District                                                                                                          | CUSIP: 15722TFG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20337.85     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                                     | Wisconsin Department of Transportation                                                                                                                 | CUSIP: 977123P93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10146.89     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus City School District                                                              | Columbus City School District                                                                                                                          | CUSIP: 1995076W9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Vineland NJ                                                                        | City of Vineland                                                                                                                                       | CUSIP: 9273965A5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24407000 | PA      | $24853084.30  | 0.95%             | 2023-11-08      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Pasco FL Sales Tax Revenue                                                       | County of Pasco, Half-Cent Sales Tax and Improvement                                                                                                   | CUSIP: 70252RBH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $295000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                                    | Knox County Health Educational and Housing Facility Board, Covenant Health, Series 2012A                                                               | CUSIP: 499527BM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25033.74     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Arlington TX Special Tax Revenue                                                   | City of Arlington, Special Tax                                                                                                                         | CUSIP: 04184RAV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45130.69     | 0.00%             | 2023-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                                     | Lewisville Independent School District, Unlimited Tax                                                                                                  | CUSIP: 5288288P4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25418.84     | 0.00%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlantic County Improvement Authority (The)                                                | Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project, Series 2016A                                                       | CUSIP: 048501HD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30369.26     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lane County School District No. 52 Bethel                                                  | Lane County School District No. 52 Bethel                                                                                                              | CUSIP: 515390LQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25201.74     | 0.00%             | 2028-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority Denton Creek Wastewater Treatment System Revenue                   | Trinity River Authority, Denton Creek Wastewater Treatment System                                                                                      | CUSIP: 896564WK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41085.65     | 0.00%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Mille Lacs MN                                                                    | County of Mille Lacs, Drainage                                                                                                                         | CUSIP: 600318FE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45119.77     | 0.00%             | 2024-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Columbia SC Waterworks & Sewer System Revenue                                      | City of Columbia, Waterworks and Sewer System, Series 2019A                                                                                            | CUSIP: 198504ZA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35088.25     | 0.00%             | 2023-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Kettering OH                                                                       | City of Kettering                                                                                                                                      | CUSIP: 492674PB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                        | Wisconsin Health and Educational Facilities Authority, Oakwood Lutheran Senior Ministries                                                              | CUSIP: 97712JDV2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    160000 | PA      | $158645.95    | 0.01%             | 2024-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                  | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series 2013A                                                | CUSIP: 414009GM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peoria Tazewell Etc Counties Community College District No. 514                            | Peoria Tazewell Etc Counties Community College District No. 514, Series 2014A                                                                          | CUSIP: 713244EF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County School Board (The)                                                              | Lee County School Board (The), Series 2012B                                                                                                            | CUSIP: 523494MU3<br>LEI: 54930014H67DITNA1Q29 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30059.16     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbia Heights MN                                                                | City of Columbia Heights                                                                                                                               | CUSIP: 197684ST1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35030.43     | 0.00%             | 2023-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Schoolcraft Community College District                                                     | Schoolcraft Community College District, Limited Tax                                                                                                    | CUSIP: 807874BP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115403.26    | 0.00%             | 2024-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Clean Water Fund - State Revolving Fund                               | State of Connecticut Clean Water Fund, State Revolving Fund, Series 2013A                                                                              | CUSIP: 20775YAL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45273.20     | 0.00%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX                                                                         | City of Lubbock                                                                                                                                        | CUSIP: 549188RN2<br>LEI: 549300I1QTL3QZV4BX74 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25125.23     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tomball Independent School District                                                        | Tomball Independent School District, Unlimited Tax School Building                                                                                     | CUSIP: 889855K84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36683.08     | 0.00%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carrollton-Farmers Branch Independent School District                                      | Carrollton-Farmers Branch Independent School District, Unlimited Tax                                                                                   | CUSIP: 145628UR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25125.23     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Jacinto Community College District                                                     | San Jacinto Community College District, Limited Tax                                                                                                    | CUSIP: 798025LF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31508.39     | 0.00%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                                         | City of Houston, Combined Utility System, First Lien                                                                                                   | CUSIP: 44244CZM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25581.20     | 0.00%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clackamas Community College District                                                       | Clackamas Community College District, Series B                                                                                                         | CUSIP: 179390MN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $19691.21     | 0.00%             | 2023-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Manchester Essex Regional School District                                                  | Manchester Essex Regional School District                                                                                                              | CUSIP: 562158DB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25046.03     | 0.00%             | 2023-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gettysburg Area School District                                                            | Gettysburg Area School District                                                                                                                        | CUSIP: 374307QD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30081.51     | 0.00%             | 2023-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                                      | New York State Housing Finance Agency, Historic Front Street                                                                                           | CUSIP: 64986MQP3<br>LEI: 5493000LS7KCDB02O506 | Long             | STIV             | MUN               | US        |  22000000 | PA      | $22000000.00  | 0.84%             | 2036-11-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                 | Illinois Finance Authority, OSF Healthcare System                                                                                                      | CUSIP: 45203H4S8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    140000 | PA      | $144847.64    | 0.01%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Pennington SD                                                                    | County of Pennington, Limited Tax                                                                                                                      | CUSIP: 708292HW0<br>LEI: 5493002VJKRPNCQRDW60 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25070.73     | 0.00%             | 2023-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                          | Palm Beach County School District                                                                                                                      | CUSIP: 696550E73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20304.61     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Hoffman Estates IL                                                              | Village of Hoffman Estates                                                                                                                             | CUSIP: 434452ND6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeKalb Newton & Gwinnett Counties Joint Development Authority                              | DeKalb Newton and Gwinnett Counties Joint Development Authority, GPC Real Estate Student Support I, LLC Project                                        | CUSIP: 24487RCB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35434.20     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Drinking Water Finance Authority                                                   | Alabama Drinking Water Finance Authority, Revolving Fund Loan                                                                                          | CUSIP: 010257HL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50146.39     | 0.00%             | 2023-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts State College Building Authority                                             | Massachusetts State College Building Authority, Series 2014A                                                                                           | CUSIP: 575832WY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20208.73     | 0.00%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                        | State of Washington, Motor Vehicle Fuel Tax, Series 2013E                                                                                              | CUSIP: 93974C6H8<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30128.22     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 210 Federal Way                                            | King County School District No. 210 Federal Way, Unlimited Tax                                                                                         | CUSIP: 494890A48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                  | Indiana Finance Authority, Butler University Project, Series 2014A                                                                                     | CUSIP: 45506DND3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100380.74    | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Waterset North Community Development District                                              | Waterset North Community Development District, Senior Lien                                                                                             | CUSIP: 941869AQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25022.55     | 0.00%             | 2023-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Missouri Development Finance Board                                                         | Missouri Development Finance Board, Office Building Project                                                                                            | CUSIP: 60636FDF6<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50017.98     | 0.00%             | 2023-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Cabarrus NC                                                                      | County of Cabarrus                                                                                                                                     | CUSIP: 126775TT2<br>LEI: 549300HVGPJDNBDPZV71 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20125.46     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Norco Community Redevelopment Agency Successor Agency                                      | Norco Community Redevelopment Agency Successor Agency, Redevelopment Project Area #1, Series 2017A                                                     | CUSIP: 655505AZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20067.64     | 0.00%             | 2023-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jackson County Building Corp.                                                              | Jackson County Building Corp.                                                                                                                          | CUSIP: 46723QBE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $122032.49    | 0.00%             | 2025-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Deschutes & Jefferson Counties School District No. 2J Redmond/OR                           | Deschutes and Jefferson Counties School District No 2J Redmond/OR, Series 2008B                                                                        | CUSIP: 250343GC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $19703.70     | 0.00%             | 2023-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Town of Marblehead MA                                                                      | Town of Marblehead                                                                                                                                     | CUSIP: 566081SS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50058.05     | 0.00%             | 2023-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                             | New Jersey Transportation Trust Fund Authority, Transportation System                                                                                  | CUSIP: 646136EM9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2234083.68   | 0.09%             | 2024-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Wyckoff Township School District                                                           | Wyckoff Township School District                                                                                                                       | CUSIP: 983000EN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25040.70     | 0.00%             | 2030-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                                        | City of Austin, Water and Wastewater System, Series 2013A                                                                                              | CUSIP: 052477NH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10109.74     | 0.00%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                                 | Virginia Commonwealth Transportation Board, Capital Projects                                                                                           | CUSIP: 927793XP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101135.69    | 0.00%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bellbrook-Sugarcreek Local School District                                                 | Bellbrook-Sugarcreek Local School District, School Improvement, Unlimited Tax                                                                          | CUSIP: 07832RAH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                          | State of Illinois, Series 2013A                                                                                                                        | CUSIP: 452152RG8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    640000 | PA      | $643578.30    | 0.02%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lone Tree CO Sales & Use Tax Revenue                                               | City of Lone Tree, Sales Tax, Recreational Projects, Series 2017A                                                                                      | CUSIP: 542342CE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority (The)                                                  | Camden County Improvement Authority (The)                                                                                                              | CUSIP: 13281NWR9<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25363.09     | 0.00%             | 2024-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Aurora CO                                                                          | City of Aurora                                                                                                                                         | CUSIP: 051556GA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakewood City School District                                                              | Lakewood City School District, School Facilities Improvement, Unlimited Tax                                                                            | CUSIP: 512624RB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 88 Bellwood                                                | Cook County School District No. 88 Bellwood                                                                                                            | CUSIP: 214183NN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $375000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Housing Options, Inc./TX                                                                   | Housing Options, Inc., Brooks Manor - The Oaks Project                                                                                                 | CUSIP: 44183TAK9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   6250000 | PA      | $5841048.75   | 0.22%             | 2041-08-01      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                       | Colorado Educational and Cultural Facilities Authority, Stargate Charter School Project                                                                | CUSIP: 19645RE80<br>LEI: 549300BJRX2FHSSZP042 | Long             | STIV             | MUN               | US        |    235000 | PA      | $244698.33    | 0.01%             | 2045-06-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                              | New Jersey Turnpike Authority, Series 2012B                                                                                                            | CUSIP: 646139Z99<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25052.64     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Boerne TX                                                                          | City of Boerne                                                                                                                                         | CUSIP: 097041LK1<br>LEI: 549300YKMXRPG2JGYB09 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50312.40     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Skagit WA                                                                        | County of Skagit, Limited Tax                                                                                                                          | CUSIP: 830201MA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $62774.83     | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                              | Palm Beach County Health Facilities Authority, Baptist Health South Florida Obligated Group                                                            | CUSIP: 69651AAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $580357.85    | 0.02%             | 2024-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Erie County Water Authority                                                                | Erie County Water Authority                                                                                                                            | CUSIP: 295101QF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Greeley CO                                                                         | City of Greeley                                                                                                                                        | CUSIP: 392505AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                                | California State University, Systemwide, Series 2016A                                                                                                  | CUSIP: 13077C3E2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20464.89     | 0.00%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX                                                                         | City of Lubbock                                                                                                                                        | CUSIP: 549188L99<br>LEI: 549300I1QTL3QZV4BX74 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20100.19     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Eagle Pass TX                                                                      | City of Eagle Pass                                                                                                                                     | CUSIP: 269731JN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25153.07     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                                         | Rhode Island Health and Educational Building Corp., Providence College, Series 2012B                                                                   | CUSIP: 762197LR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125228.41    | 0.00%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mount Clemens Community School District                                                    | Mount Clemens Community School District, Unlimited Tax, Series 2017A                                                                                   | CUSIP: 621060MG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25252.60     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gloucester County Improvement Authority (The)                                              | Gloucester County Improvement Authority (The), Series 2011A                                                                                            | CUSIP: 37969YPU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20298.24     | 0.00%             | 2023-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fox Valley Park District                                                                   | Fox Valley Park District                                                                                                                               | CUSIP: 351592HH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50026.92     | 0.00%             | 2022-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Cary NC Combined Utility Systems Revenue                                           | Town of Cary, Combined Utility Enterprise System                                                                                                       | CUSIP: 147056HD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                           | State of Florida Board of Education, Public Education Capital Outlay, Series 2015A                                                                     | CUSIP: 34153P6X1<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36242.49     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Racine WI                                                                          | City of Racine                                                                                                                                         | CUSIP: 750022HK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3501261.05   | 0.13%             | 2023-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| County of Adams CO                                                                         | County of Adams                                                                                                                                        | CUSIP: 005596DU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $880041.27    | 0.03%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                           | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced                                                                                          | CUSIP: 7092236C0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Norfolk VA                                                                         | City of Norfolk, Series A                                                                                                                              | CUSIP: 655867TU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10203.81     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA                                                                          | County of King, Limited Tax, Series 2021A                                                                                                              | CUSIP: 49474FZF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120053.78    | 0.00%             | 2023-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis Special School District No. 1                                                  | Minneapolis Special School District No. 1                                                                                                              | CUSIP: 603790GT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20051.76     | 0.00%             | 2023-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Thurston Public Schools                                                              | North Thurston Public Schools, Unlimited Tax                                                                                                           | CUSIP: 66285THP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                                | Connecticut State Health and Educational Facilities Authority, Yale New Haven Health Issue, Series 2010A3                                              | CUSIP: 20775DJV5<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | STIV             | MUN               | US        |    950000 | PA      | $912567.53    | 0.03%             | 2049-07-01      | Variable      | 0.25%                 | No            |                  2 | On Loan: No      |
| City of Decatur IL                                                                         | City of Decatur                                                                                                                                        | CUSIP: 243127XR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120250.70    | 0.00%             | 2023-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Waxahachie TX                                                                      | City of Waxahachie                                                                                                                                     | CUSIP: 944080C99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35343.81     | 0.00%             | 2023-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Madison Elementary School District No. 38                                                  | Madison Elementary School District No. 38, School Improvement, Project of 2014                                                                         | CUSIP: 567184LH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25364.31     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI Sanitary Sewer System Revenue                                      | City of Grand Rapids, Sanitary Sewer System                                                                                                            | CUSIP: 386289JJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40048.12     | 0.00%             | 2031-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Richland County School District No. 2/SC                                                   | Richland County School District No. 2, Series 2015A                                                                                                    | CUSIP: 763682G88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70291.00     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                          | State of Maryland, State and Local Facilities Loan of 2015, Series 2015A                                                                               | CUSIP: 574193LT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20075.61     | 0.00%             | 2027-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Henrico VA Water & Sewer Revenue                                                 | County of Henrico, Water and Sewer                                                                                                                     | CUSIP: 426170KW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20050.46     | 0.00%             | 2036-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Burlingame School District                                                                 | Burlingame School District, Election of 2012                                                                                                           | CUSIP: 121457FH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20204.40     | 0.00%             | 2030-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wayne State University                                                                     | Wayne State University, Series 2013A                                                                                                                   | CUSIP: 946303TP9<br>LEI: 549300GWQMQVAS66E613 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102103.29    | 0.00%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                              | Main Street Natural Gas, Inc., Gas Supply, Series 2019B                                                                                                | CUSIP: 56035DCD2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    240000 | PA      | $240781.39    | 0.01%             | 2023-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                                                 | Monroe County Industrial Development Corp., Rochester General Hospital, Series 2013B                                                                   | CUSIP: 61075TEN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Rockland County Solid Waste Management Authority                                           | Rockland County Solid Waste Management Authority, Series 2018A                                                                                         | CUSIP: 773562EM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60050.38     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                          | State of Illinois                                                                                                                                      | CUSIP: 452153DD8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5602837.90   | 0.21%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bonds  | Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Trevecca Nazarene University Project, Series 2021B      | CUSIP: 592029AG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $169157.55    | 0.01%             | 2024-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Kitsap WA Sewer Revenue                                                          | County of Kitsap, Sewer                                                                                                                                | CUSIP: 498119ED4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado                                                                     | University of Colorado, Enterprise System, Series 2021C-3B                                                                                             | CUSIP: 91417NDA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6250000 | PA      | $5970145.63   | 0.23%             | 2051-06-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Cleveland County Independent School District No. 29 Norman                                 | Cleveland County Independent School District No. 29 Norman, Combined Purpose, Series 2019B                                                             | CUSIP: 186072RY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10016.42     | 0.00%             | 2023-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                           | Pennsylvania Turnpike Commission, Series 2019A                                                                                                         | CUSIP: 709224Q69<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    140000 | PA      | $140000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                             | State of Texas, Water Financial Assistance                                                                                                             | CUSIP: 8827232T5<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25020.49     | 0.00%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kenton County Public Properties Corp.                                                      | Kenton County Public Properties Corp., Court Facilities Project                                                                                        | CUSIP: 491071FK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500731.75    | 0.02%             | 2024-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin County Transportation Authority Measure K Sales Tax Revenue                    | San Joaquin County Transportation Authority, Measure K Sales Tax                                                                                       | CUSIP: 798110CP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20028.75     | 0.00%             | 2023-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Bloomfield Hills School District                                                           | Bloomfield Hills School District, Unlimited Tax                                                                                                        | CUSIP: 093887LW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20202.91     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Everett WA Water & Sewer Revenue                                                   | City of Everett, Water and Sewer                                                                                                                       | CUSIP: 300060MM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40034.95     | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Moravia Central School District                                                            | Moravia Central School District                                                                                                                        | CUSIP: 616531JD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $199982.04    | 0.01%             | 2023-06-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Island Trees Union Free School District                                                    | Island Trees Union Free School District                                                                                                                | CUSIP: 464568GL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25030.64     | 0.00%             | 2023-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Amherst Central School District                                                            | Amherst Central School District                                                                                                                        | CUSIP: 031321KX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70294.50     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Munster School Building Corp.                                                              | Munster School Building Corp., Ad Valorem Tax First Mortgage                                                                                           | CUSIP: 626388XU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85707.00     | 0.00%             | 2023-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                 | Michigan Finance Authority, Clean Water Revolving Fund                                                                                                 | CUSIP: 59447TNU3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    150000 | PA      | $156522.32    | 0.01%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Glasgow Electric Plant Board                                                               | Glasgow Electric Plant Board, Electric System, Series 2014B                                                                                            | CUSIP: 376829BX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                      | Pennsylvania Economic Development Financing Authority, University of Pittsburgh Medical Center, Series 2017A                                           | CUSIP: 70870JAK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26809.07     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester NY                                                                       | City of Rochester, Series 2018-1                                                                                                                       | CUSIP: 771694ND4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $215633.20    | 0.01%             | 2023-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Key West Utility Board                                                                     | Key West Utility Board, Electric System                                                                                                                | CUSIP: 493230MS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25499.13     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pike Township Multi-School Building Corp.                                                  | Pike Township Multi-School Building Corp., First Mortgage                                                                                              | CUSIP: 72130PCT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $362701.22    | 0.01%             | 2024-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Passaic Valley Sewerage Commission                                                         | Passaic Valley Sewerage Commission, Sewer System                                                                                                       | CUSIP: 702826JM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, School Districts Financing Program, Series 2015D                                                                   | CUSIP: 64990BJS3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20409.28     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                  | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System                                                              | CUSIP: 414009GY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $320585.66    | 0.01%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Municipal Bond Bank Authority                                                       | Alaska Municipal Bond Bank Authority                                                                                                                   | CUSIP: 01179RD91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                                         | State of Wisconsin, Series 2017A                                                                                                                       | CUSIP: 97705MFU4<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20212.06     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Bend County Municipal Utility District No. 58                                         | Fort Bend County Municipal Utility District No. 58, Unlimited Tax                                                                                      | CUSIP: 346806RS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50030.29     | 0.00%             | 2023-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Redwood Falls MN                                                                   | City of Redwood Falls, Series 2018A                                                                                                                    | CUSIP: 758012SX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20016.40     | 0.00%             | 2023-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| University of North Texas System                                                           | University of North Texas, Financing System, Series 2020A                                                                                              | CUSIP: 914729VC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $525998.35    | 0.02%             | 2025-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hernando FL Water & Sewer Revenue                                                | County of Hernando, Water and Sewer, Series 2013A                                                                                                      | CUSIP: 427908DS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40500.20     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa County Industrial Authority                                                          | Tulsa County Industrial Authority Educational Facilities Lease, Broken Arrow Public Schools Project                                                    | CUSIP: 89952PEJ0<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35584.03     | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                      | Metropolitan Transportation Authority, Series 2014C                                                                                                    | CUSIP: 59259YZ36<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    240000 | PA      | $243607.78    | 0.01%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                   | Public Finance Authority, Entrance Fee Principal Redemption, Searstone CCRC Project                                                                    | CUSIP: 74442PTT2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1975000 | PA      | $1764555.85   | 0.07%             | 2027-06-01      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| City of Waco TX                                                                            | City of Waco, Combination Tax, Certificates of Obligation                                                                                              | CUSIP: 929831PA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31476.84     | 0.00%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                  | City of Houston, Airport System, Subordinate Lien                                                                                                      | CUSIP: 442349ED4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37541.88     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Stutsman ND                                                                      | County of Stutsman, Series 2014A                                                                                                                       | CUSIP: 864165BG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25266.27     | 0.00%             | 2023-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Missouri State Board of Public Buildings                                                   | Missouri State Board of Public Buildings, Series 2014A                                                                                                 | CUSIP: 606341GJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95107.40     | 0.00%             | 2023-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Decatur IL                                                                         | City of Decatur                                                                                                                                        | CUSIP: 243127XT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $199539.35    | 0.01%             | 2025-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Alaska                                                                            | State of Alaska, Native Tribal Health Consortium Housing Facility Project                                                                              | CUSIP: 011801EV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25303.93     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 411 Issaquah                                               | King County School District No. 411 Issaquah, Unlimited Tax                                                                                            | CUSIP: 495224V61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue              | Commonwealth of Massachusetts Federal Highway, Series 2017A                                                                                            | CUSIP: 57583PHB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20265.54     | 0.00%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gloucester County Improvement Authority (The)                                              | Gloucester County Improvement Authority (The), Series 2013A                                                                                            | CUSIP: 37969YQD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40234.28     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Salt Lake UT                                                                     | County of Salt Lake, Crossover                                                                                                                         | CUSIP: 795676SZ9<br>LEI: 5493006VYRFL1AI6GT29 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75043.14     | 0.00%             | 2022-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Winnebago & Boone Counties School District No. 205 Rockford                                | Winnebago and Boone Counties School District No. 205 Rockford                                                                                          | CUSIP: 974535KB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3290000 | PA      | $3297749.92   | 0.13%             | 2033-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, State Personal Income Tax, General Purpose                                                                         | CUSIP: 64990FC36<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    320000 | PA      | $320295.90    | 0.01%             | 2023-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lynn Water & Sewer Commission                                                              | Lynn Water and Sewer Commission, Series 2013A                                                                                                          | CUSIP: 551592FQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                      | North Carolina Housing Finance Agency, Homeownership, Series 43                                                                                        | CUSIP: 658207XR1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |     80000 | PA      | $79911.42     | 0.00%             | 2023-01-01      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| Blue Valley Recreation Commission                                                          | Blue Valley Recreation Commission, Series B                                                                                                            | CUSIP: 096079EW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30591.47     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND                                                                     | City of Grand Forks, Series 2017B                                                                                                                      | CUSIP: 3854435J1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                          | State of Illinois                                                                                                                                      | CUSIP: 4521526Q9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1220985.04   | 0.05%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Palmer PA                                                                      | Township of Palmer                                                                                                                                     | CUSIP: 696897DN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30654.60     | 0.00%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Stafford NJ                                                                    | Township of Stafford                                                                                                                                   | CUSIP: 852529QX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30126.22     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Evesham NJ                                                                     | Township of Evesham, General Improvement and Golf Utility                                                                                              | CUSIP: 300471PV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25151.46     | 0.00%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clark County Public Utility District No. 1                                                 | Clark County Public Utility District No. 1, Electric System                                                                                            | CUSIP: 181108WE7<br>LEI: 549300YCT5BMOWZSMQ97 | Long             | DBT              | MUN               | US        |    330000 | PA      | $330648.75    | 0.01%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rock Island County Community Unit School District No. 40 Moline                            | Rock Island County Community Unit School District No. 40 Moline, Alternative Revenue Source                                                            | CUSIP: 772419ME4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20016.36     | 0.00%             | 2024-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                    | South Carolina Public Service Authority, Santee Cooper, Series 2013A                                                                                   | CUSIP: 837151HY8<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41233.56     | 0.00%             | 2043-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Borough of Matanuska-Susitna AK                                                            | Borough of Matanuska-Susitna, Goose Creek Correctional Center Project                                                                                  | CUSIP: 576553BP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $100599.23    | 0.00%             | 2026-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                       | District of Columbia, Income Tax, Series 2012A                                                                                                         | CUSIP: 25477GJP1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125000.00    | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Will County Forest Preserve District                                                       | Will County Forest Preserve District                                                                                                                   | CUSIP: 968661HB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $215192.45    | 0.01%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                            | Allegheny County Hospital Development Authority, Health Network Obligation                                                                             | CUSIP: 01728A3H7<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |    350000 | PA      | $352633.58    | 0.01%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lone Star College System                                                                   | Lone Star College System, Limited Tax, Series A                                                                                                        | CUSIP: 542264GE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20103.07     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 320 Sumner                                               | Pierce County School District No. 320 Sumner, Unlimited Tax                                                                                            | CUSIP: 720526XF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon Housing & Community Services Department                                    | State of Oregon, Housing and Community Services Department, Single-Family Mortgage Program                                                             | CUSIP: 686087QF7<br>LEI: 549300N3PYWYJ0Z8N757 | Long             | DBT              | MUN               | US        |    200000 | PA      | $199426.68    | 0.01%             | 2024-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                                         | County of Clark, Park Improvement, Limited Tax                                                                                                         | CUSIP: 180848YM9<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26176.09     | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                                | District of Columbia Housing Finance Agency, Multi-Family Development Program                                                                          | CUSIP: 254768TR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $164534.52    | 0.01%             | 2023-03-01      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Shenendehowa Central School District                                                       | Shenendehowa Central School District                                                                                                                   | CUSIP: 823194L86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35104.76     | 0.00%             | 2023-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                                      | Utility Debt Securitization Authority, Series 2016A                                                                                                    | CUSIP: 91802RBY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25612.09     | 0.00%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Northglenn CO                                                                      | City of Northglenn                                                                                                                                     | CUSIP: 666446AZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Lake Schools                                                                         | South Lake Schools, School Building and Site                                                                                                           | CUSIP: 838651JZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25421.62     | 0.00%             | 2024-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mount San Antonio Community College District                                               | Mount San Antonio Community College District, Election of 2008                                                                                         | CUSIP: 623040FT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $20024.55     | 0.00%             | 2032-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Farmers Branch TX                                                                  | City of Farmers Branch                                                                                                                                 | CUSIP: 309495N39<br>LEI: 549300RN2TFR8AKJ3Z07 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35977.90     | 0.00%             | 2025-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                            | Kentucky Economic Development Finance Authority, Catholic Health Initiatives                                                                           | CUSIP: 49126PEB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100221.42    | 0.00%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Department of Management Services                                                  | Florida Department of Management Services                                                                                                              | CUSIP: 34160PDY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26114.97     | 0.00%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                                           | State of Georgia, Series 2018A                                                                                                                         | CUSIP: 373385CG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15229.93     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA                                                                         | City of Seattle, Limited Tax                                                                                                                           | CUSIP: 812626Z85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20210.39     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Eastwood Local School District                                                             | Eastwood Local School District                                                                                                                         | CUSIP: 277840AH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30033.22     | 0.00%             | 2023-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                      | Metropolitan Transportation Authority                                                                                                                  | CUSIP: 59261AE78<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   6960000 | PA      | $6979578.48   | 0.27%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                 | Michigan Finance Authority, Trinity Health Credit Group                                                                                                | CUSIP: 59447P7H8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    460000 | PA      | $460000.00    | 0.02%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                                         | County of Clark, Transportation Improvement, Limited Tax                                                                                               | CUSIP: 180848XR9<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37320.07     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Birmingham AL                                                                      | City of Birmingham                                                                                                                                     | CUSIP: 09088RXN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Prosper Independent School District                                                        | Prosper Independent School District, Unlimited Tax, School Building                                                                                    | CUSIP: 743600YS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35175.33     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana University                                                                         | Indiana University, Series 2015A                                                                                                                       | CUSIP: 455168BW3<br>LEI: B4CW783SY7V2XEFJSQ64 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70882.32     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Cleveland Regional Transit Authority Sales Tax Revenue                             | Greater Cleveland Regional Transit Authority, Sales Tax Supported Capital Improvement, Series 2014A                                                    | CUSIP: 39167JAY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $320000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Healthsource Saginaw, Inc.                                                                 | Healthsource Saginaw, Inc., Unlimited Tax                                                                                                              | CUSIP: 42224BBL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50058.92     | 0.00%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Greene OH                                                                        | County of Greene, Sewer System                                                                                                                         | CUSIP: 394641PE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Escambia County Board of Education                                                         | Escambia County Board of Education, Tax Anticipation Warrants                                                                                          | CUSIP: 296087CC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Montgomery AL                                                                      | City of Montgomery, Warrants, Series 2021B                                                                                                             | CUSIP: 613035V50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $395000.00    | 0.02%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Albuquerque NM                                                                     | City of Albuquerque, Series 2014A                                                                                                                      | CUSIP: 01354MFR7<br>LEI: 549300MV7H0GASZUCG39 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25215.39     | 0.00%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York                                                                                                                                       | CUSIP: 64966KQM8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    155000 | PA      | $155879.21    | 0.01%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Erie County Industrial Development Agency (The)                                            | Erie County Industrial Development Agency (The), City School District of the City of Buffalo Project                                                   | CUSIP: 29509PJT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75714.20     | 0.00%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Perry Local School District/Lake County                                                    | Perry Local School District                                                                                                                            | CUSIP: 71480CAN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN Electric System Revenue                                                 | City of Memphis, Electric System, Series 2020A                                                                                                         | CUSIP: 586158QJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Mateo Foster City Public Financing Authority                                           | San Mateo Foster City Public Financing Authority, Street and Flood Control Project, Series 2020A                                                       | CUSIP: 799056AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20219.55     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                   | Massachusetts Development Finance Agency, North Hill Community Issue, Series 2013A                                                                     | CUSIP: 57583UXN3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    675000 | PA      | $697591.10    | 0.03%             | 2043-11-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                  | Indiana Finance Authority, State Revolving Fund Program, Series 2012C                                                                                  | CUSIP: 45506DDH5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25101.85     | 0.00%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cincinnati OH                                                                      | City of Cincinnati, Unlimited Tax, Various Purpose, Series 2015A                                                                                       | CUSIP: 172217US8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sacramento City Financing Authority                                                        | Sacramento City Financing Authority, Master Lease Program Facilities, Series E                                                                         | CUSIP: 785849UX6<br>LEI: 549300D8GE38KYE3NW14 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maricopa County Union High School District No. 216 Agua Fria                               | Maricopa County Union High School District No. 216 Agua Fria, School Improvement                                                                       | CUSIP: 567541NF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30086.74     | 0.00%             | 2023-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                                       | Massachusetts Housing Finance Agency                                                                                                                   | CUSIP: 57587A6B9<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    180000 | PA      | $176742.02    | 0.01%             | 2023-12-01      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, Onondaga-Cortland-Madison Board of Cooperative Educational Services                                                | CUSIP: 64990BPE7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25410.05     | 0.00%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO                                                                 | City and County of Denver, Fire Station and Library, Series 20015A                                                                                     | CUSIP: 249183WX8<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LaPorte Multi School Building Corp.                                                        | LaPorte Multi School Building Corp., Ad Valorem Property Tax, First Mortgage, Series 2017A                                                             | CUSIP: 504025FV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $24976.13     | 0.00%             | 2023-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Coast Community College District                                                           | Coast Community College District, Election of 2012, Series 2013A                                                                                       | CUSIP: 190335FN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20212.34     | 0.00%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bedford Central School District                                                            | Bedford Central School District, Boces Project                                                                                                         | CUSIP: 076316KN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25009.13     | 0.00%             | 2023-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Tyler Independent School District                                                          | Tyler Independent School District, Unlimited Tax                                                                                                       | CUSIP: 902273UJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25124.08     | 0.00%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 411 Issaquah                                               | King County School District No. 411 Issaquah, Unlimited Tax                                                                                            | CUSIP: 495224V53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| City of Albuquerque NM                                                                     | City of Albuquerque, Lodgers Tax and Improvement, Series 2014A                                                                                         | CUSIP: 01354MFP1<br>LEI: 549300MV7H0GASZUCG39 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20110.46     | 0.00%             | 2032-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, University Hospitals Health System, Inc.                                                                                                | CUSIP: 67756CCC0<br>LEI: 5493005LEB5E170OMX59 | Long             | STIV             | MUN               | US        |  14000000 | PA      | $14000000.00  | 0.54%             | 2045-01-15      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                   | Massachusetts Development Finance Agency, Salem Community Corp.                                                                                        | CUSIP: 57584Y2N8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    345000 | PA      | $344877.94    | 0.01%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Department of Housing & Community Affairs                                            | Texas Department of Housing and Community Affairs, Fishpond at Corpus Christi Apartments                                                               | CUSIP: 88275AEA4<br>LEI: 549300J3RRLLZZN4WP77 | Long             | STIV             | MUN               | US        |    750000 | PA      | $739278.38    | 0.03%             | 2038-06-01      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                                         | State of Minnesota, Tax-Exempt                                                                                                                         | CUSIP: 604146BV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45569.45     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                             | American Municipal Power, Inc., Combined Hydroelectric Projects, Series 2020A                                                                          | CUSIP: 02765UPY4<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |    345000 | PA      | $346621.78    | 0.01%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                           | Pennsylvania Turnpike Commission, Series A-1                                                                                                           | CUSIP: 709224YL7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    135000 | PA      | $135000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Abilene TX                                                                         | City of Abilene                                                                                                                                        | CUSIP: 00344NPW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25676.25     | 0.00%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bothell WA                                                                         | City of Bothell, Limited Tax                                                                                                                           | CUSIP: 101295EQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25152.44     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin Clean Water Fund Leveraged Loan Portfolio                               | State of Wisconsin Clean Water Fund Leveraged Loan Portfolio, Series 2013-1                                                                            | CUSIP: 977092WG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30367.70     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio State University (The)                                                                | Ohio State University (The), General Receipts, Series 2012A                                                                                            | CUSIP: 677632RX1<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20256.07     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Major New Infrastructure Project                                                                                                        | CUSIP: 677581FQ8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    255000 | PA      | $255237.66    | 0.01%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kane County Forest Preserve District                                                       | Kane County Forest Preserve District                                                                                                                   | CUSIP: 483862MR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $260242.32    | 0.01%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Venice FL Utility Revenue                                                          | City of Venice, Utility System                                                                                                                         | CUSIP: 922690GE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2029-12-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                           | Pennsylvania Turnpike Commission                                                                                                                       | CUSIP: 709225AA4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | STIV             | MUN               | US        |  40000000 | PA      | $40000000.00  | 1.53%             | 2050-12-01      | Variable      | 1.87%                 | No            |                  2 | On Loan: No      |
| St. Johns County Industrial Development Authority                                          | St. Johns County Industrial Development Authority, Vicar's Landing Project, Series 2021A                                                               | CUSIP: 79041LAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $109971.20    | 0.00%             | 2022-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Granbury TX                                                                        | City of Granbury, Series 2016A                                                                                                                         | CUSIP: 385050SH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36176.59     | 0.00%             | 2025-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hamilton Southeastern Consolidated School Building Corp.                                   | Hamilton Southeastern Consolidated School Building Corp., Ad Valorem Property Tax First Mortgage                                                       | CUSIP: 40785EW77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25368.63     | 0.00%             | 2024-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio State University (The)                                                                | Ohio State University (The), General Receipts                                                                                                          | CUSIP: 677632ZT1<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40983.95     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Murfreesboro TN                                                                    | City of Murfreesboro, Series 2016B                                                                                                                     | CUSIP: 626524Q21<br>LEI: 5493004HW7N2IUAQK610 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Health Facilities Authority                                                        | Arizona Health Facilities Authority, Banner Health                                                                                                     | CUSIP: 040507QA6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   9400000 | PA      | $9073914.00   | 0.35%             | 2046-01-01      | Floating      | 2.15%                 | No            |                  2 | On Loan: No      |
| Town of Avon MA                                                                            | Town of Avon, Municipal Purpose Loan                                                                                                                   | CUSIP: 054141JB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jackson County Building Corp.                                                              | Jackson County Building Corp.                                                                                                                          | CUSIP: 46723QBA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $119839.13    | 0.00%             | 2023-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Cooperative Republican Platte Enhancement Project                                 | Nebraska Cooperative Republican Platte Enhancement Project                                                                                             | CUSIP: 639662CP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $444831.66    | 0.02%             | 2022-12-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                                      | Utility Debt Securitization Authority                                                                                                                  | CUSIP: 91802RBX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $187442.37    | 0.01%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Delran NJ                                                                      | Township of Delran, Series A                                                                                                                           | CUSIP: 247235FR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4102947 | PA      | $4102273.30   | 0.16%             | 2022-12-07      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| County of Daviess KY                                                                       | County of Daviess, Series 2012A                                                                                                                        | CUSIP: 238696EQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $49674.62     | 0.00%             | 2023-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                     | Maine Health and Higher Educational Facilities Authority, Series 2019A                                                                                 | CUSIP: 56042RSZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50644.41     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tallahassee FL                                                                     | City of Tallahassee                                                                                                                                    | CUSIP: 874458JE3<br>LEI: 549300MPY4HDPK8B1G15 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.01%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                               | Commonwealth of Pennsylvania, Series 1                                                                                                                 | CUSIP: 70914PTF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20181.56     | 0.00%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                       | State of Connecticut, GAAP Conversion, Series 2013A                                                                                                    | CUSIP: 20772JRA2<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25511.04     | 0.00%             | 2024-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of El Paso CO                                                                       | County of El Paso, Pikes Peak Regional Development Center Project                                                                                      | CUSIP: 283365HX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GCS School Building Corp. One                                                              | GCS School Building Corp. One, Unlimited Ad Valorem Property Tax First Mortgage                                                                        | CUSIP: 36828VGH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75092.69     | 0.00%             | 2023-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Shelton WA                                                                         | City of Shelton, Limited Tax                                                                                                                           | CUSIP: 823024DC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Department of Housing & Community Affairs                                            | Texas Department of Housing & Community Affairs, Socorro Village 34 LLC                                                                                | CUSIP: 88275AEH9<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |   3175000 | PA      | $3198033.67   | 0.12%             | 2025-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| East Penn School District                                                                  | East Penn School District                                                                                                                              | CUSIP: 274299Z82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45535.95     | 0.00%             | 2023-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Health and Hospitals Corp.                                                   | New York City Health and Hospitals Corp., Health System, Series 2008C                                                                                  | CUSIP: 649674GS1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  25000000 | PA      | $25000000.00  | 0.96%             | 2031-02-15      | Variable      | 1.91%                 | No            |                  2 | On Loan: No      |
| County of Scott MN                                                                         | County of Scott, Capital Improvement                                                                                                                   | CUSIP: 809554VG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                    | Los Angeles Department of Water and Power, Power System, Series 2013A                                                                                  | CUSIP: 544495ZD9<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    345000 | PA      | $345732.16    | 0.01%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Tax-Exempt, Series A, Subseries A-1                                                                                                  | CUSIP: 64966KP23<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25400.69     | 0.00%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                     | New York State Urban Development Corp., State Personal Income Tax, General Purpose, Series 2014A                                                       | CUSIP: 650035M70<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51533.54     | 0.00%             | 2025-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lebanon Rural Fire Protection District                                                     | Lebanon Rural Fire Protection District                                                                                                                 | CUSIP: 522825AV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25305.94     | 0.00%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of DeSoto MS                                                                        | County of DeSoto                                                                                                                                       | CUSIP: 25059NHQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40517.85     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                    | South Carolina Public Service Authority, Santee Cooper, Series C                                                                                       | CUSIP: 837151NN5<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    220000 | PA      | $220000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                                | Connecticut State Health and Educational Facilities Authority, Quinnipiac University, Series L                                                         | CUSIP: 20774YWT0<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20257.76     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC                                                                      | County of Johnson, Limited Obligation, Series 2020A                                                                                                    | CUSIP: 479354DH2<br>LEI: 5493003J6KNUY7E7SF98 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10084.57     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Butler County Port Authority                                                               | Butler County Port Authority, Liberty Center Project                                                                                                   | CUSIP: 12355TAM4<br>LEI: 549300LIKUQ3LQUKO260 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Larimer County School District No. R-1 Poudre                                              | Larimer County School District No. R-1 Poudre                                                                                                          | CUSIP: 517138VZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $155086.88    | 0.01%             | 2022-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mount Olive Township Board of Education                                                    | Mount Olive Township Board of Education                                                                                                                | CUSIP: 622214KN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20176.21     | 0.00%             | 2023-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Sarasota FL Utility System Revenue                                               | County of Sarasota, Utility System                                                                                                                     | CUSIP: 803321MR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25503.29     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                             | Wayne County Airport Authority, Detroit Metropoitan Wayne County Airport                                                                               | CUSIP: 944514LC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.11%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Reedy Creek Improvement District                                                           | Reedy Creek Improvement District, Ad Valorem Tax, Series A                                                                                             | CUSIP: 758449NU2<br>LEI: 549300DLSKH6SZ96KV94 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25312.63     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pulaski County Public Facilities Board                                                     | Pulaski County Public Facilities Board, Baptist Health                                                                                                 | CUSIP: 74540HAA2<br>LEI: 549300FW3F0WYTXI3E38 | Long             | DBT              | MUN               | US        |    240000 | PA      | $240000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sports & Exhibition Authority of Pittsburgh and Allegheny County                           | Sports and Exhibition Authority of Pittsburgh and Allegheny County, Sales Tax                                                                          | CUSIP: 724799BJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1788761.00   | 0.07%             | 2023-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Amarillo Junior College District                                                           | Amarillo Junior College District, Limited Tax                                                                                                          | CUSIP: 023069KV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35034.42     | 0.00%             | 2023-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Penn School District                                                                 | North Penn School District                                                                                                                             | CUSIP: 661517WY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30145.72     | 0.00%             | 2025-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                              | North Texas Tollway Authority, First Tier, Series 2019A                                                                                                | CUSIP: 66285WYL4<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20524.91     | 0.00%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hatboro-Horsham School District                                                            | Hatboro-Horsham School District, Series B                                                                                                              | CUSIP: 418780LF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35254.32     | 0.00%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vermont Municipal Bond Bank                                                                | Vermont Municipal Bond Bank, Series 2015-1                                                                                                             | CUSIP: 924214TB5<br>LEI: 54930081EMY8D1GYM846 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                  | Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital                                                                   | CUSIP: 414009LN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20392.65     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                           | Pennsylvania Turnpike Commission, Series 2015B                                                                                                         | CUSIP: 709224KH1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bellevue WA                                                                        | City of Bellevue, Limited Tax                                                                                                                          | CUSIP: 079365Z21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Olympia WA                                                                         | City of Olympia, Unlimited Tax                                                                                                                         | CUSIP: 681504MZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                 | Michigan Finance Authority, Trinity Health Credit Group                                                                                                | CUSIP: 59447TTS2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    125000 | PA      | $127900.53    | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Addison TX                                                                         | Town of Addison                                                                                                                                        | CUSIP: 006644H27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20062.59     | 0.00%             | 2023-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                                         | State of Louisiana                                                                                                                                     | CUSIP: 54641CAP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15274.97     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Southern California                                    | Tobacco Securitization Authority of Southern California, Series 2019A, Class 1                                                                         | CUSIP: 888804CA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56722.37     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St. Johns County School Board                                                              | St. Johns County School Board                                                                                                                          | CUSIP: 790409FE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20283.30     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami East Local School District                                                           | Miami East Local School District, School Improvement                                                                                                   | CUSIP: 593354DT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port of Everett WA                                                                         | Port of Everett                                                                                                                                        | CUSIP: 734064HS0<br>LEI: 5493008OVKTJWVE76635 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Albany City School District                                                                | Albany City School District                                                                                                                            | CUSIP: 012434SR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  65135156 | PA      | $65053717.51  | 2.49%             | 2023-03-24      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority (The)                                                  | Camden County Improvement Authority (The), Series A                                                                                                    | CUSIP: 13281NTU6<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40117.44     | 0.00%             | 2023-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Marquette MI                                                                       | City of Marquette, Capital Improvement                                                                                                                 | CUSIP: 571494QE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201029.84    | 0.01%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jacksonville Public Facilities Corp.                                                       | Jacksonville Public Facilities Corp.                                                                                                                   | CUSIP: 469665AZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20164.48     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon Housing & Community Services Department                                    | State of Oregon, Housing and Community Services Department, Single-Family Mortgage Program                                                             | CUSIP: 686087G27<br>LEI: 549300N3PYWYJ0Z8N757 | Long             | DBT              | MUN               | US        |    325000 | PA      | $317808.50    | 0.01%             | 2024-01-01      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| City of Denton TX                                                                          | City of Denton                                                                                                                                         | CUSIP: 248866N84<br>LEI: 549300UWEY8IKYK09T27 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20101.01     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                                | Shelby County Health Educational and Housing Facilities Board, The Village of Germantown                                                               | CUSIP: 82169JAK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80000.00     | 0.00%             | 2047-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai                                                                            | CUSIP: 64990BPX5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36846.99     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Framingham MA                                                                      | City of Framingham, Municipal Purpose Loan                                                                                                             | CUSIP: 3516948A5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45041.11     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 123 Oak Lawn                                               | Cook County School District No. 123 Oak Lawn, Series A                                                                                                 | CUSIP: 214651MN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Richardson TX                                                                      | City of Richardson, Combination Tax, Certificates of Obligation                                                                                        | CUSIP: 763227YH2<br>LEI: 549300YMK2Z7UGNHHQ13 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45042.42     | 0.00%             | 2023-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                       | Chicago O'Hare International Airport, General Airport, Senior Lien                                                                                     | CUSIP: 167593VE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1017112.22   | 0.04%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Glen Ridge NJ                                                                   | Borough of Glen Ridge                                                                                                                                  | CUSIP: 377730CF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4434625 | PA      | $4457964.43   | 0.17%             | 2023-07-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Atlanta & Fulton County Recreation Authority                                               | Atlanta and Fulton County Recreation Authority, Park Improvement                                                                                       | CUSIP: 047681NG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25595.04     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Westmoreland PA                                                                  | County of Westmoreland, Series 2013A                                                                                                                   | CUSIP: 960895YR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Capital Facilities Lease Appropriation Cultural and Sports Facilities Building Fund Projects                                            | CUSIP: 67759HHH0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51019.04     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kent Hospital Finance Authority                                                            | Kent Hospital Finance Authority, Mary Free Bed Rehabilitation Hospital, Series 2021A                                                                   | CUSIP: 490580FA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $583183.73    | 0.02%             | 2025-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ames Community School District                                                             | Ames Community School District                                                                                                                         | CUSIP: 030825QL0<br>LEI: 5493002S6W4ZLGDPTG58 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25307.66     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                                      | Utility Debt Securitization Authority                                                                                                                  | CUSIP: 91802RCT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25330.05     | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Electric Utility Revenue                                                 | City of Austin, Electric Utility System                                                                                                                | CUSIP: 052414MQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100193.30    | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tacoma Metropolitan Park District                                                          | Tacoma Metropolitan Park District, Unlimited Tax                                                                                                       | CUSIP: 592240VG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                                    | City of Phoenix Civic Improvement Corp., Junior Lien                                                                                                   | CUSIP: 71883PJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $230435.30    | 0.01%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                                    | City of Jacksonville, Florida Power and Light Co., Project                                                                                             | CUSIP: 469422AD1<br>LEI: 549300XQE0JVN9WV0J40 | Long             | STIV             | MUN               | US        |   3150000 | PA      | $3150000.00   | 0.12%             | 2029-05-01      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| City of Buckeye AZ Excise Tax Revenue                                                      | City of Buckeye, Excise Tax                                                                                                                            | CUSIP: 118087BQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25351.23     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                                            | County of King, Sewer, Series 2013A                                                                                                                    | CUSIP: 495289H52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30057.54     | 0.00%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                        | State of California, Various Purpose                                                                                                                   | CUSIP: 13063CJS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25644.91     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue                      | State of Florida Department of Transportation Turnpike System                                                                                          | CUSIP: 3431362S5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35512.06     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No. 1                                                 | Denver City and County School District No. 1, Series 2012B                                                                                             | CUSIP: 249174SP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 123 Oak Lawn                                               | Cook County School District No. 123 Oak Lawn, Capital Appreciation                                                                                     | CUSIP: 214651HJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2022-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Albany Plain Local School District                                                     | New Albany Plain Local School District, Various Purpose                                                                                                | CUSIP: 64184PEH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Shepherd Public Schools                                                                    | Shepherd Public Schools, Unlimited Tax, Series 2017A                                                                                                   | CUSIP: 823348DC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45083.13     | 0.00%             | 2023-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| St. Paul Port Authority                                                                    | St. Paul Port Authority, State of Minnesota Freeman Office Building                                                                                    | CUSIP: 79304NGG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hesperia Unified School District                                                           | Hesperia Unified School District                                                                                                                       | CUSIP: 428061DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25028.66     | 0.00%             | 2029-02-01      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| Anderson School Building Corp.                                                             | Anderson School Building Corp., First Mortgage                                                                                                         | CUSIP: 033896MQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45148.65     | 0.00%             | 2023-01-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hocking Technical College District                                                         | Hocking Technical College District                                                                                                                     | CUSIP: 434159AQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40543.38     | 0.00%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of South Carolina                                                               | University of South Carolina, Higher Education Facilities                                                                                              | CUSIP: 914857DA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $73738.31     | 0.00%             | 2025-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cedar Park TX                                                                      | City of Cedar Park, Refunding and Improvement                                                                                                          | CUSIP: 150461J51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30152.13     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Snohomish WA                                                                     | County of Snohomish, Limited Tax                                                                                                                       | CUSIP: 8330853X9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Battle Creek MI                                                                    | City of Battle Creek, Limited Tax                                                                                                                      | CUSIP: 071365Q37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25252.60     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County Rural Library District                                                         | King County Rural Library District, Unlimited Tax                                                                                                      | CUSIP: 494800GJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $395000.00    | 0.02%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ypsilanti School District/MI                                                               | Ypsilanti School District, Unlimited Tax, Series 2016A                                                                                                 | CUSIP: 987864NK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40405.82     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                           | Ohio Water Development Authority, Fresh Water, Series 2013A                                                                                            | CUSIP: 67765QAL0<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financial Authority                                  | Florida Higher Educational Facilities Financial Authority, Rollins College Project, Series 2012A                                                       | CUSIP: 34073TDS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                   | Public Finance Authority, KU Campus Development Corp. - Central District Development Project                                                           | CUSIP: 74444YAF1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    145000 | PA      | $145847.87    | 0.01%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Burlington County Bridge Commission                                                        | Burlington County Bridge Commission, Governmental Leasing Program                                                                                      | CUSIP: 121651KV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25232.26     | 0.00%             | 2023-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iroquois Central School District                                                           | Iroquois Central School District                                                                                                                       | CUSIP: 463352HT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26285.78     | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                                      | City of Chicago, Waterworks, Second Lien                                                                                                               | CUSIP: 167736ZZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1454661.90   | 0.06%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jacksonville Transportation Authority                                                      | Jacksonville Transportation Authority, Senior Lien Gas Tax                                                                                             | CUSIP: 469494AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25901.72     | 0.00%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No. 1                                                 | Denver City and County School District No. 1, Series 2005A                                                                                             | CUSIP: 249174HL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Kitsap County School District No. 303 Bainbridge Island                                    | Kitsap County School District No. 303 Bainbridge Island, Series 2014B                                                                                  | CUSIP: 498062NJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rochester Community School District                                                        | Rochester Community School District, School Building and Site, Unlimited Tax, Series II                                                                | CUSIP: 771537VY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40060.73     | 0.00%             | 2023-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Grafton School District                                                                    | Grafton School District, School Building and Improvement                                                                                               | CUSIP: 384540HJ2<br>LEI: 54930012ECZPW1OD8051 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20167.15     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio State University (The)                                                                | Ohio State University (The), General Receipts, Special Purpose, Series 2013A                                                                           | CUSIP: 677632ZV6<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |    170000 | PA      | $172054.98    | 0.01%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Buffalo NY                                                                         | City of Buffalo                                                                                                                                        | CUSIP: 119677LT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50401.20     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Benton County School District No. 17 Kennewick                                             | Benton County School District No. 17 Kennewick, Unlimited Tax                                                                                          | CUSIP: 082887NS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Washington                                                                   | University of Washington, Series 2015C                                                                                                                 | CUSIP: 91523NPG5<br>LEI: T8YS5W0N70BYCTHPA429 | Long             | DBT              | MUN               | US        |    115000 | PA      | $115000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Summit OH                                                                        | County of Summit, Various Purpose                                                                                                                      | CUSIP: 86606WAL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Winfield Building Corp.                                                                    | Winfield Building Corp., Indiana Lease Rental, Sewage Works Treatment Plant Project                                                                    | CUSIP: 97401DBB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35276.03     | 0.00%             | 2023-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Southfield MI                                                                      | City of Southfield, Water and Sewer Capital Improvement, Limited Tax                                                                                   | CUSIP: 844181LW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85202.50     | 0.00%             | 2023-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                           | Kentucky Public Energy Authority, Gas Supply, Series 2018A                                                                                             | CUSIP: 74440DAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $154881.69    | 0.01%             | 2048-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                                            | State of Louisiana Gasoline and Fuels Tax, Second Lien, Series 2017D                                                                                   | CUSIP: 546475UV4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    115000 | PA      | $113489.19    | 0.00%             | 2043-05-01      | Variable      | 0.60%                 | No            |                  2 | On Loan: No      |
| Grossmont-Cuyamaca Community College District                                              | Grossmont-Cuyamaca Community College District                                                                                                          | CUSIP: 399267GZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30498.79     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Holmdel Township School District                                                           | Holmdel Township School District                                                                                                                       | CUSIP: 436290JT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25101.87     | 0.00%             | 2023-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Jose Financing Authority                                                               | San Jose Financing Authority, Civic Center Project                                                                                                     | CUSIP: 798153LH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30387.10     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                             | New Jersey Transportation Trust Fund Authority, Transportation Program                                                                                 | CUSIP: 646136S28<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1514472.75   | 0.06%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Cleveland Regional Transit Authority Sales Tax Revenue                             | Greater Cleveland Regional Transit Authority, Sales Tax Supported Capital Improvement                                                                  | CUSIP: 39167JCM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Reading Area Water Authority                                                               | Reading Area Water Authority                                                                                                                           | CUSIP: 755562DB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75438.59     | 0.00%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Asset Receivable Corp.                                                           | Sales Tax Asset Receivable Corp., Fiscal Year 2015                                                                                                     | CUSIP: 794665FQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26133.10     | 0.00%             | 2028-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Hollywood Public Financing Authority                                                  | West Hollywood Public Financing Authority, Hollywood Park Phase II                                                                                     | CUSIP: 95332RBW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77305.59     | 0.00%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                    | New York City Transitional Finance Authority, Future Tax Secured, Series F-1                                                                           | CUSIP: 64971QX24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20079.44     | 0.00%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lexington County School District No. 1/SC                                                  | Lexington County School District No. 1                                                                                                                 | CUSIP: 529063QQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60086.60     | 0.00%             | 2025-02-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Constantine Public Schools                                                                 | Constantine Public Schools                                                                                                                             | CUSIP: 210345FR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35355.10     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                                 | Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project                                                           | CUSIP: 95737TEY8<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1885000 | PA      | $1816408.62   | 0.07%             | 2026-07-01      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Major New Infrastructure Project                                                                                                        | CUSIP: 677581HA1<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    165000 | PA      | $165153.78    | 0.01%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New York                                                                          | State of New York, Series 2015A                                                                                                                        | CUSIP: 649791KL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25183.34     | 0.00%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                           | Pennsylvania Turnpike Commission, Series A-1                                                                                                           | CUSIP: 709224MF3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Fiscal Year 2012, Tax-Exempt                                                                                                         | CUSIP: 64966QSS0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    185000 | PA      | $185400.21    | 0.01%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Waco TX                                                                            | City of Waco, Certificates of Obligation                                                                                                               | CUSIP: 929831LW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40166.29     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Watford City ND                                                                    | City of Watford City                                                                                                                                   | CUSIP: 94244CAC6<br>LEI: 549300G84CIIQUWVD260 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                           | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced, Series 2012B                                                                            | CUSIP: 7092234C2<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                        | Virginia College Building Authority, Educational Facilities, 21st Century College and Equipment Programs                                               | CUSIP: 927781Q72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20083.81     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Livonia Municipal Building Authority                                                       | Livonia Municipal Building Authority, Limited Tax                                                                                                      | CUSIP: 539233QL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40719.00     | 0.00%             | 2024-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Red River Education Finance Corp.                                                          | Red River Education Finance Corp., Christian University Project                                                                                        | CUSIP: 756872KF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20937.21     | 0.00%             | 2025-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                                       | State of Mississippi, Tax-Exempt, Series 2012H                                                                                                         | CUSIP: 605581CU9<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2025-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southampton County Industrial Development Authority                                        | Southampton County Industrial Development Authority, Southampton County Capital                                                                        | CUSIP: 841013AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                        | Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series 2016B                                             | CUSIP: 97712DUP9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |     80000 | PA      | $80334.95     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                               | West Virginia Economic Development Authority, Correctional Juvenile and Public Safety Facilities                                                       | CUSIP: 95648MMT3<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125274.98    | 0.00%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Industrial Development Authority                                            | Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project, Series 2018B                                       | CUSIP: 303823MY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6115000 | PA      | $6175577.64   | 0.24%             | 2057-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue                 | Los Angeles County Metropolitan Transportation Authority, Measure J Junior Subordinate Sales Tax                                                       | CUSIP: 54466HJE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30400.55     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Norman OK                                                                          | City of Norman                                                                                                                                         | CUSIP: 656168PN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60449.65     | 0.00%             | 2023-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Perry Township Schools/Marion County IN                                                    | Perry Township Schools                                                                                                                                 | CUSIP: 715000BJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2824289.44   | 0.11%             | 2024-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Whitfield County School District                                                           | Whitfield County School District                                                                                                                       | CUSIP: 96630PAZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25210.60     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Klamath Falls City Schools                                                                 | Klamath Falls City Schools                                                                                                                             | CUSIP: 498408AE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30391.23     | 0.00%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                                     | City of Minneapolis, Improvement and Various Purpose                                                                                                   | CUSIP: 60375BGC4<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45666.42     | 0.00%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                                      | Utah Charter School Finance Authority, Summit Academy Incorporated                                                                                     | CUSIP: 91754TXN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $156307.53    | 0.01%             | 2023-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Winfield Building Corp.                                                                    | Winfield Building Corp., Indiana Lease Rental, Sewage Works Treatment Plant Project                                                                    | CUSIP: 97401DBE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40846.18     | 0.00%             | 2025-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Papillion-La Vista School District No. 27                                                  | Papillion-La Vista School District No. 27                                                                                                              | CUSIP: 698873D52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35497.55     | 0.00%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fox Valley Technical College District                                                      | Fox Valley Technical College District, School Facilities, Series 2012C                                                                                 | CUSIP: 351594NN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2024-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                                         | County of Clark                                                                                                                                        | CUSIP: 180848SK0<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35442.90     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Anoka MN                                                                         | County of Anoka, Capital Improvement                                                                                                                   | CUSIP: 0362138H2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41081.00     | 0.00%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                                      | Illinois State Toll Highway Authority, Series 2018A                                                                                                    | CUSIP: 452252MY2<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    120000 | PA      | $120242.82    | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Huntington Beach Union High School District                                                | Huntington Beach Union High School District                                                                                                            | CUSIP: 446222UF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30506.77     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Castle Rock CO Water & Sewer Revenue                                               | Town of Castle Rock, Water and Sewer Enterprise                                                                                                        | CUSIP: 14849QDH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                  | New Jersey Economic Development Authority, School Facilities Construction                                                                              | CUSIP: 645918T86<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2495000 | PA      | $2506921.86   | 0.10%             | 2025-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bergen County Improvement Authority (The)                                                  | Bergen County Improvement Authority (The), Guaranteed Fort Lee Board of Education                                                                      | CUSIP: 08377PCA8<br>LEI: 549300GA3U8F8Z1HOS09 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Cary NC Combined Utility Systems Revenue                                           | Town of Cary, Combined Utility Enterprise System                                                                                                       | CUSIP: 147056DK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $185000.00    | 0.01%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara Valley Transportation Authority                                                | Santa Clara Valley Transportation Authority, Sales Tax                                                                                                 | CUSIP: 80168NHD4<br>LEI: 549300R6Q7T4MD3V9H68 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25326.32     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Utilities District of Omaha Water System Revenue                              | Metropolitan Utilities District of Omaha Water System                                                                                                  | CUSIP: 592642DY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Mahwah NJ                                                                      | Township of Mahwah                                                                                                                                     | CUSIP: 560245JG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                   | Massachusetts Development Finance Agency, Trustees of Boston University                                                                                | CUSIP: 57584YSN0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40758.74     | 0.00%             | 2033-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                                   | New Jersey Higher Education Student Assistance Authority, Senior Student Loan                                                                          | CUSIP: 646080TZ4<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chaffey Joint Union High School District                                                   | Chaffey Joint Union High School District, Election of 2008                                                                                             | CUSIP: 157411NL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30506.77     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arapahoe County School District No. 6 Littleton                                            | Arapahoe County School District No. 6 Littleton, Series 2019A                                                                                          | CUSIP: 038699TN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $145000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public School Authority                                                           | Virginia Public School Authority, School Financing 1997 Resolution                                                                                     | CUSIP: 92818HBG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26005.43     | 0.00%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| River Falls School District                                                                | River Falls School District, School Building and Improvement                                                                                           | CUSIP: 768190JX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25041.52     | 0.00%             | 2023-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Ithaca NY                                                                          | City of Ithaca                                                                                                                                         | CUSIP: 465650T41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7745493 | PA      | $7740259.37   | 0.30%             | 2023-02-17      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                                | Connecticut State Health and Educational Facilities Authority, Connecticut State University System, Series L                                           | CUSIP: 20774YGK7<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100106.52    | 0.00%             | 2023-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public School Authority                                                           | Virginia Public School Authority, School Financing 1997 Resolution                                                                                     | CUSIP: 92818HAJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25418.98     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Midlothian Independent School District                                                     | Midlothian Independent School District, Unlimited Tax, Series 2013A                                                                                    | CUSIP: 597851Q23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20097.21     | 0.00%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sonoma County Transportation Authority                                                     | Sonoma County Transportation Authority, Limited Tax                                                                                                    | CUSIP: 83557TBK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                                     | County of Baltimore, Consolidated Public Improvement                                                                                                   | CUSIP: 05914FZH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26279.26     | 0.00%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Bellingham WA                                                                      | Port of Bellingham                                                                                                                                     | CUSIP: 733666JJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, State Personal Income Tax, General Purpose                                                                         | CUSIP: 64990ECW5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    345000 | PA      | $345206.07    | 0.01%             | 2022-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sangamon County School District No. 186 Springfield                                        | Sangamon County School District No. 186 Springfield, Series 2014B                                                                                      | CUSIP: 800766MR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95380.69     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue                      | State of Florida Department of Transportation Turnpike System                                                                                          | CUSIP: 3431368A8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40585.21     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                                | Ohio Higher Educational Facility Commission, University of Dayton 2013 Project                                                                         | CUSIP: 67756A7S5<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX                                                                     | City of San Antonio, Drainage Utility System                                                                                                           | CUSIP: 796311CS5<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100385.52    | 0.00%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washoe County School District/NV                                                           | Washoe County School District, Limited Tax, Series A                                                                                                   | CUSIP: 9408584Y6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25310.14     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                        | Wisconsin Health & Educational Facilities Authority                                                                                                    | CUSIP: 97712DS31<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    650000 | PA      | $655172.31    | 0.03%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Troy Area School District Bradford County                                                  | Troy Area School District Bradford County                                                                                                              | CUSIP: 897712ND3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20073.12     | 0.00%             | 2023-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gateway Unified School District                                                            | Gateway Unified School District, Election of 2008                                                                                                      | CUSIP: 36759RFA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20337.85     | 0.00%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pima County Regional Transportation Authority Excise Tax Revenue                           | Pima County Regional Transportation Authority, Excise Tax                                                                                              | CUSIP: 72178RBK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30361.73     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Independent School District/TX                                                 | San Antonio Independent School District                                                                                                                | CUSIP: 796269A65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31217.87     | 0.00%             | 2024-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Graysville AL Gas Revenue                                                          | City of Graysville                                                                                                                                     | CUSIP: 389815BT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25340.01     | 0.00%             | 2043-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Western Washington University                                                              | Western Washington University, Housing and Dining System                                                                                               | CUSIP: 959878NG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50377.89     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Milwaukee WI Sewerage System Revenue                                               | City of Milwaukee, Sewerage System, Series 2016S7                                                                                                      | CUSIP: 60242MDS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25290.26     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Scituate MA                                                                        | Town of Scituate, Series B                                                                                                                             | CUSIP: 809095ZH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7490248 | PA      | $7484967.38   | 0.29%             | 2023-01-26      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County (The)                                                    | School Board of Miami-Dade County (The)                                                                                                                | CUSIP: 59333RHJ6<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45311.80     | 0.00%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                              | New Jersey Turnpike Authority, Series 2013F                                                                                                            | CUSIP: 6461394H5<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20041.13     | 0.00%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                                       | City of Charlotte, Series 2013B                                                                                                                        | CUSIP: 161035EX4<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25367.21     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                              | Maryland Community Development Administration, Housing and Community Development                                                                       | CUSIP: 57419R4T9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $19786.29     | 0.00%             | 2024-03-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                             | Black Belt Energy Gas District, Gas Prepay Project No. 4                                                                                               | CUSIP: 09182RAR2<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  40000000 | PA      | $39843200.00  | 1.53%             | 2049-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Vermilion & Edgar Counties Community Unit School District No. 4/IL                         | Vermilion and Edgar Counties Community Unit School District No. 4                                                                                      | CUSIP: 923439FA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                        | Wisconsin Health and Educational Facilities Authority, Oakwood Lutheran Senior Ministries                                                              | CUSIP: 97712JDU4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    125000 | PA      | $124920.85    | 0.00%             | 2023-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Tacoma WA Sewer Revenue                                                            | City of Tacoma                                                                                                                                         | CUSIP: 873545GQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $280000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                 | Illinois Finance Authority, Social Bonds-Learn Chapter School Project                                                                                  | CUSIP: 45204FKW4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    135000 | PA      | $135404.53    | 0.01%             | 2023-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                     | North Carolina Medical Care Commission, Moses Cone Health System                                                                                       | CUSIP: 65820HXQ1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | STIV             | MUN               | US        |  28900000 | PA      | $28900000.00  | 1.11%             | 2035-10-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                               | Orlando Utilities Commission, Utility System                                                                                                           | CUSIP: 686507FJ8<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20399.30     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 159 Matteson-Richton Park                                  | Cook County School District No. 159, Matteson-Richton Park, Capital Appreciation                                                                       | CUSIP: 215260MW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 0.01%             | 2022-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                              | North Texas Tollway Authority                                                                                                                          | CUSIP: 66285WL20<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    355000 | PA      | $355700.81    | 0.01%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Major New Infrastructure Project, Series 2019-1                                                                                         | CUSIP: 677581HB9<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25630.21     | 0.00%             | 2023-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado State Education Loan Program                                                      | Colorado State Education Loan Program, Denver City & County School District No. 1                                                                      | CUSIP: 19672MCW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $573258.83    | 0.02%             | 2023-06-29      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority                                                                    | Trinity River Authority, Water Project                                                                                                                 | CUSIP: 89657PGM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25678.53     | 0.00%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Waltham MA                                                                         | City of Waltham, Municipal Purpose Loan                                                                                                                | CUSIP: 933254XH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35047.74     | 0.00%             | 2023-02-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Missouri State Environmental Improvement & Energy Resources Authority                      | Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water, Series 2015B                      | CUSIP: 60636UCW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25361.40     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ankeny Community School District                                                           | Ankeny Community School District, Series 2015A                                                                                                         | CUSIP: 035357XE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20251.10     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2016A                                                           | CUSIP: 64990E3Q8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60315.38     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cumberland ME                                                                    | County of Cumberland                                                                                                                                   | CUSIP: 230525GG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2027-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Lake Orion Community School District                                                       | Lake Orion Community School District                                                                                                                   | CUSIP: 510336RG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25258.84     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Community College District                                                       | San Diego Community College District, Election of 2002                                                                                                 | CUSIP: 797272ML2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20348.51     | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fort Bend TX                                                                     | County of Fort Bend, Unlimited Tax                                                                                                                     | CUSIP: 346766QZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25152.44     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King & Snohomish Counties School District No. 417 Northshore                               | King and Snohomish Counties School District No. 417 Northshore, Unlimited Tax                                                                          | CUSIP: 494656N72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26156.18     | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Three Village Central School District Brookhaven & Smithtown                               | Three Village Central School District Brookhaven & Smithtown                                                                                           | CUSIP: 885766NP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35019.10     | 0.00%             | 2022-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                          | State of Illinois                                                                                                                                      | CUSIP: 452153DC0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3012649.80   | 0.12%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Deer Park Independent School District                                                      | Deer Park Independent School District, Limited Tax                                                                                                     | CUSIP: 244127R32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20100.19     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Kentucky                                                                     | University of Kentucky, General Receipts, Series 2015A                                                                                                 | CUSIP: 914378GY4<br>LEI: 549300CXE3YQ1HXYCQ71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25206.44     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                  | City of Houston, Airport System, Subordinate Lien                                                                                                      | CUSIP: 442349CR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $48268.13     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 414 Lake Washington                                        | King County School District No. 414 Lake Washington, Unlimited Tax                                                                                     | CUSIP: 495260K42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crowley Independent School District                                                        | Crowley Independent School District, Unlimited Tax                                                                                                     | CUSIP: 2281295J7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25364.83     | 0.00%             | 2038-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                                       | State of Mississippi                                                                                                                                   | CUSIP: 605581MS3<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |    150000 | PA      | $156240.11    | 0.01%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                           | Energy Northwest, Project 3 Electric, Series 2018C                                                                                                     | CUSIP: 29270C2B0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26472.88     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Williamson TX                                                                    | County of Williamson, Limited Tax                                                                                                                      | CUSIP: 969887N20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30093.74     | 0.00%             | 2031-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Asset Liability Commission                                                        | Kentucky Asset Liability Commission, Federal Highway Trust Fund, Series 2013A                                                                          | CUSIP: 49118NEH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $315394.25    | 0.01%             | 2025-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Grand Valley State University                                                              | Grand Valley State University                                                                                                                          | CUSIP: 386545MA2<br>LEI: 5493004492FRREYG5M95 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albany County School District No. 1                                                        | Albany County School District No. 1                                                                                                                    | CUSIP: 012158GB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20139.99     | 0.00%             | 2023-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Spokane WA                                                                       | County of Spokane, Limited Tax                                                                                                                         | CUSIP: 848644X70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio State University (The)                                                                | Ohio State University (The), General Receipts, Multiyear Debt Issuance Program II                                                                      | CUSIP: 677632H79<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |    155000 | PA      | $155000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Las Vegas Valley Water District                                                            | Las Vegas Valley Water District, Water Improvement, Limited Tax                                                                                        | CUSIP: 517845AG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65809.60     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Neches Valley Authority Industrial Development Corp.                                 | Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project                                                                         | CUSIP: 548351AE5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  16000000 | PA      | $16000000.00  | 0.61%             | 2046-05-01      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| City of Ann Arbor MI                                                                       | City of Ann Arbor, Limited Tax                                                                                                                         | CUSIP: 035438FC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25085.00     | 0.00%             | 2023-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Boston MA                                                                          | City of Boston                                                                                                                                         | CUSIP: 100853LF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40079.64     | 0.00%             | 2023-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Lottery                                                                       | Oregon State Lottery                                                                                                                                   | CUSIP: 68607VF42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100502.53    | 0.00%             | 2023-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Three Rivers Park District                                                                 | Three Rivers Park District                                                                                                                             | CUSIP: 885718JR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20016.40     | 0.00%             | 2023-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                                | Washington Health Care Facilities Authority, Providence Health and Services                                                                            | CUSIP: 93978HFM2<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55047.78     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Marysville OH                                                                      | City of Marysville, Limited Tax                                                                                                                        | CUSIP: 574463LS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Clemson University                                                                         | Clemson University, Higher Education Bonds                                                                                                             | CUSIP: 185633BC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80808.33     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Transportation Board                                                               | Arizona Transportation Board, Excise Tax, Maricopa County Regional Area Road Fund                                                                      | CUSIP: 040649MR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $91321.97     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hazelwood School District                                                                  | Hazelwood School District                                                                                                                              | CUSIP: 421722Q85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20122.45     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ventura County Public Financing Authority                                                  | Ventura County Public Financing Authority                                                                                                              | CUSIP: 923078CG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26110.19     | 0.00%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County Community High School District No. 234                                         | Cook County Community High School District No. 234, Ridgewood                                                                                          | CUSIP: 213188DW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115000.00    | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Spokane WA Water & Wastewater Revenue                                              | City of Spokane, Water and Wastewater System                                                                                                           | CUSIP: 849103AJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20480.02     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tomball Independent School District                                                        | Tomball Independent School District, Unlimited Tax School Building                                                                                     | CUSIP: 889855ZL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85443.28     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Delaware OH                                                                        | City of Delaware, Limited Tax, Series 2019B                                                                                                            | CUSIP: 246181SY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                  | Indiana Finance Authority, Series 2016C                                                                                                                | CUSIP: 45470RCQ7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                                                      | County of Hamilton, Parking Facilities, Limited Tax, Series 2021A                                                                                      | CUSIP: 40727GCB6<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25585.08     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tuolumne Wind Project Authority                                                            | Tuolumne Wind Project Authority, Tuolumne Wind Project, Series 2016A                                                                                   | CUSIP: 89978KAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180328.70    | 0.01%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                                | New Jersey Educational Facilities Authority, Princeton University, Series 2017B                                                                        | CUSIP: 646066N22<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25378.85     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buna Independent School District                                                           | Buna Independent School District, School Building, Unlimited Tax                                                                                       | CUSIP: 120475LG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $39796.92     | 0.00%             | 2023-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| City of Frisco TX                                                                          | City of Frisco, Series 2015A                                                                                                                           | CUSIP: 358776HB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15078.23     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grundy Kendall & Will Counties Community High School District No. 111 Minooka              | Grundy Kendall and Will Counties Community Consolidated School District No. 111 Minooka                                                                | CUSIP: 400424LX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $215000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Mount Kisco NY                                                                  | Village of Mount Kisco, Various Purpose                                                                                                                | CUSIP: 621740LT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| East Greenbush Central School District                                                     | East Greenbush Central School District                                                                                                                 | CUSIP: 272556MS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30027.96     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Higher Education, Series 2018A                                                                                                          | CUSIP: 677522XZ2<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20084.14     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Whitestown Redevelopment Authority                                                         | Whitestown Redevelopment Authority                                                                                                                     | CUSIP: 966100BJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25037.19     | 0.00%             | 2024-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Marysville Exempted Village School District                                                | Marysville Exempted Village School District, School Improvement                                                                                        | CUSIP: 574480RJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                             | Lower Colorado River Authority                                                                                                                         | CUSIP: 54811GLP3<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20213.53     | 0.00%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Connecticut                                                                  | University of Connecticut, Series 2015A                                                                                                                | CUSIP: 914233C33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90463.81     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Lebanon NJ                                                                      | Borough of Lebanon                                                                                                                                     | CUSIP: 522755CF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1063100 | PA      | $1067362.71   | 0.04%             | 2023-09-11      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                       | District of Columbia, Income Tax, Series 2012A                                                                                                         | CUSIP: 25477GKA2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70000.00     | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville and Jefferson County Metropolitan Sewer District                                | Louisville and Jefferson County Metropolitan Sewer District, Sewer and Drainage System                                                                 | CUSIP: 546589C42<br>LEI: 5493004O4I11L8BK0A22 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25299.82     | 0.00%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trotwood-Madison City School District                                                      | Trotwood-Madison City School District, Unlimited Tax, School Improvement                                                                               | CUSIP: 897105GD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Passaic County Improvement Authority (The)                                                 | Passaic County Improvement Authority (The), City of Paterson Project                                                                                   | CUSIP: 702755BS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25326.03     | 0.00%             | 2023-06-15      | 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                                                                                        | CUSIP: 64971XHA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25992.96     | 0.00%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                             | New Jersey Transportation Trust Fund Authority, Transportation System, Series 2006A                                                                    | CUSIP: 646136EG2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    115000 | PA      | $115124.72    | 0.00%             | 2022-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Harris County Municipal Utility District No. 500                                           | Harris County Municipal Utility District No. 500, Water Sewer and Drainage Facility Co.                                                                | CUSIP: 41422PPG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Evanston IL                                                                        | City of Evanston                                                                                                                                       | CUSIP: 2992276G8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Deer Park TX                                                                       | City of Deer Park                                                                                                                                      | CUSIP: 2441092D5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25115.89     | 0.00%             | 2024-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                               | State of Kansas Department of Transportation, Series 2015A                                                                                             | CUSIP: 485424QB4<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45801.34     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                               | Orlando Utilities Commission, Utility System                                                                                                           | CUSIP: 686507GU2<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25499.13     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Missouri City TX                                                                   | City of Missouri City, Combination Tax, Certificates of Obligation, Series 2018B                                                                       | CUSIP: 6060205M3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25696.30     | 0.00%             | 2025-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                             | Tender Option Bond Trust Receipts/Certificates                                                                                                         | CUSIP: 88034NHE7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   4000000 | PA      | $4000000.00   | 0.15%             | 2046-12-01      | Variable      | 2.00%                 | Yes           |                  2 | On Loan: No      |
| City of Madison AL                                                                         | City of Madison, Warrants                                                                                                                              | CUSIP: 556583TG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20100.51     | 0.00%             | 2025-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of St Louis MN                                                                      | County of St. Louis, Capital Improvement                                                                                                               | CUSIP: 791230SU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75324.94     | 0.00%             | 2023-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Higher Education, Series 2014A                                                                                                          | CUSIP: 677523AD4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     80000 | PA      | $81605.73     | 0.00%             | 2024-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Expressway Authority                                                     | Miami-Dade County Expressway Authority, Toll System, Series 2014B                                                                                      | CUSIP: 593338AJ5<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30343.22     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alpine School District/UT                                                                  | Alpine School District, School Building, Guaranty Program, Series 2017B                                                                                | CUSIP: 021087VZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25179.73     | 0.00%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                          | State of Colorado, Tax-Exempt, Series 2020A                                                                                                            | CUSIP: 196711RS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $505470.66    | 0.02%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                                      | New Jersey Health Care Facilities Financing Authority, Virtua Health, Inc.                                                                             | CUSIP: 645790RT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $148164.16    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of East Amwell NJ                                                                 | Township of East Amwell                                                                                                                                | CUSIP: 270505EJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25070.05     | 0.00%             | 2023-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                                     | Wisconsin Department of Transportation, Series 2013-1                                                                                                  | CUSIP: 977123T32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25361.40     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin Clean Water Fund Leveraged Loan Portfolio                               | State of Wisconsin Clean Water Fund Leveraged Loan Portfolio                                                                                           | CUSIP: 977092WD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40293.83     | 0.00%             | 2023-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota State Colleges And Universities Foundation                                       | Minnesota State Colleges and Universities Foundation, Series 2019A                                                                                     | CUSIP: 60414FRA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25494.97     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Champaign Coles Et Al Counties Community College District No. 505                          | Champaign Coles Et Al Counties Community College District No. 505, Series 2018B                                                                        | CUSIP: 158168GW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                                  | Dallas Area Rapid Transit, Sales Tax, Senior Lien                                                                                                      | CUSIP: 235241PW0<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |    120000 | PA      | $125501.89    | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freeport Union Free School District                                                        | Freeport Union Free School District                                                                                                                    | CUSIP: 356766LK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albemarle County Economic Development Authority                                            | Albemarle County Economic Development Authority, WestMinster-Canterbury Blue                                                                           | CUSIP: 01266WAK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3506909.35   | 0.13%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Water District                                                               | Orange County Water District                                                                                                                           | CUSIP: 684421FQ8<br>LEI: 549300KBQTX6CMJ3U708 | Long             | DBT              | MUN               | US        |    175000 | PA      | $180039.23    | 0.01%             | 2025-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Borough of North Slope AK                                                                  | Borough of North Slope, General Purpose                                                                                                                | CUSIP: 662523H93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40554.68     | 0.00%             | 2023-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                                   | San Antonio Water System, Junior Lien                                                                                                                  | CUSIP: 79642GGA4<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25280.52     | 0.00%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Essex NJ                                                                         | County of Essex                                                                                                                                        | CUSIP: 296804C21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25087.08     | 0.00%             | 2023-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Southwest Independent School District                                                      | Southwest Independent School District, Unlimited Tax, School Building                                                                                  | CUSIP: 845267YR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30027.07     | 0.00%             | 2023-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                     | New York State Urban Development Corp., State Personal Income Tax, General Purpose, Series 2013C                                                       | CUSIP: 650035B80<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    175000 | PA      | $176271.60    | 0.01%             | 2024-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Portage OH                                                                       | County of Portage, Limited Tax                                                                                                                         | CUSIP: 735660SS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Owen J Roberts School District                                                             | Owen J Roberts School District                                                                                                                         | CUSIP: 690690ML3<br>LEI: 5493007V27XVNVT0N012 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70799.95     | 0.00%             | 2024-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                 | Illinois Finance Authority, Presbyterian Homes Obligated Group                                                                                         | CUSIP: 45204FHM0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |   5790000 | PA      | $5618674.48   | 0.22%             | 2042-05-01      | Floating      | 2.60%                 | No            |                  2 | On Loan: No      |
| Alabama Public School and College Authority                                                | Alabama Public School and College Authority, Capital Improvement, Series 2014-B                                                                        | CUSIP: 010609AU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77767.45     | 0.00%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                             | American Municipal Power, Inc., Prairie State Energy Campus Project, Series 2015A                                                                      | CUSIP: 02765UFZ2<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76911.88     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fort Bend TX                                                                     | County of Fort Bend, Unlimited Tax                                                                                                                     | CUSIP: 346766TR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20121.95     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                           | California Health Facilities Financing Authority                                                                                                       | CUSIP: 13032UB80<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    420000 | PA      | $444382.05    | 0.02%             | 2039-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Thornton CO Water Revenue                                                          | City of Thornton                                                                                                                                       | CUSIP: 885318BA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hermiston OR                                                                       | City of Hermiston                                                                                                                                      | CUSIP: 427542LV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25027.26     | 0.00%             | 2023-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Washington Township Municipal Utilities Authority/Gloucester County                        | Washington Township Municipal Utilities Authority, Series 2021A                                                                                        | CUSIP: 940436FN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25057.23     | 0.00%             | 2023-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Fall River MA                                                                      | City of Fall River                                                                                                                                     | CUSIP: 306297V58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                          | State of Illinois                                                                                                                                      | CUSIP: 452152SS1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3405000 | PA      | $3444849.06   | 0.13%             | 2025-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Sandy City UT Sales Tax Revenue                                                    | City of Sandy City, Sales Tax                                                                                                                          | CUSIP: 799910FK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25743.90     | 0.00%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Bergen Township Board of Education                                                   | North Bergen Township Board of Education                                                                                                               | CUSIP: 65765NCX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75037.62     | 0.00%             | 2022-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Clean Water Trust (The)                                                      | Massachusetts Clean Water Trust (The),  Revolving Fund, Abatement Trust, Series 17, Subseries 17A                                                      | CUSIP: 57605AEK8<br>LEI: 549300SYPEROLSQU0261 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35134.28     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Mill School Facilities Corp.                                                          | Fort Mill School Facilities Corp., Fort Mill School District no.4                                                                                      | CUSIP: 34802QBD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $160000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arapahoe County School District No. 6 Littleton                                            | Arapahoe County School District No. 6 Littleton                                                                                                        | CUSIP: 038699UH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Anderson School Building Corp.                                                             | Anderson School Building Corp., First Mortgage                                                                                                         | CUSIP: 033896MR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20304.40     | 0.00%             | 2023-07-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA                                                                          | County of King, Limited Tax                                                                                                                            | CUSIP: 49474FBJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Princeton City School District                                                             | Princeton City School District                                                                                                                         | CUSIP: 742327DR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                                          | State of California Department of Water Resources, Central Valley Project, Water System, Series BB                                                     | CUSIP: 13067WRP9<br>LEI: 549300X618YEC5LGBQ98 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | 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, SSM Health Care                                                                  | CUSIP: 60637AGJ5<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25812.92     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                            | Indianapolis Local Public Improvement Bond Bank, Stormwater Project, Series 2013D                                                                      | CUSIP: 45528UJT9<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20041.62     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Mexico                                                                        | State of New Mexico, Capital Projects                                                                                                                  | CUSIP: 647293QD4<br>LEI: 549300H4YLM23QKOGK29 | Long             | DBT              | MUN               | US        |     55000 | PA      | $57842.97     | 0.00%             | 2025-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Frisco Independent School District                                                         | Frisco Independent School District, Unlimited Tax School Building                                                                                      | CUSIP: 35880CHW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $39987.40     | 0.00%             | 2023-08-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX Water & Wastewater System                                               | City of Lubbock Water and Wastewater System, Series 2020A                                                                                              | CUSIP: 549233CK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45212.46     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Boston Water & Sewer Commission                                                            | Boston Water and Sewer Commission, Series B                                                                                                            | CUSIP: 101029UK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25551.39     | 0.00%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                                                | Oklahoma Turnpike Authority, Second Senior, Series 2017E                                                                                               | CUSIP: 679111YC2<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30035.85     | 0.00%             | 2023-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                               | New Jersey Housing and Mortgage Finance Agency, Riverside Senior Apartments Project                                                                    | CUSIP: 646127EU0<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   2035000 | PA      | $2035000.00   | 0.08%             | 2022-12-01      | Fixed         | 2.03%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                           | Kentucky Public Energy Authority                                                                                                                       | CUSIP: 74440DDC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2513924.75   | 0.10%             | 2024-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                               | Massachusetts Bay Transportation Authority, Sales Tax                                                                                                  | CUSIP: 575579XU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10146.89     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Elmwood Park IL                                                                 | Village of Elmwood Park                                                                                                                                | CUSIP: 290047FG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2029-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                       | State of Connecticut, Series 2014C                                                                                                                     | CUSIP: 20772JTM4<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    135000 | PA      | $135124.32    | 0.01%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                                     | City of Minneapolis, Improvement and Various Purpose                                                                                                   | CUSIP: 60375BGB6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                                    | Knox County Health Educational and Housing Facility Board, Covenant Health, Series 2012A                                                               | CUSIP: 499527BA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100087.59    | 0.00%             | 2023-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Dover NH                                                                           | City of Dover                                                                                                                                          | CUSIP: 260183J25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35475.22     | 0.00%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan St. Louis Sewer District                                                      | Metropolitan St. Louis Sewer District, Wastewater System, Series 2013B                                                                                 | CUSIP: 592481FL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65678.38     | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio State University (The)                                                                | Ohio State University (The), General Receipts, Series 2014A                                                                                            | CUSIP: 677632C41<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southmont School Building Corp.                                                            | Southmont School Building Corp., Ad Valorem Property Tax, First Mortgage                                                                               | CUSIP: 84455RBP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20923.29     | 0.00%             | 2025-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                           | Kentucky Public Energy Authority, Gas Supply, Series 2020A                                                                                             | CUSIP: 74440DCZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $89348.75     | 0.00%             | 2050-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery OH                                                                    | County of Montgomery, Catholic Health Initiatives                                                                                                      | CUSIP: 613549KD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $143653.09    | 0.01%             | 2038-10-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Austin Community College District                                                          | Austin Community College District, Limited Tax                                                                                                         | CUSIP: 052403GD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45721.24     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                       | Chicago O'Hare International Airport, General Airport, Senior Lien, Series 2013B                                                                       | CUSIP: 167593NB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $931874.14    | 0.04%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of West Monroe LA Sales & Use Tax Revenue                                             | City of West Monroe, Sales & Use Tax                                                                                                                   | CUSIP: 954625BU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Tell City-Troy Township Elementary School Building Corp.                                   | Tell City-Troy Township Elementary School Building Corp., First Mortgage Refunding and Improvement                                                     | CUSIP: 879660EP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50141.93     | 0.00%             | 2023-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                                      | Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project                                                                       | CUSIP: 613609H41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125696.04    | 0.00%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                          | State of Illinois                                                                                                                                      | CUSIP: 452152Q46<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  20700000 | PA      | $21359793.87  | 0.82%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                       | State of Connecticut                                                                                                                                   | CUSIP: 20772J6H0<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36139.73     | 0.00%             | 2024-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Unified School District No. 97-Deer Valley/AZ                              | Maricopa County Unified School District No. 97-Deer Valley, School Improvement                                                                         | CUSIP: 567438RM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75031.73     | 0.00%             | 2023-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority                                            | San Diego Public Facilities Financing Authority                                                                                                        | CUSIP: 79730CGN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20336.52     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbia-Brazoria Independent School District                                              | Columbia-Brazoria Independent School District, Unlimited Tax                                                                                           | CUSIP: 197270PM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200499.28    | 0.01%             | 2025-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                 | Illinois Finance Authority, The University of Chicago Medical Center                                                                                   | CUSIP: 45204ENC8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    235000 | PA      | $243145.73    | 0.01%             | 2024-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Will County Community Unit School District No. 201-U Crete-Monee                           | Will County Community Unit School District No. 201-U Crete-Monee                                                                                       | CUSIP: 969003NP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $291419.31    | 0.01%             | 2023-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Purdue University                                                                          | Purdue University, Student Fee, Series EE                                                                                                              | CUSIP: 746189YW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20282.14     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio University                                                                            | Ohio University, General Receipts                                                                                                                      | CUSIP: 677704ZS0<br>LEI: 549300P1K3IH2L5SFY61 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Framingham MA                                                                      | City of Franklin, Otterbeit Homes                                                                                                                      | CUSIP: 351695AN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45041.11     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Perry Township Schools/Marion County IN                                                    | Perry Township Schools                                                                                                                                 | CUSIP: 715000BM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1015422.59   | 0.04%             | 2023-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Barbers Hill Independent School District                                                   | Barbers Hill Independent School District, Unlimited Tax                                                                                                | CUSIP: 067167TY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25118.03     | 0.00%             | 2023-02-15      | 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 2012A                                                           | CUSIP: 64990EDG9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90085.89     | 0.00%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                        | State of Washington, Motor Vehicle Fuel Tax, Series 2014E                                                                                              | CUSIP: 93974DEQ7<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30140.37     | 0.00%             | 2023-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                             | State of Texas, Transport Commission                                                                                                                   | CUSIP: 882723NB1<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36108.50     | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Aurora IL                                                                          | City of Aurora, Series 2015-C                                                                                                                          | CUSIP: 051645L56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50017.70     | 0.00%             | 2022-12-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                            | State of Hawaii                                                                                                                                        | CUSIP: 419792LF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26082.48     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                             | Black Belt Energy Gas District, Gas Project No. 6, Series 2021B                                                                                        | CUSIP: 09182TAF4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |     60000 | PA      | $59398.45     | 0.00%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Township of South Hackensack NJ                                                            | Township of South Hackensack                                                                                                                           | CUSIP: 838100DM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1332500 | PA      | $1330813.45   | 0.05%             | 2023-02-16      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                        | Virginia College Building Authority, Educational Facilities, 21st Century College and Equipment Programs, Series B                                     | CUSIP: 9277818B3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20083.81     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Galion City School District                                                                | Galion City School District                                                                                                                            | CUSIP: 363568FH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                        | Wisconsin Health and Educational Facilities Authority, Thedacare, Inc.                                                                                 | CUSIP: 97712DJR8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    135000 | PA      | $135105.87    | 0.01%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kane County School District No. 131 Aurora East Side                                       | Kane County School District No. 131 Aurora East Side                                                                                                   | CUSIP: 484008PH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $160000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO                                                                 | City and County of Denver, Buell Theatre Property, Series 2013A                                                                                        | CUSIP: 249183WP5<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX Electric Light & Power System Revenue                                   | City of Lubbock, Electric Light and Power System                                                                                                       | CUSIP: 549203SC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $412642.52    | 0.02%             | 2024-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                          | Idaho Health Facilities Authority, Trinity Health Credit Group                                                                                         | CUSIP: 451295XG9<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    440000 | PA      | $440000.00    | 0.02%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Paul MN                                                                         | City of St. Paul, Street Improvement, Special Assessment, Series 2018B                                                                                 | CUSIP: 7928817Q1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20211.23     | 0.00%             | 2023-05-01      | 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, Tax-Exempt, Series Subseries F-1                                                     | CUSIP: 64971QX40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100382.40    | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Kenedy TX                                                                          | City of Kenedy, Combination Tax                                                                                                                        | CUSIP: 488818FH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25713.42     | 0.00%             | 2025-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Brentwood Infrastructure Financing Authority                                               | Brentwood Infrastructure Financing Authority                                                                                                           | CUSIP: 10727XTN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50023.60     | 0.00%             | 2023-09-02      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| County of Polk IA                                                                          | County of Polk, Series 2017C                                                                                                                           | CUSIP: 731197Q93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45558.26     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority (The)                                                  | Camden County Improvement Authority (The), City Hall Project                                                                                           | CUSIP: 13281NXA5<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King & Snohomish Counties School District No. 417 Northshore                               | King and Snohomish Counties School District No. 417 Northshore                                                                                         | CUSIP: 494656J44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palmdale Community Redevelopment Agency Successor Agency                                   | Palmdale Community Redevelopment Agency Successor Agency, Series 2016A                                                                                 | CUSIP: 69672FAH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45771.07     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Toledo City School District                                                                | Toledo City School District, School Facilities Improvement                                                                                             | CUSIP: 889294QS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20470.06     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Charles County Public Water Supply District No. 2                                       | St. Charles County Public Water Supply District No. 2                                                                                                  | CUSIP: 78764YCU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50089.46     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rock Island County Community Unit School District No. 40 Moline                            | Rock Island County Community Unit School District No. 40 Moline                                                                                        | CUSIP: 772419MM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175724.61    | 0.01%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 401 Highline                                               | King County School District No. 401 Highline, Unlimited Tax, Series 2012B                                                                              | CUSIP: 495033DQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $165000.00    | 0.01%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                                         | County of Clark, Limited Tax                                                                                                                           | CUSIP: 180848RU9<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25555.96     | 0.00%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                       | District of Columbia, Federal Highway                                                                                                                  | CUSIP: 25483VKM5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Brookline MA                                                                       | Town of Brookline, Municipal Purpose Loan                                                                                                              | CUSIP: 1137452W2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20146.67     | 0.00%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Fiscal Year 2014                                                                                                                     | CUSIP: 64966LKN0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     75000 | PA      | $77231.69     | 0.00%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water District of Southern California                                         | Metropolitan Water District of Southern California, Waterworks, Series 2017B                                                                           | CUSIP: 59266TNR8<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |     70000 | PA      | $71015.32     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Governors of Colorado State University System                                     | Board of Governors of Colorado State University System, Series 2015A                                                                                   | CUSIP: 196707A94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47336.15     | 0.00%             | 2045-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jackson County Central Independent School District No. 2895                                | Jackson County Central Independent School District No. 2895, Series 2020A                                                                              | CUSIP: 466723BY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80195.08     | 0.00%             | 2023-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Borough of Spotswood NJ                                                                    | Borough of Spotswood, Water and Sewer Utilities                                                                                                        | CUSIP: 849220KZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Mooresville Redevelopment District                                                         | Mooresville Redevelopment District, Tax Increment                                                                                                      | CUSIP: 616069BQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25043.16     | 0.00%             | 2034-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hospital Facilities Authority of Multnomah County Oregon                                   | Hospital Facilities Authority of Multnomah County Oregon, Adventist Health System                                                                      | CUSIP: 62551PCX3<br>LEI: 549300GAP0JIG7V33754 | Long             | DBT              | MUN               | US        |    260000 | PA      | $262455.67    | 0.01%             | 2040-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Gulf Coast University Financing Corp.                                              | Florida Gulf Coast University Financing Corp., Housing Project                                                                                         | CUSIP: 34073XHU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120416.93    | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 130 Blue Island                                            | Cook County School District No. 130 Blue Island, Limited Tax, Series 2018C                                                                             | CUSIP: 214777JQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Starkville MS Water & Sewer System Revenue                                         | City of Starkville, Water and Sewer System                                                                                                             | CUSIP: 855522BE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55312.74     | 0.00%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                               | New Mexico Finance Authority, Senior Lien Public Project Revolving Fund, Series 2016A                                                                  | CUSIP: 64711NB87<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25315.12     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North West Hendricks Multi-Building Corp.                                                  | North West Hendricks Multi-Building Corp., First Mortgage, Series 2016A                                                                                | CUSIP: 66328RBU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25045.12     | 0.00%             | 2023-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                              | North Texas Tollway Authority                                                                                                                          | CUSIP: 66285WM52<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    260000 | PA      | $260448.34    | 0.01%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Excelsior Springs MO                                                               | City of Excelsior Springs, Series 2020B                                                                                                                | CUSIP: 300788CJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25090.16     | 0.00%             | 2023-03-01      | 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 2013B                                                                                  | CUSIP: 544525RZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $142041.56    | 0.01%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Flagstaff AZ Pledged Revenue                                                       | City of Flagstaff, Road Repair, Street Improvement Project                                                                                             | CUSIP: 338444AU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20172.31     | 0.00%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                                  | Dallas Area Rapid Transit, Sales Tax, Senior Lien                                                                                                      | CUSIP: 235241MZ6<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55000.00     | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freehold Township Board of Education                                                       | Freehold Township Board of Education                                                                                                                   | CUSIP: 356514MX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25048.09     | 0.00%             | 2023-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Worth TX Water & Sewer System Revenue                                         | City of Fort Worth, Drainage Utility System                                                                                                            | CUSIP: 349515RL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30156.45     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dorchester County School District No. 2                                                    | Dorchester County School District No. 2, Growth Installment Purchase, Series 2013B                                                                     | CUSIP: 258174BV2<br>LEI: 549300NRXH6F8FYXXH15 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Michigan                                                                          | State of Michigan, Environmental Program                                                                                                               | CUSIP: 594612BZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sunshine State Governmental Financing Commission                                           | Sunshine State Governmental Financing Commission, Miami Dade County Program, Series 2011B-1                                                            | CUSIP: 867868GM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50412.71     | 0.00%             | 2027-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                        | Virginia College Building Authority, Educational Facilities, 21st Century College and Equipment Programs, Series 2009E-1                               | CUSIP: 927781QU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35146.67     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Winter Park CO                                                                     | Town of Winter Park                                                                                                                                    | CUSIP: 975883BN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Township of Bloomfield NJ                                                                  | Township of Bloomfield, General Improvement and Water Utility                                                                                          | CUSIP: 094171KX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41081.00     | 0.00%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                                         | State of Wisconsin, Series 2021A                                                                                                                       | CUSIP: 97705MUQ6<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25265.07     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX                                                                     | City of San Antonio, Drainage Utility System                                                                                                           | CUSIP: 796311CV8<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50184.54     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Revere Local School District                                                               | Revere Local School District, School Facilities Improvement, Unlimited Tax, Series 2017C                                                               | CUSIP: 761474JY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $135000.00    | 0.01%             | 2022-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Kankakee & Will Counties Community Unit School District No. 5/IL                           | Kankakee and Will Counties Community Unit School District No. 5, Capital Appreciation                                                                  | CUSIP: 484242EY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $24717.40     | 0.00%             | 2023-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                                       | Pennsylvania Higher Educational Facilities Authority, Trustees of the University                                                                       | CUSIP: 70917SPH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25509.52     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Limestone County Water & Sewer Authority                                                   | Limestone County Water and Sewer Authority                                                                                                             | CUSIP: 532656AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $425000.00    | 0.02%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Braselton Urban Redevelopment Agency                                                       | Braselton Urban Redevelopment Agency, Municipal Facilities Project                                                                                     | CUSIP: 10551RAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30509.70     | 0.00%             | 2024-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| St. Charles County Public Water Supply District No. 2                                      | St. Charles County Public Water Supply District No. 2                                                                                                  | CUSIP: 78764YDN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45124.37     | 0.00%             | 2023-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Williamson TX                                                                    | County of Williamson, Unlimited Tax                                                                                                                    | CUSIP: 9698875Z7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20062.18     | 0.00%             | 2023-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                                       | City of Charlotte, Equipment Acquisition and Public Facilities                                                                                         | CUSIP: 161037S64<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30699.11     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada Highway Improvement Revenue                                                | State of Nevada Highway Improvement, Motor Vehicle Fuel Tax                                                                                            | CUSIP: 641480GZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $295000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Sugar Land TX                                                                      | City of Sugar Land                                                                                                                                     | CUSIP: 864856FP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45227.27     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District No. 117 Camas                                                 | Clark County School District No. 117 Camas, Unlimited Tax                                                                                              | CUSIP: 181288PM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Waco TX                                                                            | City of Waco                                                                                                                                           | CUSIP: 929831GS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25103.93     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Madison County School District/MS                                                          | Madison County School District                                                                                                                         | CUSIP: 557276MJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25712.75     | 0.00%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                                 | Tarrant County Cultural Education Facilities Finance Corp., Hospital, Cook Children's Medical Center                                                   | CUSIP: 87638QKH1<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Paso County School District No. 2 Harrison                                              | El Paso County School District No. 2 Harrison                                                                                                          | CUSIP: 283371PX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 414 Lake Washington                                        | King County School District No. 414 Lake Washington, Unlimited Tax                                                                                     | CUSIP: 495260D81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                                 | Virginia Commonwealth Transportation Board, Capital Projects                                                                                           | CUSIP: 927793D30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42286.06     | 0.00%             | 2025-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Decatur Township Multi-School Building Corp.                                               | Decatur Township Multi-School Building Corp., Ad Valorem Property Tax First Mortgage                                                                   | CUSIP: 243360GP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20033.43     | 0.00%             | 2023-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| River Falls School District                                                                | River Falls School District, Corporate Purpose, Series 2018A                                                                                           | CUSIP: 768190HZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40327.63     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sacramento Municipal Utility District                                                      | Sacramento Municipal Utility District, Electric, Series 2019B                                                                                          | CUSIP: 786005ZW1<br>LEI: E3GSVR6ZOU1MX2V7HF33 | Long             | DBT              | MUN               | US        |    285000 | PA      | $298726.80    | 0.01%             | 2049-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Community College District                                                     | Los Angeles Community College District, Series 2015C                                                                                                   | CUSIP: 54438CUR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20347.17     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation Authority                                                          | Regional Transportation Authority, Series 2003A                                                                                                        | CUSIP: 759911XS4<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50810.58     | 0.00%             | 2023-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Westerville City School District                                                           | Westerville City School District, Unlimited Tax                                                                                                        | CUSIP: 960028NQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                       | District of Columbia, Gallery Place Project                                                                                                            | CUSIP: 254840DN8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100193.66    | 0.00%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jackson MO                                                                       | County of Jackson, Harry S. Truman Sports Complex Project                                                                                              | CUSIP: 467578HK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $135000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County School District R-1                                                       | Jefferson County School District R-1                                                                                                                   | CUSIP: 472736S57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40036.99     | 0.00%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                                                  | County of Anne Arundel, Consolidated General Improvement                                                                                               | CUSIP: 03588HDN3<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50424.54     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alachua County Health Facilities Authority                                                 | Alachua County Health Facilities Authority, Shands Teaching Hospital and Clinic, Series 2019B-1                                                        | CUSIP: 010685KM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $205000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority (The)                                                  | Camden County Improvement Authority (The)                                                                                                              | CUSIP: 13281KYF9<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25974.66     | 0.00%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                                            | State of Louisiana Gasoline and Fuels Tax, Second Lien                                                                                                 | CUSIP: 546475UU6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2880000 | PA      | $2842164.00   | 0.11%             | 2043-05-01      | Variable      | 0.60%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                               | New Jersey Housing and Mortgage Finance Agency, NBA-New Brunswick LLC                                                                                  | CUSIP: 646127FE5<br>LEI: 5493002ONULJL0FIGU24 | Long             | STIV             | MUN               | US        |   5100000 | PA      | $5046593.31   | 0.19%             | 2025-02-01      | Variable      | 3.13%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA                                                                         | City of Atlanta, Public Improvement                                                                                                                    | CUSIP: 047772ZW1<br>LEI: 549300GHLQ0J51NUBM84 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31278.12     | 0.00%             | 2034-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| State of West Virginia                                                                     | State of West Virginia                                                                                                                                 | CUSIP: 956553YQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tustin Unified School District                                                             | Tustin Unified School District, School Facilities Improvement Districts No. 2002-1 and 2008-1                                                          | CUSIP: 901072HZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31900.20     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Berlin CT                                                                          | Town of Berlin                                                                                                                                         | CUSIP: 084851TX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sherburne MN                                                                     | County of Sherburne, Capital Improvement                                                                                                               | CUSIP: 823537ED3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25017.61     | 0.00%             | 2023-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                      | Metropolitan Transportation Authority, Dedicated Tax Fund                                                                                              | CUSIP: 59259NS38<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    675000 | PA      | $675822.96    | 0.03%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York                                                                                                                                       | CUSIP: 64966J3M6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50099.84     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northwest Local School District/Hamilton & Butler Counties                                 | Northwest Local School District, School Improvement, Unlimited Tax                                                                                     | CUSIP: 667712BU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46057.63     | 0.00%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of York PA                                                                          | County of York                                                                                                                                         | CUSIP: 986370MK7<br>LEI: 549300PBUZSC8WBS4164 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30082.91     | 0.00%             | 2023-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| El Paso County School District No. 3 Widefield                                             | El Paso County School District No. 3 Widefield                                                                                                         | CUSIP: 283389NR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                                    | State of North Carolina, Limited Obligation, Series 2013A                                                                                              | CUSIP: 65829QAZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $9741.91      | 0.00%             | 2026-05-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                    | Municipal Electric Authority of Georgia                                                                                                                | CUSIP: 3735414B4<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1016778.38   | 0.04%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Series E                                                                                                                             | CUSIP: 64966KER0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     85000 | PA      | $85340.62     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                                         | County of Clark, Las Vegas Convention and Visitors Authority, Limited Tax                                                                              | CUSIP: 180848LM3<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20291.44     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                   | State of Connecticut, Special Tax Transportation Infrastructure Purposes, Series B                                                                     | CUSIP: 207758QK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20041.13     | 0.00%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Portland OR Water System Revenue                                                   | City of Portland, Water System, Second Lien                                                                                                            | CUSIP: 736754MK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20160.47     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                          | State of Illinois                                                                                                                                      | CUSIP: 452152MN8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75012.30     | 0.00%             | 2025-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                            | State of Oregon, Article XI-F(1) University Projects, Series I                                                                                         | CUSIP: 68609BQ67<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20332.52     | 0.00%             | 2023-08-01      | 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 2018                                                                     | CUSIP: 64971XR34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31126.79     | 0.00%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fishers IN Local Income Tax Revenue                                                | City of Fishers, Local Income Tax                                                                                                                      | CUSIP: 33803UAG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65031.22     | 0.00%             | 2023-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| University of North Texas System                                                           | University of North Texas System, Financing System, Series 2017A                                                                                       | CUSIP: 914729RP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26299.92     | 0.00%             | 2025-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                                | Washington Health Care Facilities Authority, Overlake Hospital Medical Center                                                                          | CUSIP: 93978HUC7<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30351.89     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Readington NJ                                                                  | Township of Readington, General Improvement                                                                                                            | CUSIP: 755664JL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26169.92     | 0.00%             | 2025-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Smyrna TN                                                                          | Town of Smyrna                                                                                                                                         | CUSIP: 832832MB2<br>LEI: 549300XZ1PE2F5Y7QL71 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30942.17     | 0.00%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Communities Local Measure                                                       | California Communities Local Measurer, Sales Tax, Series 2013A                                                                                         | CUSIP: 13013VAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20265.37     | 0.00%             | 2039-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Norwood-Norfolk Central School District                                                    | Norwood-Norfolk Central School District                                                                                                                | CUSIP: 669623HX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8055000 | PA      | $8082606.10   | 0.31%             | 2023-06-29      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX Electric Light & Power System Revenue                                   | City of Lubbock, Electric Light and Power System                                                                                                       | CUSIP: 549203WS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25229.47     | 0.00%             | 2023-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                  | New Jersey Economic Development Authority, School Facilities Construction                                                                              | CUSIP: 64577BAA2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3607371.60   | 0.14%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation Authority                                                          | Regional Transportation Authority, Series 2003B                                                                                                        | CUSIP: 759911WG1<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |    570000 | PA      | $577988.27    | 0.02%             | 2023-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Texas Department of Housing & Community Affairs                                            | Texas Department of Housing and Community Affairs, Multi-Family Housing, Scott Street Lofts                                                            | CUSIP: 88275ADX5<br>LEI: 549300J3RRLLZZN4WP77 | Long             | STIV             | MUN               | US        |    540000 | PA      | $528648.77    | 0.02%             | 2040-08-01      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| Jackson County Reorganized School District No. 7                                           | Jackson County Reorganized School District No. 7, Lee's Summit R-7                                                                                     | CUSIP: 467520YE6<br>LEI: 549300HKYX7HMV5CWZ34 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20070.13     | 0.00%             | 2023-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fishers Industrial Redevelopment District                                                  | Fishers Industrial Redevelopment District, Income Tax                                                                                                  | CUSIP: 33803MAQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25307.77     | 0.00%             | 2024-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Adams 12 Five Star Schools                                                                 | Adams 12 Five Star Schools, The City and County of Broomfield                                                                                          | CUSIP: 006449ES7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30057.07     | 0.00%             | 2024-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County High School District No. 205 Thornton Township                                 | Cook County High School District No. 205, Thornton Township, Limited Tax                                                                               | CUSIP: 215525MH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30639.49     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Amarillo TX Waterworks & Sewer System Revenue                                      | City of Amarillo                                                                                                                                       | CUSIP: 023108LG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20165.81     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Oswego KS                                                                          | City of Oswego                                                                                                                                         | CUSIP: 688681EJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2038-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                              | New Jersey Turnpike Authority, Series 2012B                                                                                                            | CUSIP: 6461392C8<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100210.57    | 0.00%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Winfield Building Corp.                                                                    | Winfield Building Corp., Indiana Lease Rental, Sewage Works Treatment Plant Project                                                                    | CUSIP: 97401DBA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35055.96     | 0.00%             | 2023-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sweet Home Central School District                                                         | Sweet Home Central School District                                                                                                                     | CUSIP: 870402QH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  31110218 | PA      | $31282067.73  | 1.20%             | 2023-06-28      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Lake Local School District/Wood County OH                                                  | Lake Local School District, School Improvement, Unlimited Tax                                                                                          | CUSIP: 510107CE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Onslow NC                                                                        | County of Onslow                                                                                                                                       | CUSIP: 682845QG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                                  | Dallas Area Rapid Transit, Sales Tax, Senior Lien                                                                                                      | CUSIP: 235241NB8<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125000.00    | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin Delta Community College District                                               | San Joaquin Delta Community College District, Series A                                                                                                 | CUSIP: 798063EQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25413.99     | 0.00%             | 2023-08-01      | 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, School Improvement, Project of 2015, Series 2018C                                      | CUSIP: 567373E43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20292.61     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI                                                                    | City of Grand Rapids, Capital Improvement, Limited Tax                                                                                                 | CUSIP: 386226WZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51510.51     | 0.00%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                        | Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group                                                             | CUSIP: 97712DN51<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1469924.74   | 0.06%             | 2054-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                       | Triborough Bridge and Tunnel Authority, Series 2013C                                                                                                   | CUSIP: 89602NR89<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20228.56     | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglas County School District No. Re-1 Douglas & Elbert Counties                          | Douglas County School District No. Re-1 Douglas and Elbert Counties                                                                                    | CUSIP: 258885M82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130123.57    | 0.00%             | 2022-12-15      | 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                                                                                    | CUSIP: 67766WHA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Board of Water & Sewer Commissioners of the City of Mobile                                 | Board of Water and Sewer Commissioners of the City of Mobile                                                                                           | CUSIP: 607142FP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $160315.86    | 0.01%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                     | New York State Urban Development Corp., State Personal Income Tax, General Purpose                                                                     | CUSIP: 650036BJ4<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75554.36     | 0.00%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                        | Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group                                                                  | CUSIP: 97710B7P1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101569.91    | 0.00%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                            | Indianapolis Local Public Improvement Bond Bank, Series 2019E                                                                                          | CUSIP: 45528UE64<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30062.43     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Godfrey Fire Protection District                                                           | Godfrey Fire Protection District                                                                                                                       | CUSIP: 38029RAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Township of East Brunswick NJ                                                              | Township of East Brunswick                                                                                                                             | CUSIP: 271281XE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25041.99     | 0.00%             | 2023-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Derby KS                                                                           | City of Derby, Series 2015C                                                                                                                            | CUSIP: 2497755P8<br>LEI: 549300CONBN0WRKRFQ93 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                        | Virginia College Building Authority, Educational Facilities, 21st Century College and Equipment Programs, Series 2018A                                 | CUSIP: 92778VFU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20083.81     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                        | State of California, Various Purpose                                                                                                                   | CUSIP: 13063CHD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40911.48     | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State University                                                                  | Michigan State University, Series 2013A                                                                                                                | CUSIP: 594712RY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10169.65     | 0.00%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Odessa TX                                                                          | City of Odessa                                                                                                                                         | CUSIP: 676006QW2<br>LEI: 5493009W8JN2B6ZDRY14 | Long             | DBT              | MUN               | US        |    110000 | PA      | $110645.98    | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                           | Pennsylvania Turnpike Commission                                                                                                                       | CUSIP: 709224GZ6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    305000 | PA      | $305000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Middlesex NJ                                                                     | County of Middlesex                                                                                                                                    | CUSIP: 59656NXA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20037.31     | 0.00%             | 2023-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Delaware River & Bay Authority                                                             | Delaware River and Bay Authority, Series C                                                                                                             | CUSIP: 246317FN6<br>LEI: 549300DIIIT0MBXYHJ34 | Long             | DBT              | MUN               | US        |     85000 | PA      | $87019.97     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Fe Independent School District/TX                                                    | Santa Fe Independent School District, Unlimited Tax                                                                                                    | CUSIP: 802207RP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35178.93     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                        | Wisconsin Health and Educational Facilities Authority, Oakwood Lutheran Senior Ministries                                                              | CUSIP: 97712JDW0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    210000 | PA      | $206460.03    | 0.01%             | 2025-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                                          | Plano Independent School District, Unlimited Tax, School Building, Series 2016A                                                                        | CUSIP: 727199XE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40208.60     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Ohio Solid Waste Authority                                                         | Central Ohio Solid Waste Authority, Solid Waste Facilities, Limited Tax                                                                                | CUSIP: 154686KR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46084.52     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tacoma Metropolitan Park District                                                          | Tacoma Metropolitan Park District, Unlimited Tax, Series B                                                                                             | CUSIP: 592240TE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Longmont CO Storm Drainage Revenue                                                 | City of Longmont, Storm Drainage                                                                                                                       | CUSIP: 54310PBD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                     | North Carolina Medical Care Commission, Novant Health                                                                                                  | CUSIP: 65821DRE3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    160000 | PA      | $160274.70    | 0.01%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                                  | Metropolitan Government of Nashville and Davidson County, Series 2013A                                                                                 | CUSIP: 592112NE2<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25051.41     | 0.00%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                                  | Michigan State Hospital Finance Authority, Ascension Health Credit Group                                                                               | CUSIP: 59465HUA2<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | STIV             | MUN               | US        |   1230000 | PA      | $1228891.16   | 0.05%             | 2047-11-15      | Variable      | 2.40%                 | No            |                  2 | On Loan: No      |
| Dayton Metro Library                                                                       | Dayton Metro Library, Unlimited Tax                                                                                                                    | CUSIP: 239864BZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41044.91     | 0.00%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Westchester NY                                                                   | County of Westchester, Series 2012B                                                                                                                    | CUSIP: 95736UZU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $34926.87     | 0.00%             | 2023-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| St. Johns County School Board                                                              | St. Johns County School Board, Sales Tax                                                                                                               | CUSIP: 79042DAH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36394.17     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jackson MI                                                                       | County of Jackson, Transportation                                                                                                                      | CUSIP: 467107AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $246509.93    | 0.01%             | 2024-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                       | District of Columbia, Income Tax                                                                                                                       | CUSIP: 25477GJY2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    115000 | PA      | $115000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                                | Connecticut State Health and Educational Facilities Authority, University System Issue, Series L                                                       | CUSIP: 20774YGN1<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    120000 | PA      | $120015.20    | 0.00%             | 2026-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                           | North Carolina Capital Facilities Finance Agency, Duke University Project, Series 2015B                                                                | CUSIP: 65819GKW7<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21312.73     | 0.00%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                                    | Bay Area Toll Authority, Toll Bridge, Series 2013S-4                                                                                                   | CUSIP: 072024TJ1<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25232.49     | 0.00%             | 2048-04-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Queensbury Union Free School District                                                      | Queensbury Union Free School District                                                                                                                  | CUSIP: 748267UU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8370000 | PA      | $8388691.88   | 0.32%             | 2023-06-28      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| County of St Johns FL Water & Sewer Revenue                                                | County of St. Johns, Water and Sewer System, Series A                                                                                                  | CUSIP: 790420KF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                                       | Pennsylvania Higher Educational Facilities Authority, Drexel University                                                                                | CUSIP: 70917ST78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $267523.52    | 0.01%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Milwaukee Redevelopment Authority                                                          | Milwaukee Redevelopment Authority, Public Schools                                                                                                      | CUSIP: 602418CF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $132787.17    | 0.01%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sonoma County Community Redevelopment Agency Successor Agency                              | Sonoma County Community Redevelopment Agency Successor Agency                                                                                          | CUSIP: 835551AH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20176.65     | 0.00%             | 2023-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                              | Main Street Natural Gas, Inc., Gas Supply, Series 2018E                                                                                                | CUSIP: 56035DAY8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | STIV             | MUN               | US        |   6590000 | PA      | $6522772.12   | 0.25%             | 2048-08-01      | Floating      | 2.47%                 | No            |                  2 | On Loan: No      |
| City of Clarksville TN Water Sewer & Gas Revenue                                           | City of Clarksville, Water Sewer and Gas                                                                                                               | CUSIP: 182618LE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80339.25     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Adams 12 Five Star Schools                                                                 | Adams 12 Five Star Schools, The City and County of Broomfield                                                                                          | CUSIP: 006449ER9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75086.76     | 0.00%             | 2023-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                  | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System                                                              | CUSIP: 414009GR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $405000.00    | 0.02%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Weatherford Independent School District                                                    | Weatherford Independent School District, Unlimited Tax                                                                                                 | CUSIP: 947134XS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $46893.01     | 0.00%             | 2025-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Southern Lehigh School District/PA                                                         | Southern Lehigh School District                                                                                                                        | CUSIP: 843279WP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35599.72     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                                    | City of Phoenix Civic Improvement Corp., Junior Lien, Airport System                                                                                   | CUSIP: 71883MMH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $532456.75    | 0.02%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Del Valle Independent School District TX                                                   | Del Valle Independent School District, Unlimited Tax, Series 2014A                                                                                     | CUSIP: 245505RU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55746.77     | 0.00%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                       | District of Columbia, Series 2013A                                                                                                                     | CUSIP: 25476FMG0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35430.72     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gettysburg Area School District                                                            | Gettysburg Area School District                                                                                                                        | CUSIP: 374307QE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20453.74     | 0.00%             | 2024-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Manitowoc WI                                                                       | City of Manitowoc                                                                                                                                      | CUSIP: 563588T28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $319514.53    | 0.01%             | 2023-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| County of Utah UT                                                                          | County of Utah, IHC Health Services, Inc.                                                                                                              | CUSIP: 917393DE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $696783.20    | 0.03%             | 2060-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Vermilion & Edgar Counties Community Unit School District No. 4/IL                         | Vermilion and Edgar Counties Community Unit School District No. 4                                                                                      | CUSIP: 923439EW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 0.01%             | 2022-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                                        | Geisinger Authority, Health System                                                                                                                     | CUSIP: 368497JX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $153285.04    | 0.01%             | 2043-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Lexington School District No. 2 Educational Facilities Corp.                               | Lexington School District No. 2 Educational Facilities Corp., Series 2015B                                                                             | CUSIP: 529601BD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carlisle Area School District                                                              | Carlisle Area School District, Limited Tax                                                                                                             | CUSIP: 142508PJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25107.24     | 0.00%             | 2024-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                             | State of Maryland Department of Transportation, Second Issue                                                                                           | CUSIP: 574204ZZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65778.27     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fraser Public School District                                                              | Fraser Public School District, School Building and Site, Unlimited Tax                                                                                 | CUSIP: 355514NA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35356.55     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                           | Pennsylvania Turnpike Commission, Series 2016B                                                                                                         | CUSIP: 709224NW5<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25279.10     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland Municipal School District                                                        | Cleveland Municipal School District, Series 2015A                                                                                                      | CUSIP: 186392DW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County Honolulu HI Wastewater System Revenue                                        | City and County Honolulu, Wastewater System                                                                                                            | CUSIP: 438701ZK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25926.14     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grossmont Union High School District                                                       | Grossmont Union High School District, Election of 2008, Series E                                                                                       | CUSIP: 399262JG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20337.85     | 0.00%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Leander Independent School District                                                        | Leander Independent School District, Unlimited Tax, Series 2013A                                                                                       | CUSIP: 521841B54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $23547.57     | 0.00%             | 2024-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Cypress-Fairbanks Independent School District                                              | Cypress-Fairbanks Independent School District, Unlimited Tax                                                                                           | CUSIP: 232769DE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50057.33     | 0.00%             | 2023-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Edmonds WA Water & Sewer Revenue                                                   | City of Edmonds, Water and Sewer                                                                                                                       | CUSIP: 281142KU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25303.53     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chippewa Valley Schools                                                                    | Chippewa Valley Schools                                                                                                                                | CUSIP: 170016XV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20208.73     | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Cary NC Combined Utility Systems Revenue                                           | Town of Cary, Combined Utility Enterprise System                                                                                                       | CUSIP: 147056HN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Everett WA Water & Sewer Revenue                                                   | City of Everett, Water and Sewer                                                                                                                       | CUSIP: 300060MK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                                 | Capital Trust Agency, Inc., Sustainability Bonds -The Marie                                                                                            | CUSIP: 14052WDZ7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    240000 | PA      | $233844.86    | 0.01%             | 2025-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                        | Wisconsin Health and Educational Facilities Authority, Ascension Health Credit, Series 2013A                                                           | CUSIP: 97712DCM6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20402.83     | 0.00%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Pima AZ                                                                          | County of Pima, Series 2020A                                                                                                                           | CUSIP: 721664GV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rahway NJ                                                                          | City of Rahway                                                                                                                                         | CUSIP: 750667VJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25243.93     | 0.00%             | 2023-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Borough of Oakland NJ                                                                      | Borough of Oakland, General Improvement                                                                                                                | CUSIP: 673496PC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Dauphin PA                                                                       | County of Dauphin                                                                                                                                      | CUSIP: 238253C97<br>LEI: 549300E86X2H9JIHEX42 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25286.88     | 0.00%             | 2023-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                              | Alabama Federal Aid Highway Finance Authority                                                                                                          | CUSIP: 010268BH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $91670.03     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Deltona FL Utility System Revenue                                                  | City of Deltona, Utility System                                                                                                                        | CUSIP: 247888BU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25482.51     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudsonville Public Schools                                                                 | Hudsonville Public Schools, Unlimited Tax                                                                                                              | CUSIP: 444240RV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25256.76     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of West St Paul MN                                                                    | City of West St. Paul, Series 2017A                                                                                                                    | CUSIP: 955669Q58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30773.64     | 0.00%             | 2025-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Suffolk County Water Authority                                                             | Suffolk County Water Authority, Water System, Series 2014A                                                                                             | CUSIP: 864784EA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20250.10     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                            | New York City Water and Sewer System, Second General Resolution, Fiscal Year 2020                                                                      | CUSIP: 64972GVT8<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35286.17     | 0.00%             | 2023-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                       | Colorado Health Facilities Authority                                                                                                                   | CUSIP: 19648FXA7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    370000 | PA      | $376775.18    | 0.01%             | 2036-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| McKinney Independent School District                                                       | McKinney Independent School District, School Building, Unlimited Tax                                                                                   | CUSIP: 581664JL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25128.84     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbia Multnomah & Washington Counties School District No. 1J                            | Columbia Multnomah and Washington Counties School District No. 1J                                                                                      | CUSIP: 198112CX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35458.32     | 0.00%             | 2023-06-15      | 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 2013, Series I                                                           | CUSIP: 64971Q5R0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50082.82     | 0.00%             | 2025-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| West Jefferson Hills School District                                                       | West Jefferson Hills School District                                                                                                                   | CUSIP: 953470XZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25110.65     | 0.00%             | 2024-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Town of Plainville MA                                                                      | Town of Plainville                                                                                                                                     | CUSIP: 726838MK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2502466.50   | 0.10%             | 2023-06-28      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Boise State University                                                                     | Boise State University, Series 2015A                                                                                                                   | CUSIP: 097464XP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35256.37     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stark County Library District/OH                                                           | Stark County Library District, Library Facilities                                                                                                      | CUSIP: 85535CAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL                                                                    | County of Palm Beach                                                                                                                                   | CUSIP: 696547FV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30669.89     | 0.00%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                     | Maine Health and Higher Educational Facilities Authority, Series 2014A                                                                                 | CUSIP: 56042R4T6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $86194.17     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Highland Park Independent School District/Dallas County                                    | Highland Park Independent School District, Dallas County, Unlimited Tax                                                                                | CUSIP: 430686PR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65338.98     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Side Union High School District                                                       | East Side Union High School District, Series B                                                                                                         | CUSIP: 275281X24<br>LEI: 549300FHNKBG2V8ZLG85 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1054772.67   | 0.04%             | 2023-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                        | Wisconsin Health and Educational Facilities Authority, Unity Point Health                                                                              | CUSIP: 97670FBA8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    285000 | PA      | $295553.41    | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Union NJ                                                                         | County of Union, Series B                                                                                                                              | CUSIP: 90634PHX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40018.75     | 0.00%             | 2023-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Western Regional Jail Authority                                                            | Western Regional Jail Authority, Regional Jail Facility                                                                                                | CUSIP: 95984RBF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ivy Tech Community College of Indiana                                                      | Ivy Tech Community College of Indiana, Student Fee, Series W                                                                                           | CUSIP: 46603AGM7<br>LEI: 5493009IUA8Z7VS7RL86 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26249.25     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, State Sales Tax                                                                                                    | CUSIP: 64990AAK1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    910000 | PA      | $916612.33    | 0.04%             | 2024-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Infrastructure Improvement, Series 2012C                                                                                                | CUSIP: 677521YF7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25460.16     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Edgewood City School District                                                              | Edgewood City School District                                                                                                                          | CUSIP: 280455DU7<br>LEI: 5493009QKSEM96734439 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southwest Higher Education Authority, Inc.                                                 | Southwest Higher Education Authority, Inc., Southern Methodist University Project, Series 2016A                                                        | CUSIP: 845040KH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20778.47     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Perkiomen Valley School District                                                           | Perkiomen Valley School District                                                                                                                       | CUSIP: 714145YG8<br>LEI: 549300TFNU3F3MK8X955 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25734.55     | 0.00%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County Township High School District No. 220 Reavis                                   | Cook County Township High School District No. 220 Reavis                                                                                               | CUSIP: 216146GY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Auburn School District No. 408 of King & Pierce Counties                                   | Auburn School District No. 408 of King and Pierce Counties                                                                                             | CUSIP: 494619BX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95000.00     | 0.00%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Chesterfield VA                                                                  | County of Chesterfield, Public Improvement, Series 2015B                                                                                               | CUSIP: 1663934V7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20041.62     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado                                                                     | University of Colorado                                                                                                                                 | CUSIP: 91417KF22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25478.24     | 0.00%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisa Industrial Development Authority                                                    | Louisa Industrial Development Authority, Electric and Power Co. Project, Series 2008B                                                                  | CUSIP: 546068AV9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    100000 | PA      | $90914.42     | 0.00%             | 2035-11-01      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| Brockton Area Transit Authority                                                            | Brockton Area Transit Authority                                                                                                                        | CUSIP: 111748BX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6100000 | PA      | $6118878.89   | 0.23%             | 2023-07-28      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| New Kensington Municipal Sanitary Authority                                                | New Kensington Municipal Sanitary Authority                                                                                                            | CUSIP: 646309LU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2028-12-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| McLean & Woodford Counties Community Unit School District No. 5 Normal                     | McLean and Woodford Counties Community Unit School District No. 5 Normal, Series 2017A                                                                 | CUSIP: 581850QA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $460000.00    | 0.02%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                 | Illinois Finance Authority, Swedish Covenant Hospital, Series 2016A                                                                                    | CUSIP: 45204EQA9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    155000 | PA      | $166943.56    | 0.01%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware River & Bay Authority                                                             | Delaware River and Bay Authority, Series B                                                                                                             | CUSIP: 246317EZ0<br>LEI: 549300DIIIT0MBXYHJ34 | Long             | DBT              | MUN               | US        |    170000 | PA      | $170335.60    | 0.01%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of York PA                                                                          | County of York                                                                                                                                         | CUSIP: 986370MH4<br>LEI: 549300PBUZSC8WBS4164 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Mount Vernon City School District/NY                                                       | Mount Vernon City School District                                                                                                                      | CUSIP: 623606C99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Burlington County Bridge Commission                                                        | Burlington County Bridge Commission, Governmental Loan Program, Series 2013A                                                                           | CUSIP: 121653JW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80158.92     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                                       | State of Mississippi, Tax-Exempt, Series 2017A                                                                                                         | CUSIP: 605581JG3<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26087.05     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                          | State of Colorado, Tax-Exempt, Series 2018N                                                                                                            | CUSIP: 19668QKM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30200.93     | 0.00%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Billerica MA                                                                       | Town of Billerica, School Project Loan                                                                                                                 | CUSIP: 09005PAU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35144.34     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lumpkin County School District                                                             | Lumpkin County School District                                                                                                                         | CUSIP: 550300AS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Waco TX                                                                            | City of Waco, Combination Tax, Certificates of Obligation                                                                                              | CUSIP: 929831NY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45187.07     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| White Bear Lake Independent School District No. 624                                        | White Bear Lake Independent School District No. 624, Series 2020A                                                                                      | CUSIP: 963439ZY3<br>LEI: 549300I7BXOUJLASQ618 | Long             | DBT              | MUN               | US        |     80000 | PA      | $80205.70     | 0.00%             | 2023-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                                       | Pennsylvania Higher Educational Facilities Authority, BRYN MAWR College                                                                                | CUSIP: 70917SCS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130000.00    | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery TX                                                                    | County of Montgomery, Unlimited Tax, Series 2016A                                                                                                      | CUSIP: 6136814D4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110668.00    | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                             | Tender Option Bond Trust Receipts/Certificates                                                                                                         | CUSIP: 88034M5D4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   4000000 | PA      | $4000000.00   | 0.15%             | 2026-04-01      | Variable      | 1.97%                 | Yes           |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                             | Lower Colorado River Authority                                                                                                                         | CUSIP: 54811GG20<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45480.44     | 0.00%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Humble Independent School District                                                         | Humble Independent School District, Unlimited Tax School Building                                                                                      | CUSIP: 445047HU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36759.79     | 0.00%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                              | North Texas Tollway Authority                                                                                                                          | CUSIP: 66285WL95<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1011993.84   | 0.04%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vermont Educational & Health Buildings Financing Agency                                    | Vermont Educational and Health Buildings Financing Agency, The University of Vermont Medical Center Project, Series 2016A                              | CUSIP: 924166HR5<br>LEI: 549300ZC1ZW1EUIIV708 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 405 Bellevue                                               | King County School District No. 405 Bellevue, Unlimited Tax, Series 2012B                                                                              | CUSIP: 495098US2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Eaton Community City School District                                                       | Eaton Community City School District, Unlimited Tax                                                                                                    | CUSIP: 278182CE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Newark Housing Authority                                                                   | Newark Housing Authority Scholarship Foundation A New Jersey Non (The), South Ward Police Facility                                                     | CUSIP: 65038HAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of El Paso TX                                                                       | County of El Paso                                                                                                                                      | CUSIP: 283497T47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30143.49     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Paso Independent School District                                                        | El Paso Independent School District, Unlimited Tax                                                                                                     | CUSIP: 283770NF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35611.01     | 0.00%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bloomington Independent School District No. 271                                            | Bloomington Independent School District No. 271, Enhancement Program                                                                                   | CUSIP: 094797Z83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90374.15     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                                         | Dallas Independent School District, Unlimited Tax                                                                                                      | CUSIP: 235308XR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45235.61     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Clearwater FL Water & Sewer Revenue                                                | City of Clearwater, Water and Sewer                                                                                                                    | CUSIP: 185328KV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51160.21     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Brownsville TX Utilities System Revenue                                            | City of Brownsville, Utilities System                                                                                                                  | CUSIP: 116475K60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $228494.30    | 0.01%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                             | New Jersey Transportation Trust Fund Authority, Transportation System, Series 2006A                                                                    | CUSIP: 646136EF4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250248.83    | 0.01%             | 2022-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Knox County First Utility District                                                         | Knox County First Utility District, Water and Sewer                                                                                                    | CUSIP: 499553LN3<br>LEI: 549300DI3ZQAL8Z8I371 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Allegheny PA                                                                     | County of Allegheny, Series C-69                                                                                                                       | CUSIP: 01728VPC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50095.63     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Comal Independent School District                                                          | Comal Independent School District, Unlimited Tax                                                                                                       | CUSIP: 199820Q87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25666.91     | 0.00%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                 | Illinois Finance Authority, State Clean Water Initiative                                                                                               | CUSIP: 45203HXZ0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25052.03     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fox Valley Technical College District                                                      | Fox Valley Technical College District, School Facilities, Series 2012C                                                                                 | CUSIP: 351594NL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Eastern Kentucky University                                                                | Eastern Kentucky University, General Receipts, Series 2012A                                                                                            | CUSIP: 276552CT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35251.71     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Castaic Lake Water Agency                                                                  | Castaic Lake Water Agency, Capital Appreciation, Water System Improvement Project                                                                      | CUSIP: 14837KAV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $44207.40     | 0.00%             | 2023-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                           | New York State Thruway Authority, Series J                                                                                                             | CUSIP: 650009ZR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20007.34     | 0.00%             | 2023-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| University of New Mexico (The)                                                             | University of New Mexico (The), Subordinate Lien System, Series 2016A                                                                                  | CUSIP: 914692Y69<br>LEI: 549300WZXG6PIBC7KB43 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40466.41     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Champion Local School District                                                             | Champion Local School District, Classroom Facilities                                                                                                   | CUSIP: 158562CQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| University of Alabama (The)                                                                | University of Alabama (The), Series 2014B                                                                                                              | CUSIP: 914026RM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25361.40     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Alloway NJ                                                                     | Township of Alloway                                                                                                                                    | CUSIP: 019823AF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Frisco TX                                                                          | City of Frisco, Series 2011                                                                                                                            | CUSIP: 3587753Z5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45092.97     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Troy School District/MI                                                                    | Troy School District, Unlimited Tax, School Building and Site                                                                                          | CUSIP: 897404QD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20422.84     | 0.00%             | 2025-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Helendale School District                                                                  | Helendale School District                                                                                                                              | CUSIP: 423232AH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                               | Commonwealth of Pennsylvania                                                                                                                           | CUSIP: 70914PB68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21623.49     | 0.00%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Arkansas                                                                          | State of Arkansas, Waste Disposal and Pollution Abatement Facilities                                                                                   | CUSIP: 041042A51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30440.66     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Power Generation Agency                                                             | Public Power Generation Agency, Whelan Energy Center Unit 2, Series 2015A                                                                              | CUSIP: 744434DJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $829059.04    | 0.03%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Del Mar College District                                                                   | Del Mar College District, Limited Tax                                                                                                                  | CUSIP: 245176DE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20199.61     | 0.00%             | 2023-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lowndes County Public Facilies Authority                                                   | Lowndes County Public Facilies Authority, Lowndes County School District Projects                                                                      | CUSIP: 548757BX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20019.70     | 0.00%             | 2023-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Morris NJ                                                                        | County of Morris                                                                                                                                       | CUSIP: 618024AP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25060.96     | 0.00%             | 2023-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Baytown TX                                                                         | City of Baytown                                                                                                                                        | CUSIP: 073186QQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20082.48     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah State University                                                                      | Utah State University                                                                                                                                  | CUSIP: 917563JK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Washington County Independent School District No. 833/MN                             | South Washington County Independent School District No. 833, School Building, Series 2016B                                                             | CUSIP: 840610SP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $145610.04    | 0.01%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                              | North Texas Tollway Authority                                                                                                                          | CUSIP: 66285WL46<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60117.04     | 0.00%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                        | County of Howard, Metropolitan District Project, Series 2015A                                                                                          | CUSIP: 44256PCE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20035.81     | 0.00%             | 2043-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Joint Municipal Water & Sewer Commission                                                   | Joint Municipal Water and Sewer Commission, System Improvement                                                                                         | CUSIP: 529055BW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20223.56     | 0.00%             | 2038-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Commission San Francisco International Airport         | San Francisco City and County Airport Commission, San Francisco International Airport                                                                  | CUSIP: 79766DMF3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46517.73     | 0.00%             | 2024-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Garland TX                                                                         | City of Garland                                                                                                                                        | CUSIP: 366119X59<br>LEI: 549300O5KXJ5HAWVEN53 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35176.77     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Horry County School District/SC                                                            | Horry County School District                                                                                                                           | CUSIP: 440673J93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40242.91     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                                       | Tennessee Housing Development Agency, Residential Finance Program, Series 1C                                                                           | CUSIP: 880461DD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5000.00      | 0.00%             | 2023-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| King County Public Hospital District No. 1                                                 | King County Public Hospital District No. 1,  Valley Medical Center,  Limited Tax                                                                       | CUSIP: 494782JX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $410000.00    | 0.02%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Larimer County School District No. R-1 Poudre                                              | Larimer County School District No. R-1 Poudre                                                                                                          | CUSIP: 517138WR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $145132.99    | 0.01%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Charles MD                                                                       | County of Charles, Consolidated Public Improvement                                                                                                     | CUSIP: 159808AK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45710.13     | 0.00%             | 2023-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No. 1                                                 | Denver City and County School District No. 1, Series 2013C                                                                                             | CUSIP: 24919PHG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225201.40    | 0.01%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Southern Mississippi (The)                                                   | University of Southern Mississippi (The), Educational Building Corp., Series 2015A                                                                     | CUSIP: 784532FD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35199.41     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Solid Waste Resources Revenue                                       | City of Los Angeles, Solid Waste Resources, Series 2015A                                                                                               | CUSIP: 54463PDJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25103.52     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Victoria TX Utility System Revenue                                                 | City of Victoria, Utility System                                                                                                                       | CUSIP: 926336JK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $165000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA                                                                          | County of King, Limited Tax                                                                                                                            | CUSIP: 49474FEH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cook & Du Page Counties High School District No. 210 Lemont                                | Cook and Du Page Counties High School District No. 210 Lemont, Series 2015A                                                                            | CUSIP: 213039GQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25011.21     | 0.00%             | 2023-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Pima AZ                                                                          | County of Pima, Series 2019A                                                                                                                           | CUSIP: 721664GF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Governors of Colorado State University System                                     | Board of Governors of Colorado State University System, Series 2019A                                                                                   | CUSIP: 196707G23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20076.61     | 0.00%             | 2023-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                   | Massachusetts Development Finance Agency, Partners Healthcare System Issue                                                                             | CUSIP: 57584X7D7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    200000 | PA      | $204257.60    | 0.01%             | 2038-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Boulder Larimer & Weld Counties St Vrain Valley School District Re1J                       | Boulder Larimer and Weld Counties St. Vrain Valley School District Re1J                                                                                | CUSIP: 101565G37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110102.52    | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                     | Iowa Finance Authority, Single Family Mortgage-Backed Securities Program                                                                               | CUSIP: 462467TK7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    165000 | PA      | $164863.20    | 0.01%             | 2023-01-01      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                           | Pennsylvania Turnpike Commission, Series 2010C-3                                                                                                       | CUSIP: 709223B26<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    105000 | PA      | $105000.00    | 0.00%             | 2022-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                      | North Carolina Housing Finance Agency, Homeownership                                                                                                   | CUSIP: 658207H99<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    180000 | PA      | $179629.04    | 0.01%             | 2023-01-01      | Fixed         | 0.15%                 | No            |                  2 | On Loan: No      |
| County of Taylor TX                                                                        | County of Taylor, Limited Tax                                                                                                                          | CUSIP: 877044FE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31436.08     | 0.00%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mesa County Valley School District No. 51 Grand Junction/CO                                | Mesa County Valley School District No. 51 Grand Junction                                                                                               | CUSIP: 590621JT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $135000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Saratoga NY                                                                      | County of Saratoga                                                                                                                                     | CUSIP: 803480NQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10071626.00  | 0.39%             | 2023-09-22      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chesapeake VA Chesapeake Expressway Toll Road Revenue                              | City of Chesapeake, Series A                                                                                                                           | CUSIP: 16532RAJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $185345.23    | 0.01%             | 2023-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Series E                                                                                                                             | CUSIP: 64966KEP4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65264.60     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bay Shore Union Free School District                                                       | Bay Shore Union Free School District                                                                                                                   | CUSIP: 072581JX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15045.32     | 0.00%             | 2023-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| York County School District No. 3 Rock Hill                                                | York County School District No. 3 Rock Hill, Series 2017B                                                                                              | CUSIP: 986523TB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30190.44     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Brunswick NC Enterprise Systems Revenue                                          | County of Brunswick, Enterprise Systems                                                                                                                | CUSIP: 117068ES1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25204.77     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District No. 37 Vancouver                                              | Clark County School District No. 37 Vancouver, Unlimited Tax                                                                                           | CUSIP: 181144SU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30728.99     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Colonie NY                                                                         | Town of Colonie, Public Improvement                                                                                                                    | CUSIP: 196145AS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $49901.07     | 0.00%             | 2023-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                                 | Capital Trust Agency, Inc., Mission Spring Apartments Project, Series 2017A                                                                            | CUSIP: 14052TDF8<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    125000 | PA      | $131250.00    | 0.01%             | 2052-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Pharr San Juan Alamo Independent School District TX                                        | Pharr San Juan Alamo Independent School District, Unlimited Tax                                                                                        | CUSIP: 717146SJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35144.92     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                                         | State of Wisconsin, Series 4                                                                                                                           | CUSIP: 97705L6W2<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41791.58     | 0.00%             | 2025-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Homewood Educational Building Authority                                                    | Homewood Educational Building Authority, Educational Facilities, Samford University                                                                    | CUSIP: 437887FU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $540000.00    | 0.02%             | 2038-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                                 | Virginia Commonwealth Transportation Board, Federal Transportation                                                                                     | CUSIP: 927790GP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $236707.58    | 0.01%             | 2024-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Laredo TX                                                                          | City of Laredo                                                                                                                                         | CUSIP: 516824BB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25694.26     | 0.00%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 109 Indian Springs                                         | Cook County School District No. 109, Indian Springs, Limited Tax                                                                                       | CUSIP: 214543KH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Orchard School District                                                                    | Orchard School District                                                                                                                                | CUSIP: 685585EN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45745.19     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Valley State University                                                              | Grand Valley State University, Series 2014B                                                                                                            | CUSIP: 386545JG3<br>LEI: 5493004492FRREYG5M95 | Long             | DBT              | MUN               | US        |    160000 | PA      | $160000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                             | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement                                                                          | CUSIP: 646136Z87<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011702.20   | 0.04%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Wenatchee WA Water & Sewer Revenue                                                 | City of Wenatchee, Water and Sewer System                                                                                                              | CUSIP: 950511KT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                       | Triborough Bridge and Tunnel Authority, Series 2013A                                                                                                   | CUSIP: 89602NE83<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    370000 | PA      | $373767.93    | 0.01%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Turnpike Authority                                                                | Kentucky Turnpike Authority, Revitalization Projects, Series B                                                                                         | CUSIP: 491552Q40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31575.48     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Castle Rock CO Water & Sewer Revenue                                               | Town of Castle Rock, Water and Sewer Enterprise                                                                                                        | CUSIP: 14849QCY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                           | Ohio Water Development Authority, Fresh Water                                                                                                          | CUSIP: 677659SK1<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |    170000 | PA      | $170000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                           | New York State Thruway Authority, State Personal Income Tax, Transportation, Series 2013A                                                              | CUSIP: 650028VG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25173.54     | 0.00%             | 2024-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Midlothian IL                                                                   | Village of Midlothian                                                                                                                                  | CUSIP: 597810GB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15013.63     | 0.00%             | 2023-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Borough of Haddonfield NJ                                                                  | Borough of Haddonfield                                                                                                                                 | CUSIP: 404774HY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11038750 | PA      | $11024070.67  | 0.42%             | 2023-02-17      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                                          | State of California Department of Water Resources, Central Valley Project, Water System, Series AW                                                     | CUSIP: 13067WLR1<br>LEI: 549300X618YEC5LGBQ98 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46160.84     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Racine WI                                                                          | City of Racine                                                                                                                                         | CUSIP: 750022DW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New Britain CT                                                                     | City of New Britain, Series 2016A                                                                                                                      | CUSIP: 642714AT6<br>LEI: 549300MERJSUOPGAV271 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15092.22     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Macomb Interceptor Drain Drainage District                                                 | Macomb Interceptor Drain Drainage District, Limited Tax, Series 2017A                                                                                  | CUSIP: 55539PCB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80828.27     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                           | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced, Series 2013A                                                                            | CUSIP: 7092236L0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                               | Mississippi Development Bank, Rankin County School District Project                                                                                    | CUSIP: 60534WKK3<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30921.97     | 0.00%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas State University System                                                              | Texas State University System                                                                                                                          | CUSIP: 88278PTJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30222.61     | 0.00%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Passaic NJ                                                                       | County of Passaic, Consisting of General Improvement and College                                                                                       | CUSIP: 702725M90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25207.27     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Henderson NV                                                                       | City of Henderson, Series 2012A                                                                                                                        | CUSIP: 4252004J8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                        | State of California, Various Purpose                                                                                                                   | CUSIP: 13063C4K3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $66141.31     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                                       | State of Mississippi, Tax-Exempt, Series 2012H                                                                                                         | CUSIP: 605581DB0<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2032-12-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                           | California Health Facilities Financing Authority, Adventist Health System                                                                              | CUSIP: 13032UUX4<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    495000 | PA      | $494459.81    | 0.02%             | 2041-03-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Municipal Energy Agency of Nebraska                                                        | Municipal Energy Agency of Nebraska, Power Supply System, Series 2016A                                                                                 | CUSIP: 625914JN7<br>LEI: N31S7V1JSNSIMBEEGT03 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40330.30     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pasco County School Board                                                                  | Pasco County School Board, Sales Tax                                                                                                                   | CUSIP: 70253QAV1<br>LEI: 549300NYEDMC7IDJPE68 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35669.71     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                  | Harris County Cultural Education Facilities Finance Corp., Baylor College of Medicine Project, Series 2019A                                            | CUSIP: 414009MF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26007.44     | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United Local School District                                                               | United Local School District, Columbiana County                                                                                                        | CUSIP: 910802AB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Tully Central School District                                                              | Tully Central School District                                                                                                                          | CUSIP: 899419JH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3416425.74   | 0.13%             | 2023-06-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District No. 122 Ridgefield                                            | Clark County School District No. 122 Ridgefield, Unlimited Tax                                                                                         | CUSIP: 181342GW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fayette County School District Finance Corp.                                               | Fayette County School District Finance Corp., Series 2013A                                                                                             | CUSIP: 312432XB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25503.29     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana University                                                                         | Indiana University, Student Fee, Series W-2                                                                                                            | CUSIP: 455168BM5<br>LEI: B4CW783SY7V2XEFJSQ64 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10164.93     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                                      | Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project                                                                       | CUSIP: 613609H33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Township Fire District No. 1 Hurffville                                         | Washington Township Fire District No.1, Gloucester                                                                                                     | CUSIP: 940471CE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $247559.05    | 0.01%             | 2023-05-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| City of Madison WI Water Utility Revenue                                                   | City of Madison, Water Utility                                                                                                                         | CUSIP: 558614KX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1038013.98   | 0.04%             | 2024-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                       | State of Connecticut, Series 2012G                                                                                                                     | CUSIP: 20772JLC4<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25031.73     | 0.00%             | 2023-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA                                                                          | County of King, Limited Tax                                                                                                                            | CUSIP: 49474FHZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pueblo County School District No. 70                                                       | Pueblo County School District No. 70                                                                                                                   | CUSIP: 744890SY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Methacton School District                                                                  | Methacton School District                                                                                                                              | CUSIP: 591506N30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77384.66     | 0.00%             | 2025-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| William S Hart Union High School District                                                  | William S Hart Union High School District, Election of 2008, Series 2013C                                                                              | CUSIP: 969268CG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20204.40     | 0.00%             | 2027-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Homewood Educational Building Authority                                                    | Homewood Educational Building Authority, Educational Facilities, Samford University, Series 2013A                                                      | CUSIP: 437887FW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.01%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Virginia Beach VA                                                                  | City of Virginia Beach, Series 2016A                                                                                                                   | CUSIP: 927734E58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25107.68     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spokane Public Facilities District                                                         | Spokane Public Facilities District, Hotel and Sales Tax, Series 2013A                                                                                  | CUSIP: 849088CP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25293.99     | 0.00%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kent Hospital Finance Authority                                                            | Kent Hospital Finance Authority, Mary Free Bed Rehabilitation Hospital, Series 2021A                                                                   | CUSIP: 490580EZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $551327.58    | 0.02%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Public Works Financing Authority                                        | Los Angeles County Public Works Financing Authority                                                                                                    | CUSIP: 54473ESZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $86300.88     | 0.00%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| McAllister Academic Village LLC                                                            | McAllister Academic Village LLC, Arizona State University                                                                                              | CUSIP: 579173BX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20275.17     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                        | Wisconsin Health and  Educational Facilities Authority, Advocate Aurora Health Credit                                                                  | CUSIP: 97712DN77<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    200000 | PA      | $207558.36    | 0.01%             | 2054-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                                          | State of California Department of Water Resources, Central Valley Project, Water System, Series AM                                                     | CUSIP: 13066KV55<br>LEI: 549300X618YEC5LGBQ98 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25322.58     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Washington University                                                              | Central Washington University                                                                                                                          | CUSIP: 155839EZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $271051.33    | 0.01%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Warren City School District                                                                | Warren City School District, Unlimited Tax                                                                                                             | CUSIP: 935477FV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                        | State of Washington, State and Local Agency Real and Personal Property                                                                                 | CUSIP: 939720SC3<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55772.70     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hennepin MN                                                                      | County of Hennepin, Series 2014A                                                                                                                       | CUSIP: 425507BP4<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |     85000 | PA      | $85000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Forsyth NC                                                                       | County of Forsyth, Public Improvement                                                                                                                  | CUSIP: 346623AK7<br>LEI: 549300QZDXNB40E8SI64 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125150.38    | 0.00%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Collins CO Wastewater Utility Revenue                                         | City of Fort Collins, Wastewater Utility, Series 2016A                                                                                                 | CUSIP: 347148AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona State University                                                                   | Arizona State University, Series 2016A                                                                                                                 | CUSIP: 04048RPE0<br>LEI: 254900BLZ1MCZ5JLK411 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25365.76     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Perry Township Schools/Marion County IN                                                    | Perry Township Schools                                                                                                                                 | CUSIP: 715000BL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2950000 | PA      | $2975590.66   | 0.11%             | 2024-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                                    | County of Miami-Dade, Building Better Communities Program                                                                                              | CUSIP: 59333FSG6<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31125.57     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                       | New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center                                                                          | CUSIP: 64542QBX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1464390.33   | 0.06%             | 2024-08-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                       | Colorado Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group                                                                  | CUSIP: 19648FGN8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    120000 | PA      | $126438.95    | 0.00%             | 2048-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                                      | New Jersey Health Care Facilities Financing Authority, Virtua Health, Inc.                                                                             | CUSIP: 645790RJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10243.03     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fargo ND                                                                           | City of Fargo, Series 2019A                                                                                                                            | CUSIP: 30747NHL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20202.91     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Monica-Malibu Unified School District                                                | Santa Monica-Malibu Unified School District, Election of 2006, Series D                                                                                | CUSIP: 802498MJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30272.34     | 0.00%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                 | Illinois Finance Authority, Unitypoint Health                                                                                                          | CUSIP: 45204ECL0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    230000 | PA      | $236276.68    | 0.01%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Transit Authority                                                                     | Utah Transit Authority, Sales Tax, Series 2018-2                                                                                                       | CUSIP: 917567DD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25022.84     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                              | State of Florida Department of Transportation                                                                                                          | CUSIP: 34160KAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36340.80     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                               | Commonwealth of Pennsylvania                                                                                                                           | CUSIP: 70914PVP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41491.54     | 0.00%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sumner TN                                                                        | County of Sumner, School and Public Improvement                                                                                                        | CUSIP: 866407P45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue                      | State of Florida Department of Transportation Turnpike System                                                                                          | CUSIP: 343137BN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45658.36     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of University Place WA                                                                | City of University Place, Limited Tax                                                                                                                  | CUSIP: 91480QEY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35490.63     | 0.00%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                    | Los Angeles Department of Water and Power, Power System, Series 2013A                                                                                  | CUSIP: 544495YQ1<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125254.99    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Meriden CT                                                                         | City of Meriden, Series 2016B                                                                                                                          | CUSIP: 5895352B8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25277.12     | 0.00%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                                       | City of Colorado Springs, Utilities System Improvement, Series 2018A-1                                                                                 | CUSIP: 196632H71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35797.00     | 0.00%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, State Personal Income Tax, General Purpose                                                                         | CUSIP: 64990FB86<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40036.25     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                                  | City of Atlanta, Department of Aviation, Series 2014B                                                                                                  | CUSIP: 04780MTB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25050.18     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lincoln NE                                                                         | City of Lincoln, Stormwater Drainage and Flood Management System                                                                                       | CUSIP: 534239CQ9<br>LEI: 549300YUMTVQH8VHOB91 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40162.74     | 0.00%             | 2023-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Cedar Hill TX                                                                      | City of Cedar Hill, Refunding and Improvement                                                                                                          | CUSIP: 150411K96<br>LEI: 549300TTHFV14IJCYZ33 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25119.58     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                              | Commonwealth of Massachusetts, Series 2015A                                                                                                            | CUSIP: 57582RDM5<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     80000 | PA      | $80804.34     | 0.00%             | 2024-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Ithaca NY                                                                          | City of Ithaca, Public Improvement                                                                                                                     | CUSIP: 465650UY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25046.03     | 0.00%             | 2023-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Spencer Van Etten Central School                                                           | Spencer Van Etten Central School                                                                                                                       | CUSIP: 848258HC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25173.80     | 0.00%             | 2023-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Denver Urban Renewal Authority                                                             | Denver Urban Renewal Authority, Stapleton Senior Tax, Series 2013A-1                                                                                   | CUSIP: 249301FH0<br>LEI: 54930040L61W75KRAG79 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | 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 2013 I                                                                        | CUSIP: 64971XE38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45477.13     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Broome County Local Development Corp.                                                      | Broome County Local Development Corp., Good Shepherd Village at Endwell, Inc.                                                                          | CUSIP: 114731AZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $438653.76    | 0.02%             | 2025-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                 | Illinois Finance Authority, Southern Illinois Healthcare Enterprises, Inc., Series 2017C                                                               | CUSIP: 45204EYN2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45229.38     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                           | California Health Facilities Financing Authority, Cedars-Sinai Medical Center                                                                          | CUSIP: 13032UBP2<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    250000 | PA      | $261559.50    | 0.01%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                              | Kentucky State Property and Building Commission, Project No. 115                                                                                       | CUSIP: 49151FSX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120938.90    | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                        | State of California, Various Purpose                                                                                                                   | CUSIP: 13063DZS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170000.00    | 0.01%             | 2022-12-01      | 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: 64986A6N6<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20274.77     | 0.00%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of St Johns FL Sales Tax Revenue                                                    | County of St. Johns, Sales Tax                                                                                                                         | CUSIP: 790407JK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35698.78     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allegheny PA                                                                     | County of Allegheny                                                                                                                                    | CUSIP: 01728VQB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                  | New Jersey Economic Development Authority, School Facilities Construction                                                                              | CUSIP: 64577BKS2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    800000 | PA      | $824693.12    | 0.03%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Capital Facilities Lease Appropriation, Series 2017A                                                                                    | CUSIP: 67760ADP8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25607.49     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Maine System                                                                 | University of Maine System                                                                                                                             | CUSIP: 914399RE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $57781.41     | 0.00%             | 2025-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rochelle IL                                                                        | City of Rochelle                                                                                                                                       | CUSIP: 771231EM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100049.15    | 0.00%             | 2023-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cascade Water Alliance                                                                     | Cascade Water Alliance                                                                                                                                 | CUSIP: 14739HCZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25051.82     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH Sewer System Revenue                                                 | County of Hamilton, Sewer System, The Metropolitan Sewer District of Greater Cincinnati, Series 2019A                                                  | CUSIP: 407288A74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bend OR Water Revenue                                                              | City of Bend, Bridge Creek Project                                                                                                                     | CUSIP: 081653BT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                       | Chicago O'Hare International Airport, Senior Lien                                                                                                      | CUSIP: 167593WV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31901.48     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                    | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2016                                                                     | CUSIP: 64971WVM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25252.19     | 0.00%             | 2023-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Longmont CO                                                                        | City of Longmon                                                                                                                                        | CUSIP: 543096AF8<br>LEI: 549300E7S8EY1IWPW223 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monmouth County Improvement Authority (The)                                                | Monmouth County Improvement Authority (The), Governmental Pooled Loan Project                                                                          | CUSIP: 60956PDL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Public School and College Authority                                                | Alabama Public School and College Authority, Capital Improvement, Series 2012B                                                                         | CUSIP: 0106084S3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40019.40     | 0.00%             | 2023-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                               | Mississippi Development Bank, Industrial Development Authority, Series B                                                                               | CUSIP: 60534TQ32<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20037.51     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                                         | Southeastern Pennsylvania Transportation Authority, Capital Grant Receipts                                                                             | CUSIP: 842039DR7<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20674.17     | 0.00%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hudson NJ                                                                        | County of Hudson                                                                                                                                       | CUSIP: 443726P40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25552.76     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                                             | County of Allen, Hospital Facilities, Mercy Health                                                                                                     | CUSIP: 01757LFP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $591408.97    | 0.02%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York                                                                                                                                       | CUSIP: 64966J5E2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25049.92     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Medfield MA                                                                        | Town of Medfield, Municipal Purpose Loan                                                                                                               | CUSIP: 584122TR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99675.79     | 0.00%             | 2023-09-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Gas Agency                                                             | Minnesota Municipal Gas Agency                                                                                                                         | CUSIP: 60406UAN7<br>LEI: 549300SISI6N1C6S3136 | Long             | STIV             | MUN               | US        |  35000000 | PA      | $33231485.00  | 1.27%             | 2052-12-01      | Floating      | 3.55%                 | No            |                  2 | On Loan: No      |
| Fort Wayne Redevelopment Authority                                                         | Fort Wayne Redevelopment Authority, Series 2014A                                                                                                       | CUSIP: 349288DK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50008.47     | 0.00%             | 2024-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton TN                                                                      | County of Hamilton, Series 2015B                                                                                                                       | CUSIP: 4073246A5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20124.46     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Galveston TX                                                                     | County of Galveston, Capital Appreciation, Justice Center                                                                                              | CUSIP: 364190U71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $29878.43     | 0.00%             | 2023-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                     | University of Arkansas, Various Facility Pine Bluff Campus                                                                                             | CUSIP: 914072SW4<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                            | Indianapolis Local Public Improvement Bond Bank, Capital Appreciation, Series 1999E                                                                    | CUSIP: 455280L88<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |     25000 | PA      | $24889.34     | 0.00%             | 2023-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Delaware                                                                          | State of Delaware                                                                                                                                      | CUSIP: 246381GR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30191.95     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                        | State of California, Various Purpose                                                                                                                   | CUSIP: 13063B5C2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50421.21     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Canyon County School District No. 134 Middleton                                            | Canyon County School District No. 134 Middleton                                                                                                        | CUSIP: 138815HX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10192.09     | 0.00%             | 2023-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Wastewater System Revenue                                           | City of Los Angeles, Series 2013A                                                                                                                      | CUSIP: 53945CAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75964.01     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Seacoast Utility Authority                                                                 | Seacoast Utility Authority, Water and Sewer Utility System, Series B                                                                                   | CUSIP: 81170TEA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20124.96     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Durham Capital Financing Corp.                                                             | Durham Capital Financing Corp., Limited Obligation                                                                                                     | CUSIP: 266780BQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20250.10     | 0.00%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts State College Building Authority                                             | Massachusetts State College Building Authority, Series 2011A                                                                                           | CUSIP: 575831AM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35363.83     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Suburban Sanitary Commission                                                    | Washington Suburban Sanitary Commission, Consolidated Public Improvement                                                                               | CUSIP: 940157ZP8<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35437.68     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of El Paso TX Water & Sewer Revenue                                                   | City of El Paso, Water and Sewer System                                                                                                                | CUSIP: 283822FM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25159.33     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Snohomish WA                                                                     | County of Snohomish, Limited Tax                                                                                                                       | CUSIP: 8330852S1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $190000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Altoona Area School District                                                               | Altoona Area School District                                                                                                                           | CUSIP: 021807KK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2033-12-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                            | New York City Water and Sewer System, Second General Resolution, Fiscal Year 2009                                                                      | CUSIP: 64972FWK8<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |   4485000 | PA      | $4485000.00   | 0.17%             | 2039-06-15      | Variable      | 1.02%                 | No            |                  2 | On Loan: No      |
| Orange County Water District                                                               | Orange County Water District, Series 2003B                                                                                                             | CUSIP: 684421BY5<br>LEI: 549300KBQTX6CMJ3U708 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25400.05     | 0.00%             | 2023-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Middletown Township Board of Education                                                     | Middletown Township Board of Education                                                                                                                 | CUSIP: 597324LQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $711703.73    | 0.03%             | 2024-08-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| City of Oshkosh WI                                                                         | City of Oshkosh, Street Improvement, Series 2019A                                                                                                      | CUSIP: 68825WGD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $197592.24    | 0.01%             | 2023-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 73.5 Skokie                                                | Cook County School District No. 73.5 Skokie, East Prairie                                                                                              | CUSIP: 213849CQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma County Independent School District No. 89 Oklahoma City                           | Oklahoma County Independent School District No. 89 Oklahoma City, Combined Purpose                                                                     | CUSIP: 678841LB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95247.37     | 0.00%             | 2023-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin Environmental Improvement Fund Revenue                                  | State of Wisconsin, Environmental Improvement Fund, Series 2017A                                                                                       | CUSIP: 97709TAW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20254.08     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                                      | New Jersey Health Care Facilities Financing Authority, Hackensack Meridian Health Obligated Group                                                      | CUSIP: 645790JH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20254.29     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                           | California Pollution Control Financing Authority, American Water Capital Corp. Project                                                                 | CUSIP: 13055JAB1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    145000 | PA      | $142160.89    | 0.01%             | 2040-08-01      | Variable      | 0.60%                 | No            |                  2 | On Loan: No      |
| Borough of North Slope AK                                                                  | Borough of North Slope, Series B                                                                                                                       | CUSIP: 662523ZJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20423.44     | 0.00%             | 2023-10-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas State University System                                                              | Texas State University, Financing System                                                                                                               | CUSIP: 88278PRQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35040.41     | 0.00%             | 2030-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fort Worth Independent School District                                                     | Fort Worth Independent School District, Unlimited Tax                                                                                                  | CUSIP: 3494605F8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20100.60     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Poquoson VA                                                                        | City of Poquoson                                                                                                                                       | CUSIP: 733199DH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35181.81     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Winfield Building Corp.                                                                    | Winfield Building Corp., Indiana Lease Rental, Sewage Works Treatment Plant Project                                                                    | CUSIP: 97401DAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95151.90     | 0.00%             | 2023-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                                    | County of Miami-Dade, Building Better Communities Program, Series 2015-D                                                                               | CUSIP: 59333FTJ9<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25362.85     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County School Board                                                           | Hillsborough County School Board, Series 2017A                                                                                                         | CUSIP: 43232VTX9<br>LEI: 549300E7JND1K3JLOI29 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25336.71     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Olympia WA                                                                         | City of Olympia, Limited Tax                                                                                                                           | CUSIP: 681504MF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26146.23     | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of St Lucie FL                                                                      | County of St. Lucie, Power and Light Co. Project                                                                                                       | CUSIP: 792070BH6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  45750000 | PA      | $45750000.00  | 1.75%             | 2028-09-01      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| State of Iowa Board of Regents                                                             | State of Iowa Board of Regents, University of Iowa, Hospitals and Clinics                                                                              | CUSIP: 46256QJJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26465.87     | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund                         | Ohio Water Development Authority, Water Pollution Control Loan Fund, Series 2015A                                                                      | CUSIP: 67766WWR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Union County Improvement Authority                                                         | Union County Improvement Authority, College Cranford Facility                                                                                          | CUSIP: 906346FM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Kansas City MO Water Revenue                                                       | City of Kansas City, Series 2019A                                                                                                                      | CUSIP: 485116XV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35815.63     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                      | Metropolitan Transportation Authority, Series 2017B                                                                                                    | CUSIP: 59261ANC7<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    175000 | PA      | $177630.67    | 0.01%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gwinnett County School District                                                            | Gwinnett County School District                                                                                                                        | CUSIP: 403755P47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25107.27     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, State Personal Income Tax, General Purpose                                                                         | CUSIP: 64990ENE3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    350000 | PA      | $351839.71    | 0.01%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Northglenn CO                                                                      | City of Northglenn                                                                                                                                     | CUSIP: 666446BS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St. Clair County Township High School District No. 203 O'Fallon                            | St. Clair County Township High School District No. 203 O'Fallon                                                                                        | CUSIP: 788618JJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Farmington Public School District                                                          | Farmington Public School District, School Building Site, Unlimited Tax                                                                                 | CUSIP: 311261UB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20121.16     | 0.00%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Tacoma WA Regional Water Supply System Revenue                                     | City of Tacoma, Water Supply System                                                                                                                    | CUSIP: 87354TBS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, State Sales Tax                                                                                                    | CUSIP: 64990ARN7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5036.96      | 0.00%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                          | State of Illinois                                                                                                                                      | CUSIP: 452152G70<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25836.13     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 405 Bellevue                                               | King County School District No. 405 Bellevue, Unlimited Tax                                                                                            | CUSIP: 495098XV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                       | District of Columbia, Income Tax                                                                                                                       | CUSIP: 25477GKC8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.01%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brush School District No. RE-2J                                                            | Brush School District No. RE-2J                                                                                                                        | CUSIP: 616882FL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Oakland University                                                                         | Oakland University                                                                                                                                     | CUSIP: 673588FL8<br>LEI: 549300O12XLW6O082V10 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2009295.80   | 0.08%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                                       | Pennsylvania Higher Educational Facilities Authority, State System of Higher Education, Series AN                                                      | CUSIP: 70917R3X1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25311.29     | 0.00%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metro/OR                                                                                   | Metro, Series 2012A                                                                                                                                    | CUSIP: 59163PGT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85113.91     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                       | State of Connecticut                                                                                                                                   | CUSIP: 20772JWF5<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    375000 | PA      | $381846.19    | 0.01%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 401 Highline                                               | King County School District No. 401 Highline, Unlimited Tax                                                                                            | CUSIP: 495033EV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority Central Regional Wastewater System Revenue                         | Trinity River Authority, Central Regional Wastewater System                                                                                            | CUSIP: 89658HUS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30486.81     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of El Paso TX                                                                       | County of El Paso                                                                                                                                      | CUSIP: 283497E35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20485.91     | 0.00%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Hammonton NJ                                                                       | Town of Hammonton                                                                                                                                      | CUSIP: 408630LW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30036.71     | 0.00%             | 2023-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada                                                                            | State of Nevada, Limited Tax                                                                                                                           | CUSIP: 641462NH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55012.98     | 0.00%             | 2024-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                             | Lower Colorado River Authority, LCRA Transmission Services Corp. Project                                                                               | CUSIP: 54811BSJ1<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     55000 | PA      | $57754.94     | 0.00%             | 2025-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Woodland Park School District                                                              | Woodland Park School District                                                                                                                          | CUSIP: 97966VAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100888.14    | 0.00%             | 2023-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Trussville AL                                                                      | City of Trussville, Warrants                                                                                                                           | CUSIP: 898242HA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25503.29     | 0.00%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Saline Area Schools                                                                        | Saline Area Schools, Unlimited Tax                                                                                                                     | CUSIP: 795200JG0<br>LEI: 549300COVKKGR0VUE860 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90890.67     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Shelby TN                                                                        | County of Shelby, Series 2012A                                                                                                                         | CUSIP: 821686J86<br>LEI: 5493000UVZ1EF2SIPO10 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30117.16     | 0.00%             | 2023-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Sales and Excise Tax Revenue                                     | City of Salt Lake City, Sales and Excise Tax                                                                                                           | CUSIP: 79560TDB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30373.99     | 0.00%             | 2023-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Franklin County Convention Facilities Authority                                            | Franklin County Convention Facilities Authority, Tax Lease                                                                                             | CUSIP: 353174GE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $78498.39     | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                            | State of Oregon, Series F                                                                                                                              | CUSIP: 68609BGQ4<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45477.13     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Perris Union High School District                                                          | Perris Union High School District                                                                                                                      | CUSIP: 714398HC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10182.57     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pinal County School District No. 1 Florence                                                | Pinal County School District No. 1 Florence                                                                                                            | CUSIP: 722054GD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20269.37     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Monte City School District/CA                                                           | El Monte City School District, Election of 2004                                                                                                        | CUSIP: 283309GF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $587315.04    | 0.02%             | 2023-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                              | North Texas Tollway Authority                                                                                                                          | CUSIP: 66285WM37<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20039.01     | 0.00%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyoming State Loan & Investment Board                                                      | Wyoming State Loan and Investment Board, Capital Facilities                                                                                            | CUSIP: 98348PBW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30241.70     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mundelein Park & Recreation District                                                       | Mundelein Park and Recreation District, Limited Tax                                                                                                    | CUSIP: 626090CY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.98     | 0.00%             | 2022-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Manhattan KS                                                                       | City of Manhattan, Temporary Notes                                                                                                                     | CUSIP: 562895RX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $179178.64    | 0.01%             | 2024-06-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| County of Union NJ                                                                         | County of Union, Vocational Technical School                                                                                                           | CUSIP: 90634PJQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45280.03     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Toms River NJ                                                                  | Township of Toms River, General Improvement, Golf Utility Improvement                                                                                  | CUSIP: 89012RBZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45146.42     | 0.00%             | 2023-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                                    | County of Montgomery, Consolidated Public Improvement                                                                                                  | CUSIP: 6133405U8<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                 | Illinois Finance Authority, Northwestern Memorial Healthcare, Series 2021C                                                                             | CUSIP: 45204FMB8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |  11000000 | PA      | $11000000.00  | 0.42%             | 2055-07-15      | Variable      | 0.95%                 | No            |                  2 | On Loan: No      |
| City of Westerville OH                                                                     | City of Westerville, Special Obligation                                                                                                                | CUSIP: 96005PAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25595.04     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Beaufort County School District/SC                                                         | Beaufort County School District                                                                                                                        | CUSIP: 073900E65<br>LEI: 549300B1H1V9F55UPU08 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30873.98     | 0.00%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                             | State of Maryland, Department of Transportation                                                                                                        | CUSIP: 574204ZR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $256335.10    | 0.01%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                        | State of California, Various Purpose                                                                                                                   | CUSIP: 13063CEQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $137535.39    | 0.01%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| McLean County Community Unit School District No. 3 Tri-Valley                              | McLean County Community Unit School District No. 3, Tri-Valley                                                                                         | CUSIP: 581884FJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp.                                                               | Alaska Housing Finance Corp., General Mortgage, Series 2016A                                                                                           | CUSIP: 01170REX6<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70000.00     | 0.00%             | 2022-12-01      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| Katy Independent School District                                                           | Katy Independent School District, Unlimited Tax                                                                                                        | CUSIP: 486063TQ3<br>LEI: 254900H9QSKVP2HWVL72 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65333.63     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                      | Metropolitan Transportation Authority, Dedicated Tax Fund, Series 2012A                                                                                | CUSIP: 59259NR21<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1065000.00   | 0.04%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                           | Pennsylvania Turnpike Commission                                                                                                                       | CUSIP: 709224K81<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    235000 | PA      | $235000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                  | Indiana Finance Authority, Indiana University Health Obligated Group                                                                                   | CUSIP: 45471APE6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    575000 | PA      | $575000.00    | 0.02%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Richardson TX                                                                      | City of Richardson, Combination Tax, Certificates of Obligation                                                                                        | CUSIP: 763227VB8<br>LEI: 549300YMK2Z7UGNHHQ13 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30118.39     | 0.00%             | 2023-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                                      | County of Cuyahoga, Public Library Fund, Library Facilities                                                                                            | CUSIP: 232285AU0<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bay City Independent School District                                                       | Bay City Independent School District, Unlimited Tax                                                                                                    | CUSIP: 072149ML8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41984.86     | 0.00%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Riverdale NJ                                                                    | Borough of Riverdale                                                                                                                                   | CUSIP: 768602DG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8496000 | PA      | $8525786.98   | 0.33%             | 2023-09-07      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Bucks County Water and Sewer Authority                                                     | Bucks County Water and Sewer Authority, Sewer System                                                                                                   | CUSIP: 118683CL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $240000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                             | New Jersey Transportation Trust Fund Authority, Transportation System, Series 2010D                                                                    | CUSIP: 646136YB1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20423.60     | 0.00%             | 2023-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Windcrest TX                                                                       | City of Windcrest                                                                                                                                      | CUSIP: 973900CL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75358.73     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Housing Finance Authority                                                | Miami-Dade County Housing Finance Authority, Multi-family                                                                                              | CUSIP: 593344BB9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    100000 | PA      | $97984.50     | 0.00%             | 2024-08-01      | Variable      | 0.25%                 | No            |                  2 | On Loan: No      |
| Moffat County School District No. Re001 Craig                                              | Moffat County School District No.1                                                                                                                     | CUSIP: 607879DA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Will County Forest Preserve District                                                       | Will County Forest Preserve District, Limited Tax, Series 2016A                                                                                        | CUSIP: 968661HK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99973.34     | 0.00%             | 2022-12-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Bay Area Rapid Transit District                                              | San Francisco Bay Area Rapid Transit District, Election of 2004, Series 2013C                                                                          | CUSIP: 797661UQ6<br>LEI: 549300Y3C3QUMLE3FY58 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10167.59     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Water Finance Agency                                                                  | Utah Water Finance Agency, Loan Financing Program                                                                                                      | CUSIP: 917572ZK8<br>LEI: 5493008FZQW2WEDN4040 | Long             | DBT              | MUN               | US        |    110000 | PA      | $110687.27    | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Shawnee KS                                                                       | County of Shawnee                                                                                                                                      | CUSIP: 820552JQ1<br>LEI: 5493007F3P7G61QTP515 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35096.62     | 0.00%             | 2024-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Town of Harrison/Village of Harrison NY                                                    | Town of Harrison, Public Improvement                                                                                                                   | CUSIP: 415361BC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                              | Commonwealth of Massachusetts, Consolidated Loan of 2016                                                                                               | CUSIP: 57582RLM6<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2013A                                                           | CUSIP: 64990EKW6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     95000 | PA      | $95506.69     | 0.00%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Auburn AL                                                                          | City of Auburn, Warrant, Series 2014A                                                                                                                  | CUSIP: 0502132H9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pflugerville Independent School District                                                   | Pflugerville Independent School District, Unlimited Tax                                                                                                | CUSIP: 7170957M9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90448.98     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Midvale Redevelopment Agency                                                               | Midvale Redevelopment Agency, Sales Tax                                                                                                                | CUSIP: 598113AV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20125.30     | 0.00%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Homewood Educational Building Authority                                                    | Homewood Educational Building Authority, Educational Facilities, Samford University, Series 2013A                                                      | CUSIP: 437887FM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 0.01%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Newark CA                                                                          | City of Newark                                                                                                                                         | CUSIP: 650231CJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45520.24     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| La Porte Independent School District/TX                                                    | La Porte Independent School District, Unlimited Tax                                                                                                    | CUSIP: 504102YX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30059.02     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Helens OR                                                                       | City of St. Helens                                                                                                                                     | CUSIP: 789789AT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25064.57     | 0.00%             | 2023-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York                                                                                                                                       | CUSIP: 64966KQL0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    110000 | PA      | $110665.24    | 0.00%             | 2025-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Boulder Valley School District No. Re-2 Boulder                                            | Boulder Valley School District No. Re-2 Boulder                                                                                                        | CUSIP: 101547WL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Township of Harrison NJ                                                                    | Township of Harrison                                                                                                                                   | CUSIP: 415513GG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51495.79     | 0.00%             | 2025-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Winfield Building Corp.                                                                    | Winfield Building Corp., Indiana Lease Rental, Sewage Works Treatment Plant Project                                                                    | CUSIP: 97401DAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50394.33     | 0.00%             | 2023-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Hennepin MN                                                                      | County of Hennepin                                                                                                                                     | CUSIP: 425507FL9<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |    140000 | PA      | $140000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                   | Massachusetts Development Finance Agency, Partners Healthcare System Issue                                                                             | CUSIP: 57584YPF0<br>LEI: 549300UZSVMFXJK08K70 | Long             | STIV             | MUN               | US        |   1075000 | PA      | $1064135.19   | 0.04%             | 2049-07-01      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                  | Indiana Finance Authority, Indiana University Health Obligated Group                                                                                   | CUSIP: 45470YFB2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    850000 | PA      | $850000.00    | 0.03%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Greensboro NC                                                                      | City of Greensboro                                                                                                                                     | CUSIP: 3954602U1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25105.60     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Renton WA                                                                          | City of Renton, Limited Tax                                                                                                                            | CUSIP: 760133TC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                                      | County of Cuyahoga, Capital Improvement, Limited Tax                                                                                                   | CUSIP: 23223PFN2<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    220000 | PA      | $220000.00    | 0.01%             | 2022-12-01      | 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 2014, Series Subseries C                                                 | CUSIP: 64971WCB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20626.59     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Orlando FL                                                                         | City of Orlando, Capital Improvement                                                                                                                   | CUSIP: 68641HLD4<br>LEI: G8GZFWRIKS3AFD6AWU52 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26064.21     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                          | City and County of Denver, Airport System                                                                                                              | CUSIP: 249182FY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $130390.65    | 0.00%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No. 1                                                 | Denver City and County School District No. 1                                                                                                           | CUSIP: 249174PT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125000.00    | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Moriah Central School District                                                             | Moriah Central School District                                                                                                                         | CUSIP: 617617GA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14750000 | PA      | $14818791.05  | 0.57%             | 2023-07-13      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| County of Brevard FL Utility Revenue                                                       | County of Brevard, Water and Wastewater Utility                                                                                                        | CUSIP: 107487AJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40676.43     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Highland Park District                                                                     | Highland Park District, Limited Tax                                                                                                                    | CUSIP: 430470HP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95087.84     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Richmond County Hospital Authority                                                         | Richmond County Hospital Authority, University Health Services, Inc., Project                                                                          | CUSIP: 764603BG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $295492.62    | 0.01%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| McKinney Independent School District                                                       | McKinney Independent School District, School Building, Unlimited Tax, Series 2016A                                                                     | CUSIP: 581664GB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40206.14     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                           | California Health Facilities Financing Authority, St. Joseph Health System                                                                             | CUSIP: 13032UB56<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25351.23     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sacramento County Sanitation Districts Financing Authority                                 | Sacramento County Sanitation Districts Financing Authority, Series 2014A                                                                               | CUSIP: 786134TY2<br>LEI: 549300MSDPX3EYMUYV38 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35850.49     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bristol Township School District                                                           | Bristol Township School District                                                                                                                       | CUSIP: 110290KQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25290.26     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Wilmington DE                                                                      | City of Wilmington                                                                                                                                     | CUSIP: 971567QS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Utah UT                                                                          | County of Utah, IHC Health Services, Inc.                                                                                                              | CUSIP: 917393DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $937332.53    | 0.04%             | 2060-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Railsplitter Tobacco Settlement Authority                                                  | Railsplitter Tobacco Settlement Authority                                                                                                              | CUSIP: 75076PAV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $692715.22    | 0.03%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                           | California Health Facilities Financing Authority, Adventist Health System                                                                              | CUSIP: 13033LR74<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90460.89     | 0.00%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                                         | State of Wisconsin                                                                                                                                     | CUSIP: 97705L3J4<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25265.07     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                                | Connecticut State Health and Educational Facilities Authority, Yale University                                                                         | CUSIP: 20775DJU7<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | STIV             | MUN               | US        |    635000 | PA      | $609979.35    | 0.02%             | 2037-07-01      | Variable      | 0.25%                 | No            |                  2 | On Loan: No      |
| City of Auburn Hills MI                                                                    | City of Auburn Hills, Limited tax                                                                                                                      | CUSIP: 050289FQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35073.17     | 0.00%             | 2023-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Township of Parsippany-Troy Hills NJ                                                       | Township of Parsippany-Troy Hills, Golf Recreation Utility                                                                                             | CUSIP: 701859N71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35078.33     | 0.00%             | 2023-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 78 Rosemont                                                | Cook County School District No. 78 Rosemont                                                                                                            | CUSIP: 214003BN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Tacoma WA                                                                          | Port of Tacoma, Limited Tax                                                                                                                            | CUSIP: 735422NN3<br>LEI: 549300MLYO8L64QKXV81 | Long             | DBT              | MUN               | US        |     80000 | PA      | $80000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                    | South Carolina Public Service Authority, Santee Cooper, Series A                                                                                       | CUSIP: 837151MF3<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1217475.91   | 0.05%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                   | State of Connecticut, Special Tax Transportation Infrastructure Purposes                                                                               | CUSIP: 207758QJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $375771.15    | 0.01%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clayton GA                                                                       | County of Clayton, Water Authority                                                                                                                     | CUSIP: 184126YG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $160322.42    | 0.01%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                                         | Dallas Independent School District, Unlimited Tax                                                                                                      | CUSIP: 235308WE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25677.48     | 0.00%             | 2031-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                                | New Jersey Educational Facilities Authority, Princeton University, Series 2021C                                                                        | CUSIP: 646067BV9<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20131.47     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hidalgo TX                                                                       | County of Hidalgo, Limited Tax, Series 2019B                                                                                                           | CUSIP: 429326K26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20339.29     | 0.00%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southwestern Illinois Development Authority                                                | Southwestern Illinois Development Authority, Memorial Group, Inc.                                                                                      | CUSIP: 84553AAG7<br>LEI: 549300B1KLLJ8NU5XK71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2078540.20   | 0.08%             | 2030-11-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                                         | State of Wisconsin, Series 2018B                                                                                                                       | CUSIP: 97705MLZ6<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45460.29     | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                             | Tender Option Bond Trust Receipts/Certificates                                                                                                         | CUSIP: 88034MRW8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   9500000 | PA      | $9500000.00   | 0.36%             | 2041-05-15      | Variable      | 2.02%                 | Yes           |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                                     | Oklahoma Development Finance Authority, Higher Education Master Real Project, Series 2019A                                                             | CUSIP: 67884GDY7<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Health Facilities Authority                                              | Miami-Dade County Health Facilities Authority, Niklaus Children's Hospital                                                                             | CUSIP: 59334NDF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25331.06     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Maple                                                                   | School District of Maple, Series 2015A                                                                                                                 | CUSIP: 565386EU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30238.72     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Cleveland Clinic Health System, Series 2017A                                                                                            | CUSIP: 677561JZ6<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20038.33     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Flood Control District                                                       | Harris County Flood Control District, Series 2021A                                                                                                     | CUSIP: 414019AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30603.94     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Higher Education, Series 2011A                                                                                                          | CUSIP: 677521MM5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10164.93     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hanover Horton School District                                                             | Hanover Horton School District, Unlimited tax                                                                                                          | CUSIP: 410810GA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20106.29     | 0.00%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Pinal AZ                                                                         | County of Pinal                                                                                                                                        | CUSIP: 72205RBY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35567.95     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chippewa Valley Schools                                                                    | Chippewa Valley Schools, Unlimited Tax, Series 2016B                                                                                                   | CUSIP: 170016ZZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20186.30     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miamisburg City School District                                                            | Miamisburg City School District                                                                                                                        | CUSIP: 593881LS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                          | State of Illinois                                                                                                                                      | CUSIP: 452153BE8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8515164.85   | 0.33%             | 2023-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grand Valley State University                                                              | Grand Valley State University                                                                                                                          | CUSIP: 386545JH1<br>LEI: 5493004492FRREYG5M95 | Long             | DBT              | MUN               | US        |    310000 | PA      | $316915.88    | 0.01%             | 2023-12-01      | 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 2011                                                                     | CUSIP: 64971XKU1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  50000000 | PA      | $50000000.00  | 1.92%             | 2039-08-01      | Variable      | 0.98%                 | No            |                  2 | On Loan: No      |
| Winfield Building Corp.                                                                    | Winfield Building Corp., Indiana Lease Rental, Sewage Works Treatment Plant Project                                                                    | CUSIP: 97401DAJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $113291.96    | 0.00%             | 2026-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                               | Commonwealth of Pennsylvania, Series 2                                                                                                                 | CUSIP: 70914PG97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25687.19     | 0.00%             | 2024-01-15      | 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 2013A                                                           | CUSIP: 64990FRW6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45232.61     | 0.00%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis-Marion County Public Library                                                  | Indianapolis-Marion County Public Library                                                                                                              | CUSIP: 455421QA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60117.46     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berkeley County School District                                                            | Berkeley County School District, Securing Assets for Education, Series 2015A                                                                           | CUSIP: 084208BJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $97217.41     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA                                                                         | City of Atlanta, Series 2019B                                                                                                                          | CUSIP: 047772C89<br>LEI: 549300GHLQ0J51NUBM84 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Goddard KS                                                                         | City of Goddard                                                                                                                                        | CUSIP: 380270ME5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125000.00    | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                  | Indiana Finance Authority, State Revolving Fund Program, Series 2015B                                                                                  | CUSIP: 45506DPT6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45195.33     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Hempfield PA                                                                   | Township of Hempfield                                                                                                                                  | CUSIP: 423774EJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35699.51     | 0.00%             | 2023-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Otay Water District Financing Authority                                                    | Otay Water District Financing Authority, Series 2018A                                                                                                  | CUSIP: 68881RAW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30554.43     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark Pleasant Middle School Corp.                                                         | Clark Pleasant Middle School Corp., Ad Valorem Property Tax First Mortgage                                                                             | CUSIP: 181507FJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35725.94     | 0.00%             | 2025-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Turnpike & Infrastructure Commission                                                  | Ohio Turnpike and Infrastructure Commission, Junior Lien                                                                                               | CUSIP: 67760HJN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    970000 | PA      | $975013.93    | 0.04%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                                     | State Public School Building Authority, Westmoreland County Community College, Series 2016A                                                            | CUSIP: 85732MM46<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10204.21     | 0.00%             | 2023-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Regional Sewer District                                                     | Northeast Ohio Regional Sewer District, Wastewater Improvement                                                                                         | CUSIP: 663903DT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40457.11     | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                       | State of Connecticut, Series 2016B                                                                                                                     | CUSIP: 20772JY89<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35399.08     | 0.00%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Westerville OH                                                                     | City of Westerville, Special Obligation                                                                                                                | CUSIP: 96005PAS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Health Facilities Authority                                              | Miami-Dade County Health Facilities Authority, Miami Children's Hospital                                                                               | CUSIP: 59334NCV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25400.69     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Evanston IL                                                                        | City of Evanston                                                                                                                                       | CUSIP: 299228HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hamburg Area School District                                                               | Hamburg Area School District                                                                                                                           | CUSIP: 406660NR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120974.88    | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Connecticut                                                                  | University of Connecticut, Series 2015A                                                                                                                | CUSIP: 914233D40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45231.90     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Infrastructure Authority                                                          | Kentucky Infrastructure Authority, Wastewater and Drinking Water Revolving Fund, Series 2016A                                                          | CUSIP: 4913137W6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20084.14     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                                  | Dallas Area Rapid Transit, Sales Tax, Senior Lien                                                                                                      | CUSIP: 235241UC8<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                               | City and County of Honolulu, Series C                                                                                                                  | CUSIP: 4386702T7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40811.91     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Auburn University                                                                          | Auburn University, General Fee, Series 2020A                                                                                                           | CUSIP: 050589PY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10122.07     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Martin MN                                                                        | County of Martin, Series 2021A                                                                                                                         | CUSIP: 573207QZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40174.98     | 0.00%             | 2023-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                          | State of Illinois                                                                                                                                      | CUSIP: 452152SR3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75922.25     | 0.00%             | 2024-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                    | South Carolina Public Service Authority, Santee Cooper, Series 2014C                                                                                   | CUSIP: 837151KV0<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    140000 | PA      | $140000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Dorado Irrigation District                                                              | El Dorado Irrigation District, Series 2016B                                                                                                            | CUSIP: 283059FE8<br>LEI: 54930090GZM9I8KVSN04 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55349.15     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Kennewick WA                                                                       | City of Kennewick, Limited Tax                                                                                                                         | CUSIP: 489710ST1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Waco TX                                                                            | City of Waco, Combination Tax, Certificates of Obligation                                                                                              | CUSIP: 929831LX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20554.46     | 0.00%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Transportation Commission State Highway Fund                                         | Texas Transportation Commission State Highway Fund, First Tier                                                                                         | CUSIP: 88283LJV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $112535.27    | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Garden City NY                                                                  | Village of Garden City                                                                                                                                 | CUSIP: 365154US0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  44685000 | PA      | $44641601.93  | 1.71%             | 2023-02-17      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Gerald R Ford International Airport Authority                                              | Gerald R Ford International Airport Authority, Limited Tax                                                                                             | CUSIP: 373695AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20041.62     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                                | Washington Health Care Facilities Authority, Providence Health and Services, Series 2012A                                                              | CUSIP: 93978HFY6<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    230000 | PA      | $230204.42    | 0.01%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                                | District of Columbia Housing Finance Agency, Multi-Family Development Program                                                                          | CUSIP: 254768UM4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    545000 | PA      | $538872.29    | 0.02%             | 2025-09-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| Skagit County School District No. 103 Anacortes                                            | Skagit County School District No. 103 Anacortes                                                                                                        | CUSIP: 830354MW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                              | Texas Water Development Board, Water Implementation Fund                                                                                               | CUSIP: 882854W32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75719.10     | 0.00%             | 2023-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Nebraska                                                                     | University of Nebraska, OMAHA Student Housing Project                                                                                                  | CUSIP: 9146413S2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60531.10     | 0.00%             | 2033-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| County of Blue Earth MN                                                                    | County of Blue Earth                                                                                                                                   | CUSIP: 095410NF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| County of Kendall TX                                                                       | County of Kendall, Limited Tax                                                                                                                         | CUSIP: 488725DK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25085.18     | 0.00%             | 2023-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cheltenham Township School District                                                        | Cheltenham Township School District                                                                                                                    | CUSIP: 1635015G0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25288.96     | 0.00%             | 2023-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Carmel Redevelopment Authority                                                             | Carmel Redevelopment Authority, Option Income Tax Lease Rental                                                                                         | CUSIP: 143294GQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $72493.88     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, State Infrastructure, Series 2019A                                                                                                      | CUSIP: 677522Q80<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20126.46     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Versailles Public Properties, Inc.                                                         | Versailles Public Properties, Inc., KCTCS Project                                                                                                      | CUSIP: 925199AM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metro/OR                                                                                   | Metro, Oregon Convention Center Hotel Project                                                                                                          | CUSIP: 59165CAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21108.99     | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, State Sales Tax                                                                                                    | CUSIP: 64990ADR3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26319.70     | 0.00%             | 2025-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Mississippi Educational Building Corp.                                       | University of Mississippi Educational Building Corp., Facilities Refinancing Project                                                                   | CUSIP: 914476UB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $203300.84    | 0.01%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carson City School District/NV                                                             | Carson City School District, Limited Tax, Series 2019A                                                                                                 | CUSIP: 145814RV3<br>LEI: 549300ADY5IDSJU25Z98 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75893.15     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No. 1                                                 | Denver City and County School District No. 1, Series 2012B                                                                                             | CUSIP: 249174SD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                                        | California State Public Works Board, Various Capital Projects, Series 2013-I                                                                           | CUSIP: 13068LLM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40871.25     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charleston Educational Excellence Finance Corp.                                            | Charleston Educational Excellence Finance Corp.                                                                                                        | CUSIP: 160131CT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland National Capital Park & Planning Commission                                       | Maryland National Capital Park and Planning Commission, Park Acquisition and Development Project, Series MC-2021A                                      | CUSIP: 574140N47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesquite TX                                                                        | City of Mesquite                                                                                                                                       | CUSIP: 59074PGA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30149.05     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| William Floyd Union Free School District of the Mastics-Moriches-Shirley                   | William Floyd Union Free School District of the Mastics-Moriches-Shirley                                                                               | CUSIP: 969254RJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25022.66     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                         | South Carolina Jobs-Economic Development Authority, Bon Secours Mercy Health, Inc.                                                                     | CUSIP: 83703EMP7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    300000 | PA      | $315409.89    | 0.01%             | 2048-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                    | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014, Series 2014B-1                                                     | CUSIP: 64971WAW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25842.95     | 0.00%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Milwaukee WI                                                                     | County of Milwaukee                                                                                                                                    | CUSIP: 602245P89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH                                                                      | County of Franklin, Various Purpose, Limited Tax                                                                                                       | CUSIP: 3531724J5<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hainesport Township School District                                                        | Hainesport Township School District                                                                                                                    | CUSIP: 405288CH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35891.59     | 0.00%             | 2024-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parkland School District                                                                   | Parkland School District                                                                                                                               | CUSIP: 701383XL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25061.79     | 0.00%             | 2023-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                              | North Texas Tollway Authority                                                                                                                          | CUSIP: 66285WK96<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    815000 | PA      | $816608.89    | 0.03%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West St Paul-Mendota Heights-Eagan Independent School District No. 197                     | West St. Paul-Mendota Heights-Eagan Independent School District No. 197, Series 2021A                                                                  | CUSIP: 955686TK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55223.15     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Community College District                                                          | Austin Community College District, Combined Fee                                                                                                        | CUSIP: 052404MT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150383.19    | 0.01%             | 2023-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Birmingham AL                                                                      | City of Birmingham, Series 2013A                                                                                                                       | CUSIP: 09088RWG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50313.65     | 0.00%             | 2037-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority                                                                    | Trinity River Authority, Water Project                                                                                                                 | CUSIP: 89657PHC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $78675.95     | 0.00%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Alamance NC                                                                      | County of Alamance                                                                                                                                     | CUSIP: 010734RM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55232.31     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Aubrey Independent School District                                                         | Aubrey Independent School District, Capital Appreciation, Unlimited Tax                                                                                | CUSIP: 050195FC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $44756.74     | 0.00%             | 2023-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Mahoning OH                                                                      | County of Mahoning, Various Purpose, Limited Tax                                                                                                       | CUSIP: 560058N88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                     | California Statewide Communities Development Authority, Southern California Edison Co., Series D                                                       | CUSIP: 13078HAX0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | STIV             | MUN               | US        |    290000 | PA      | $286871.31    | 0.01%             | 2033-11-01      | Variable      | 2.63%                 | No            |                  2 | On Loan: No      |
| Lakeville Independent School District No. 194                                              | Lakeville Independent School District No. 194, Series 2016A                                                                                            | CUSIP: 512462XA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25099.77     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Copperleaf Metropolitan District No. 2                                                     | Copperleaf Metropolitan District No. 2, Limited Tax                                                                                                    | CUSIP: 217658AG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Kitsap WA                                                                        | County of Kitsap, Limited Tax                                                                                                                          | CUSIP: 498035Z98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Malden MA                                                                          | City of Malden, Municipal Purpose Loan, Series 2012A                                                                                                   | CUSIP: 561076D72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50046.60     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Seward County Unified School District No. 480 Liberal                                      | Seward County Unified School District No. 480 Liberal, Series 2017-B                                                                                   | CUSIP: 818461JJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10174.34     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Wauwatosa WI                                                                       | City of Wauwatosa, Series 2019A                                                                                                                        | CUSIP: 943505AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                                      | New Jersey Health Care Facilities Financing Authority, Virtua Health, Inc.                                                                             | CUSIP: 645790RR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $97052.64     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                          | North Carolina Turnpike Authority                                                                                                                      | CUSIP: 65830RBA6<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    600000 | PA      | $601051.26    | 0.02%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI Water Supply System Revenue                                        | City of Grand Rapids, Water Supply System                                                                                                              | CUSIP: 386316MQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30058.98     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                                         | State of Minnesota, Trunk Highway, Series 2012B                                                                                                        | CUSIP: 604129C38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $24884.54     | 0.00%             | 2023-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Pendleton County Public Properties Corp.                                                   | Pendleton County Public Properties Corp., First Mortgage, Court Facilities Project                                                                     | CUSIP: 706752AZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of College Station TX                                                                 | City of College Station                                                                                                                                | CUSIP: 194469CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30156.45     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Sanitation District                                                          | Hampton Roads Sanitation District, Wastewater, Series 2014A                                                                                            | CUSIP: 409327GK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10146.30     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Comal Independent School District                                                          | Comal Independent School District, Unlimited Tax                                                                                                       | CUSIP: 1998202X8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20083.81     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State College Area School District                                                         | State College Area School District                                                                                                                     | CUSIP: 856706B70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40154.21     | 0.00%             | 2023-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| McLean & Woodford Counties Community Unit School District No. 5 Normal                     | McLean and Woodford Counties Community Unit School District No. 5 Normal, Series 2017A                                                                 | CUSIP: 581850QB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30325.84     | 0.00%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                                         | Rhode Island Health and Educational Building Corp., Lifespan Obligated Group                                                                           | CUSIP: 762244FA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1021438.25   | 0.04%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Summit UT Sales Tax Revenue                                                      | County of Summit, Sales Tax                                                                                                                            | CUSIP: 86606HBA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50046.60     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pearland TX                                                                        | City of Pearland, Permanent Improvement                                                                                                                | CUSIP: 704865EY6<br>LEI: 549300UYAWZP0LF3EF82 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45268.77     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                        | Wisconsin Health and  Educational Facilities Authority, Medical College of Wisconsin                                                                   | CUSIP: 97712DPD2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |     80000 | PA      | $80000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                               | Clark County School District, Limited Tax, Series 2016D                                                                                                | CUSIP: 181059VR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75990.15     | 0.00%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue              | Commonwealth of Massachusetts Federal Highway, Series 2016A                                                                                            | CUSIP: 57583PGU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25331.93     | 0.00%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Decatur IL                                                                         | City of Decatur                                                                                                                                        | CUSIP: 243127XU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $175399.37    | 0.01%             | 2026-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                 | Illinois Finance Authority, Downers Grove Community High School, Series 2020A                                                                          | CUSIP: 45204E7M4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    160000 | PA      | $160090.85    | 0.01%             | 2022-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                       | District of Columbia, Income Tax, Series 2019A                                                                                                         | CUSIP: 25477GNT8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60382.39     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Piscataway NJ                                                                  | Township of Piscataway                                                                                                                                 | CUSIP: 724292VL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| McLean County Public Building Commission                                                   | McLean County Public Building Commission                                                                                                               | CUSIP: 581872GJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Paso County School District No. 49 Falcon                                               | El Paso County School District No. 49 Falcon, Series 2017B                                                                                             | CUSIP: 283484DX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10234.50     | 0.00%             | 2023-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                          | New York City Transitional Finance Authority, Building Aid, Fiscal Year 2016                                                                           | CUSIP: 64972HYF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45693.50     | 0.00%             | 2023-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Winchester Economic Development Authority                                                  | Winchester Economic Development Authority, Health System Obligation Group, Series 2014A                                                                | CUSIP: 973121AJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25045.86     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                       | Chicago O'Hare International Airport, General Airport, Senior Lien                                                                                     | CUSIP: 167593NC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $440886.69    | 0.02%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Major New Infrastructure Project                                                                                                        | CUSIP: 677581GS3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31382.39     | 0.00%             | 2024-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                           | Pennsylvania Turnpike Commission, Senior Lien, Series 2012A                                                                                            | CUSIP: 7092232R1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                             | New Jersey Transportation Trust Fund Authority, Transportation System, Series 2004A                                                                    | CUSIP: 646135Z71<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50802.01     | 0.00%             | 2023-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Cook County Community Consolidated School District No. 34 Glenview                         | Cook County Community Consolidated School District No. 34 Glenview                                                                                     | CUSIP: 213453LJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Walla Walla WA                                                                     | City of Walla Walla, Unlimited Tax                                                                                                                     | CUSIP: 932219LD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                        | State of California, Various Purpose                                                                                                                   | CUSIP: 13063DSU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20085.58     | 0.00%             | 2023-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| King County Fire Protection District No. 39                                                | King County Fire Protection District No. 39, Unlimited Tax                                                                                             | CUSIP: 494751CP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41841.92     | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                       | Triborough Bridge and Tunnel Authority, Series 2012B                                                                                                   | CUSIP: 89602NB37<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40081.92     | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Snohomish County Public Utility District No. 1 Electric System Revenue                     | Snohomish County Public Utility District No. 1, Electric System                                                                                        | CUSIP: 833102YK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125000.00    | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bellingham WA                                                                      | City of Bellingham, Limited Tax                                                                                                                        | CUSIP: 079545UF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Michigan                                                                          | State of Michigan, Environmental Program                                                                                                               | CUSIP: 594612CJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                                      | City of San Antonio, Electric and Gas Systems                                                                                                          | CUSIP: 79625GCY7<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20083.14     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                                         | County of Clark, Limited Tax                                                                                                                           | CUSIP: 180848RV7<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     45000 | PA      | $47032.72     | 0.00%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                                          | State of California Department of Water Resources, Central Valley Project, Water System, Series AN                                                     | CUSIP: 13066K2A6<br>LEI: 549300X618YEC5LGBQ98 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                               | Mississippi Development Bank, Desoto Highway Construction                                                                                              | CUSIP: 60534WGW2<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30056.26     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Municipal Bond Bank Authority                                                       | Alaska Municipal Bond Bank Authority, Series 3                                                                                                         | CUSIP: 01179RST1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                 | Illinois Finance Authority, The University of Chicago, Series 2013A                                                                                    | CUSIP: 45203HRF1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |  15220000 | PA      | $15291438.11  | 0.59%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Marquette MI                                                                       | City of Marquette, Transportation Fund, Limited Tax                                                                                                    | CUSIP: 571494PU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170875.36    | 0.01%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| El Paso County School District No. 49 Falcon                                               | El Paso County School District No. 49 Falcon, Series 2017A                                                                                             | CUSIP: 283484DM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25004.18     | 0.00%             | 2022-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of St George UT Sales Tax Revenue                                                     | City of St. George, Franchise Tax                                                                                                                      | CUSIP: 78955TAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40892.37     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Patrick Henry Local School District                                                        | Patrick Henry Local School District, Ohio School Facilities Project, Series A                                                                          | CUSIP: 703346AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Waterford School District/MI                                                               | Waterford School District, Unlimited Tax                                                                                                               | CUSIP: 941468SX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60558.91     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northwest Local School District/Hamilton & Butler Counties                                 | Northwest Local School District, School Improvement, Unlimited Tax                                                                                     | CUSIP: 667712BF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                   | Massachusetts Development Finance Agency, Partners Healthcare System Issue                                                                             | CUSIP: 57584X7A3<br>LEI: 549300UZSVMFXJK08K70 | Long             | STIV             | MUN               | US        |    250000 | PA      | $250053.48    | 0.01%             | 2038-07-01      | Floating      | 2.40%                 | No            |                  2 | On Loan: No      |
| County of Forsyth NC                                                                       | County of Forsyth                                                                                                                                      | CUSIP: 346623DT5<br>LEI: 549300QZDXNB40E8SI64 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                       | State of Connecticut, GAAP Conversion                                                                                                                  | CUSIP: 20772JRM6<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    340000 | PA      | $347149.96    | 0.01%             | 2023-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                      | Pennsylvania Economic Development Financing Authority, University of Pittsburgh Medical Center                                                         | CUSIP: 70870JAF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1765284.04   | 0.07%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                                | New York City Industrial Development Agency, Queens Baseball Stadium Project                                                                           | CUSIP: 64971PKW4<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1359393.13   | 0.05%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                           | Regional Transportation District, Series 2014A                                                                                                         | CUSIP: 75913THL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80940.76     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                     | New York State Urban Development Corp., Income Tax, Series 2013D                                                                                       | CUSIP: 650035E38<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    265000 | PA      | $266772.35    | 0.01%             | 2024-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of River Vale NJ                                                                  | Township of River Vale                                                                                                                                 | CUSIP: 768457KH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35271.31     | 0.00%             | 2023-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South San Francisco Public Facilities Financing Authority                                  | South San Francisco Public Facilities Financing Authority, Police Station Project                                                                      | CUSIP: 840035AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40506.18     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX                                                                          | City of Austin                                                                                                                                         | CUSIP: 052397DG8<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25462.03     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FYI Properties                                                                             | FYI Properties, State of Washington District Project                                                                                                   | CUSIP: 302716BB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45524.71     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Merrillville Multi School Building Corp.                                                   | Merrillville Multi School Building Corp., Ad Valorem Property Tax, First Mortgage                                                                      | CUSIP: 590252PY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40549.40     | 0.00%             | 2023-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                                    | State of North Carolina                                                                                                                                | CUSIP: 658268EH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100614.78    | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                           | New York State Thruway Authority                                                                                                                       | CUSIP: 650009G98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $546066.95    | 0.02%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Public Finance Authority                                                             | Texas Public Finance Authority                                                                                                                         | CUSIP: 882669AZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26241.48     | 0.00%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Butler County Transportation Improvement District                                          | Butler County Transportation Improvement District, Highway Improvement                                                                                 | CUSIP: 123563CM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                          | State of Illinois                                                                                                                                      | CUSIP: 452153BF5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    825000 | PA      | $830447.31    | 0.03%             | 2024-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Henry County Industrial Development Authority/VA                                           | Henry County Industrial Development Authority                                                                                                          | CUSIP: 42668CBQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1030681.60   | 0.04%             | 2023-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                             | Charlotte-Mecklenburg Hospital Authority (The), Carolinas Healthcare System, Series 2013A                                                              | CUSIP: 160853RL3<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25072.18     | 0.00%             | 2023-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DuPage & Cook Counties Township High School District No. 86 Hinsdale                       | DuPage and Cook Counties Township High School District No. 86 Hinsdale, School Building                                                                | CUSIP: 262548FS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140383.78    | 0.01%             | 2023-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth University Health System Authority                                   | Virginia Commonwealth University Health System Authority                                                                                               | CUSIP: 92778LCM0<br>LEI: 07ROV40HIZGU2Q6OXJ58 | Long             | DBT              | MUN               | US        |     45000 | PA      | $47386.18     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sarasota FL St Armands Paid Parking Area Improvements Revenue                      | City of Sarasota, St. Armands Paid Parking Area Improvements                                                                                           | CUSIP: 803399AE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25274.51     | 0.00%             | 2023-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Wayland MA                                                                         | Town of Wayland, Municipal Purpose Loan                                                                                                                | CUSIP: 944216P20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25023.30     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                                | Washington Health Care Facilities Authority, Providence Health and Services                                                                            | CUSIP: 93978HFP5<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1035652.13   | 0.04%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Burbank Redevelopment Agency Successor Agency                                              | Burbank Redevelopment Agency Successor Agency                                                                                                          | CUSIP: 12082RAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne State University                                                                     | Wayne State University                                                                                                                                 | CUSIP: 946303A46<br>LEI: 549300GWQMQVAS66E613 | Long             | DBT              | MUN               | US        |    210000 | PA      | $218934.01    | 0.01%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lancaster PA                                                                     | County of Lancaster                                                                                                                                    | CUSIP: 514040K78<br>LEI: 549300W9YR5FSCHLO756 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45450.95     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Spokane WA                                                                       | County of Spokane, Limited Tax                                                                                                                         | CUSIP: 848644X62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lenape Regional High School District                                                       | Lenape Regional High School District                                                                                                                   | CUSIP: 525876VP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20132.22     | 0.00%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                       | Colorado Health Facilities Authority, Catholic Health Initiatives                                                                                      | CUSIP: 19648AM85<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1970000 | PA      | $1974199.65   | 0.08%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Mansfield TX                                                                       | City of Mansfield, Combination Tax                                                                                                                     | CUSIP: 5643777D5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $24738.24     | 0.00%             | 2024-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| County of Pima AZ Sewer System Revenue                                                     | County of Pima, Sewer System, Series 2020A                                                                                                             | CUSIP: 721876UM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30444.15     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                                         | State of Minnesota, Various Purpose, Series 2014A                                                                                                      | CUSIP: 6041294G8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10165.60     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Snohomish County Public Utility District No. 1 Generation System Revenue                   | Snohomish County Public Utility District No. 1, Generation System                                                                                      | CUSIP: 833116CN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                      | Pennsylvania Economic Development Financing Authority, University of Pittsburgh Medical Center, Series 2014A                                           | CUSIP: 70869PHF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51681.25     | 0.00%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland County Independent School District No. 2 Moore                                   | Cleveland County Independent School District No. 2 Moore, Combined Purpose                                                                             | CUSIP: 186054GZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $380689.47    | 0.01%             | 2023-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Tax-Exempt                                                                                                                           | CUSIP: 64966QSY7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70134.76     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Wheeling IL                                                                     | Village of Wheeling                                                                                                                                    | CUSIP: 963099PS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dorchester County School District No. 2                                                    | Dorchester County School District No. 2, Growth Installment Purchase, Series 2013B                                                                     | CUSIP: 258174BX8<br>LEI: 549300NRXH6F8FYXXH15 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50655.78     | 0.00%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Township of Cranberry PA                                                                   | Township of Cranberry                                                                                                                                  | CUSIP: 224288MD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35136.68     | 0.00%             | 2023-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Greenwood SC Combined Public Utility Revenue                                       | City of Greenwood                                                                                                                                      | CUSIP: 397316LU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                     | Arkansas Development Finance Authority, Cancer Research Project                                                                                        | CUSIP: 04109HAW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $73717.51     | 0.00%             | 2023-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                                     | County of Baltimore, Metropolitan District 76th Issue                                                                                                  | CUSIP: 05914FQU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25105.60     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hillsborough FL Community Investment Tax Revenue                                 | County of Hillsborough, Community Investment Tax                                                                                                       | CUSIP: 43231YGC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26519.99     | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District No. 37 Vancouver                                              | Clark County School District No. 37 Vancouver, Unlimited Tax                                                                                           | CUSIP: 181144ST4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Pima County Regional Transportation Authority Excise Tax Revenue                           | Pima County Regional Transportation Authority, Excise Tax                                                                                              | CUSIP: 72178RBR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $62165.87     | 0.00%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                           | Pennsylvania Turnpike Commission                                                                                                                       | CUSIP: 709223E49<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35819.12     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Midland Independent School District                                                        | Midland Independent School District, Unlimited Tax                                                                                                     | CUSIP: 597783K99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25130.38     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of St Louis MO                                                                      | County of St. Louis, Special Obligation, Series 2021F                                                                                                  | CUSIP: 791526TE6<br>LEI: 5493003TZLKXNN2MGO51 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus Medical Center Hospital Authority                                                 | Columbus Medical Center Hospital Authority, Piedmont Healthcare Inc., Project                                                                          | CUSIP: 199124BQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $247055.66    | 0.01%             | 2054-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                          | State of Colorado, Tax-Exempt, Series 2020A                                                                                                            | CUSIP: 196711SS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35646.84     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Centralia WA Electric System Revenue                                               | City of Centralia Electric System                                                                                                                      | CUSIP: 156252CW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District Water System Revenue                                  | North Texas Municipal Water District Water System                                                                                                      | CUSIP: 662903QT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31216.62     | 0.00%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                           | Pennsylvania Turnpike Commission                                                                                                                       | CUSIP: 709224M30<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | STIV             | MUN               | US        |  14095000 | PA      | $14095000.00  | 0.54%             | 2038-12-01      | Variable      | 1.86%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                          | Southeast Energy Authority A Cooperative District, Project No. 4                                                                                       | CUSIP: 84136FAX5<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1177408.00   | 0.05%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange City School District                                                                | Orange City School District, Unlimited Tax                                                                                                             | CUSIP: 685165EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40940.11     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kitsap County Public Utility District No. 1                                                | Kitsap County Public Utility District No. 1                                                                                                            | CUSIP: 49804EJW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Transportation Infrastructure Bank                                          | South Carolina Transportation Infrastructure Bank, Series 2015A                                                                                        | CUSIP: 837152TJ6<br>LEI: 549300YI1NMCP4VLJN43 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26032.27     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                               | Mississippi Development Bank, Department of Corrections Walnut Grove Correctional Facility Refunding Bonds Project                                     | CUSIP: 60534WBZ0<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37305.28     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southwestern Central School District                                                       | Southwestern Central School District                                                                                                                   | CUSIP: 845376LP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3950723 | PA      | $3966431.86   | 0.15%             | 2023-07-19      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| City of Lincoln NE Electric System Revenue                                                 | City of Lincoln, Electric System                                                                                                                       | CUSIP: 534272B73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10015.75     | 0.00%             | 2023-09-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| St. Charles County Public Water Supply District No. 2                                      | St. Charles County Public Water Supply District No. 2                                                                                                  | CUSIP: 78764YDZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Dane WI                                                                          | County of Dane, Promissory Notes, Series 2019A                                                                                                         | CUSIP: 236092DS8<br>LEI: 5493000I57K3U1SCHU17 | Long             | DBT              | MUN               | US        |     20000 | PA      | $19924.97     | 0.00%             | 2023-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Center District                                                                  | Wisconsin Center District, Capital Appreciation                                                                                                        | CUSIP: 976595BM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $89902.86     | 0.00%             | 2022-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Defiance City School District                                                              | Defiance City School District, Various Purpose                                                                                                         | CUSIP: 244721EE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ottawa & Glandorf Local School District                                                    | Ottawa and Glandorf Local School District, Unlimited Tax                                                                                               | CUSIP: 689172GX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mount Vernon City School District/NY                                                       | Mount Vernon City School District                                                                                                                      | CUSIP: 623606XX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25464.48     | 0.00%             | 2023-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                       | District of Columbia, Income Tax                                                                                                                       | CUSIP: 25477GKH7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    120000 | PA      | $120000.00    | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monmouth County Improvement Authority (The)                                                | Monmouth County Improvement Authority (The), Governmental Pooled Loan Project                                                                          | CUSIP: 60956PMF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tahoe-Truckee Sanitation Agency                                                            | Tahoe-Truckee Sanitation Agency, Wastewater                                                                                                            | CUSIP: 873883AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31082.98     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grapevine TX                                                                       | City of Grapevine                                                                                                                                      | CUSIP: 388625HN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40121.08     | 0.00%             | 2023-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Cornwall NY                                                                        | Town of Cornwall, Public Improvement                                                                                                                   | CUSIP: 219579GG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40030.75     | 0.00%             | 2023-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| County of Snohomish WA                                                                     | County of Snohomish, Limited Tax                                                                                                                       | CUSIP: 8330856T5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Broomfield CO Sales & Use Tax Revenue                                     | City and County of Broomfield, Sales and Use Tax                                                                                                       | CUSIP: 114760EU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180338.13    | 0.01%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Charles Community College                                                               | St. Charles Community College                                                                                                                          | CUSIP: 85227LCF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35098.78     | 0.00%             | 2023-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                                        | State of New Jersey, Series 2016T                                                                                                                      | CUSIP: 646039WA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35416.80     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Hardyston NJ                                                                   | Township of Hardyston                                                                                                                                  | CUSIP: 412470EG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40100.86     | 0.00%             | 2023-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Centerville City School District                                                           | Centerville City School District, School Improvement                                                                                                   | CUSIP: 152239JF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60000.00     | 0.00%             | 2025-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Erie County Water Authority                                                                | Erie County Water Authority                                                                                                                            | CUSIP: 295101QY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Goshen Central School District                                                             | Goshen Central School District                                                                                                                         | CUSIP: 383358FH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue                    | Metropolitan Transit Authority of Harris County, Sales and Use Tax, Contractual Obligations                                                            | CUSIP: 41422EHU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30664.41     | 0.00%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Bend Redevelopment Authority                                                         | South Bend Redevelopment Authority, Eddy Street Commons Project                                                                                        | CUSIP: 836562WL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100490.64    | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                       | District of Columbia, Income Tax                                                                                                                       | CUSIP: 25477GKU8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                        | State of Washington, State and Local Agency Real and Personal Property                                                                                 | CUSIP: 939720TK4<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35491.72     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Paramount Unified School District                                                          | Paramount Unified School District, Election of 2006                                                                                                    | CUSIP: 699211KH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40539.58     | 0.00%             | 2033-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Glendale Industrial Development Authority                                                  | Glendale Industrial Development Authority, Midwestern University                                                                                       | CUSIP: 378286KE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65714.60     | 0.00%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Boulder Valley School District No. Re-2 Boulder                                            | Boulder Valley School District No. Re-2 Boulder, Series 2017B                                                                                          | CUSIP: 101547WA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                                        | Idaho Housing and Finance Association, Federal Highway Trust                                                                                           | CUSIP: 45129WMR8<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21502.12     | 0.00%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                 | Michigan Finance Authority, Trinity Health Credit Group                                                                                                | CUSIP: 59447TQV8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    485000 | PA      | $485000.00    | 0.02%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Franklin Township-Marion County Multiple School Building Corp.                             | Franklin Township-Marion County Multiple School Building Corp., Ad Valorem Property Tax First Mortgage                                                 | CUSIP: 355137BR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40072.19     | 0.00%             | 2023-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Cedar Rapids IA Water Revenue                                                      | City of Cedar Rapids, Series 2018D                                                                                                                     | CUSIP: 150591HS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30364.71     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clatsop OR                                                                       | County of Clatsop                                                                                                                                      | CUSIP: 182765BA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20159.30     | 0.00%             | 2023-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin County Transportation Authority Measure K Sales Tax Revenue                    | San Joaquin County Transportation Authority, Measure K Sales Tax                                                                                       | CUSIP: 798110BW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20126.46     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St. Joseph Industrial Development Authority                                                | St. Joseph Industrial Development Authority, Sewer System Improvements Project, Series 2015B                                                           | CUSIP: 79076RBQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20159.81     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clyde-Green Springs Exempted Village School District                                       | Clyde-Green Springs Exempted Village School District                                                                                                   | CUSIP: 189556AG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Douglas NE                                                                       | County of Douglas, Creighton University Projects                                                                                                       | CUSIP: 259226CZ9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  16100000 | PA      | $15841210.21  | 0.61%             | 2035-07-01      | Floating      | 2.43%                 | No            |                  2 | On Loan: No      |
| Colorado Housing and Finance Authority                                                     | Colorado Housing and Finance Authority, Multi-Family Project                                                                                           | CUSIP: 196480GL5<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99620.64     | 0.00%             | 2023-04-01      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| Township of Parsippany-Troy Hills NJ                                                       | Township of Parsippany-Troy Hills                                                                                                                      | CUSIP: 701859G95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40080.24     | 0.00%             | 2023-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                              | North Texas Tollway Authority                                                                                                                          | CUSIP: 66285WM29<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   4705000 | PA      | $4714288.14   | 0.18%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, State Personal Income Tax, General Purpose                                                                         | CUSIP: 64990ECG0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    185000 | PA      | $185176.55    | 0.01%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Framingham MA                                                                      | City of Framingham, Municipal Purpose Loan                                                                                                             | CUSIP: 3516945M2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County Public Hospital District No. 1                                                 | King County Public Hospital District No. 1,  Valley Medical Center,  Limited Tax                                                                       | CUSIP: 494782KS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                        | State of Washington, Senior 520 Corridor Program, Federal Highway, Series 2014C                                                                        | CUSIP: 938823BH3<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     95000 | PA      | $96716.55     | 0.00%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hillsborough FL                                                                  | County of Hillsborough, Communications Services Tax                                                                                                    | CUSIP: 432299AH8<br>LEI: 549300L0R7XNYJEJGF23 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36496.29     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Apex Park & Recreation District                                                            | Apex Park and Recreation District                                                                                                                      | CUSIP: 03762RAS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50357.99     | 0.00%             | 2024-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                                         | Port of Seattle, Intermediate Lien, Series 2021A                                                                                                       | CUSIP: 735389K23<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    120000 | PA      | $120000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                        | State of Washington, Various Purpose, Series 2013C                                                                                                     | CUSIP: 93974C8E3<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75599.28     | 0.00%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Sea Isle City NJ                                                                   | City of Sea Isle City                                                                                                                                  | CUSIP: 811403UU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45130.23     | 0.00%             | 2023-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                                 | Virginia Commonwealth Transportation Board, Capital Projects                                                                                           | CUSIP: 927793A82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36201.67     | 0.00%             | 2024-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                                | New Jersey Educational Facilities Authority, Ramapo College, Series 2015B                                                                              | CUSIP: 646066JX9<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10084.42     | 0.00%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Papillion-La Vista School District No. 27                                                  | Papillion-La Vista School District No. 27, Series 2016A                                                                                                | CUSIP: 698873XF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Alabama (The)                                                                | University of Alabama (The), Series 2012-A                                                                                                             | CUSIP: 914026MN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150298.47    | 0.01%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Petersburg FL Public Utility Revenue                                            | City of St. Petersburg, Public Utility, Series 2014B                                                                                                   | CUSIP: 793323RD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30596.46     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Goose Creek Consolidated Independent School District                                       | Goose Creek Consolidated Independent School District, Unlimited Tax                                                                                    | CUSIP: 382604F27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25129.23     | 0.00%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA Water & Sewer Revenue                                                | City of Shreveport, Water and Sewer, Series 2014A                                                                                                      | CUSIP: 825485TD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jackson MO                                                                       | County of Jackson, Special Obligation                                                                                                                  | CUSIP: 467578GV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35473.33     | 0.00%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financial Authority                                  | Florida Higher Educational Facilities Financial Authority, Rollins College Project, Series 2012A                                                       | CUSIP: 34073TDP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55000.00     | 0.00%             | 2029-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Tarrant County Hospital District                                                           | Tarrant County Hospital District, Senior Lien                                                                                                          | CUSIP: 876388DV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100186.60    | 0.00%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Paso County School District No. 49 Falcon                                               | El Paso County School District No. 49 Falcon, Series 2017B                                                                                             | CUSIP: 283484DW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100088.03    | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark Department of Aviation                                                     | County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien                                                                       | CUSIP: 18085PSF2<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42202.80     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westminster Public Schools                                                                 | Westminster Public Schools, District No. 50                                                                                                            | CUSIP: 005698TA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Abilene TX                                                                         | City of Abilene                                                                                                                                        | CUSIP: 00344NRM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20060.13     | 0.00%             | 2023-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Greenville Utilities Commission                                                            | Greenville Utilities Commission                                                                                                                        | CUSIP: 396290CG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75634.31     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                                       | State of Mississippi, Tax-Exempt                                                                                                                       | CUSIP: 605581DD6<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25028.95     | 0.00%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Elizabeth Forward School District                                                          | Elizabeth Forward School District, Series 2021B                                                                                                        | CUSIP: 286663TG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                                   | New Jersey Higher Education Student Assistance Authority, Senior Student Loan, Series 2019A                                                            | CUSIP: 646080UB5<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41572.40     | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New Braunfels TX Utility System Revenue                                            | City of New Braunfels, Utility System                                                                                                                  | CUSIP: 642577UZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40561.96     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Winfield Building Corp.                                                                    | Winfield Building Corp., Indiana Lease Rental, Sewage Works Treatment Plant Project                                                                    | CUSIP: 97401DBG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41197.08     | 0.00%             | 2026-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Benton County School District No. 400 Richland                                             | Benton County School District No. 400 Richland, Unlimited Tax                                                                                          | CUSIP: 083023NQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50612.03     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                        | State of California, Various Purpose                                                                                                                   | CUSIP: 13063D2K3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65279.97     | 0.00%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lone Star College System                                                                   | Lone Star College System, Limited Tax, Series B                                                                                                        | CUSIP: 542264FX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75386.51     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                                    | State of North Carolina                                                                                                                                | CUSIP: 658268DB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41165.30     | 0.00%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Harris County Regional Water Authority                                                | West Harris County Regional Water Authority, Series 2016A                                                                                              | CUSIP: 95308RLA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20018.57     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 405 Bellevue                                               | King County School District No. 405 Bellevue, Unlimited Tax                                                                                            | CUSIP: 495098XH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fremont Public Financing Authority                                                         | Fremont Public Financing Authority                                                                                                                     | CUSIP: 357144AF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25486.67     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Illinois                                                                     | University of Illinois, Auxiliary Facilities System                                                                                                    | CUSIP: 914353ZF7<br>LEI: 549300VD8PPC4Q5HK850 | Long             | DBT              | MUN               | US        |   4095000 | PA      | $4120230.93   | 0.16%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Comal Independent School District                                                          | Comal Independent School District, Unlimited Tax                                                                                                       | CUSIP: 1998202Z3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $57707.55     | 0.00%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                       | District of Columbia, Deed Tax, Series 2012A                                                                                                           | CUSIP: 25483VLE2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20038.63     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Oshkosh WI                                                                         | City of Oshkosh, Street Improvement, Series 2019A                                                                                                      | CUSIP: 68825WGC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70000.00     | 0.00%             | 2022-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| City of Huntsville AL                                                                      | City of Huntsville, Warrants, Series 2013-C                                                                                                            | CUSIP: 447025PW1<br>LEI: 549300FQXH802SS93031 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25551.39     | 0.00%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsboro School District No. 1J                                                           | Hillsboro School District No. 1J                                                                                                                       | CUSIP: 939307JT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10133.09     | 0.00%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                  | Indiana Finance Authority, Indiana University Health Obligated Group                                                                                   | CUSIP: 45471ANH1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    220000 | PA      | $220000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oak Hills Local School District                                                            | Oak Hills Local School District, School Improvement                                                                                                    | CUSIP: 671392GP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                                         | City of Houston, Demolition Program                                                                                                                    | CUSIP: 442331YL2<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30190.44     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grays Harbor County Public Utility District No. 1                                          | Grays Harbor County, Public Utility District No. 1, Series 2015A                                                                                       | CUSIP: 389532HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40079.62     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Adams County School District No. 1                                                         | Adams County School District No. 1, Mapleton Public Schools                                                                                            | CUSIP: 005626RL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                  | Indiana Finance Authority, Indiana University Health Obligated Group                                                                                   | CUSIP: 45470YFD8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     75000 | PA      | $78215.27     | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                                | Ohio Higher Educational Facility Commission, Case Western University Project, Series 2021B                                                             | CUSIP: 67756DZJ8<br>LEI: 5493007MQT6NGNN6BR81 | Long             | STIV             | MUN               | US        |   5500000 | PA      | $5315982.65   | 0.20%             | 2042-12-01      | Floating      | 2.13%                 | No            |                  2 | On Loan: No      |
| Louisiana Energy & Power Authority                                                         | Louisiana Energy and Power Authority, Power Project, Series 2013A                                                                                      | CUSIP: 546462DQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40388.08     | 0.00%             | 2032-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Yamhill OR                                                                       | County of Yamhill, George Fox University Project                                                                                                       | CUSIP: 98464TAM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $280000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                                     | City of Minneapolis                                                                                                                                    | CUSIP: 60375BKF2<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |     85000 | PA      | $85000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Nebo School District                                                                       | Nebo School District, Series 2017C                                                                                                                     | CUSIP: 639557VD6<br>LEI: 549300QJS89I60PFG061 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20174.62     | 0.00%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Turnpike Authority                                                                | Kentucky Turnpike Authority, Revitalization Projects                                                                                                   | CUSIP: 491552F91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $68413.55     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                                      | Illinois State Toll Highway Authority                                                                                                                  | CUSIP: 452252GX1<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35060.10     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Channahon IL                                                                    | Village of Channahon                                                                                                                                   | CUSIP: 159138GK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp.                                                          | Hudson Yards Infrastructure Corp., Second Indenture, Series 2017A                                                                                      | CUSIP: 44420RAD2<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |    565000 | PA      | $567830.25    | 0.02%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Jose Financing Authority                                                               | San Jose Financing Authority, Civic Center Project, Series 2013A                                                                                       | CUSIP: 798153LR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25322.58     | 0.00%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Waterford Graded Joint School District No. 1                                               | Waterford Graded Joint School District No. 1, Promissory Notes                                                                                         | CUSIP: 941521CJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25029.98     | 0.00%             | 2023-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Hollidaysburg Sewer Authority                                                              | Hollidaysburg Sewer Authority                                                                                                                          | CUSIP: 435506FJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Bethel Park School District                                                                | Bethel Park School District                                                                                                                            | CUSIP: 087059ML2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37003.52     | 0.00%             | 2025-08-01      | 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                                                                                             | CUSIP: 494619BL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 0.01%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                                  | Dallas Area Rapid Transit, Sales Tax, Senior Lien                                                                                                      | CUSIP: 235241PU4<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |    315000 | PA      | $315000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                                            | County of King, Sewer, Junior Lien                                                                                                                     | CUSIP: 495290BD9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |     60000 | PA      | $54834.74     | 0.00%             | 2042-01-01      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                                                       | City of Rochester, Series 2015B                                                                                                                        | CUSIP: 771588TN0<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20482.01     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Contra Costa Transportation Authority Sales Tax Revenue                                    | Contra Costa Transportation Authority, Series 2012B                                                                                                    | CUSIP: 21221MDH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105679.70    | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Public Facilities Authority                                                      | Minnesota Public Facilities Authority                                                                                                                  | CUSIP: 604115AN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50314.90     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vermont Municipal Bond Bank                                                                | Vermont Municipal Bond Bank, Series 2021-4                                                                                                             | CUSIP: 9242144D8<br>LEI: 54930081EMY8D1GYM846 | Long             | DBT              | MUN               | US        |    160000 | PA      | $160000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV Passenger Facility Charge Revenue                                       | County of Clark, Passenger Facility Charge, Las Vegas-McCarran International Airport Passenger Facility, Series 2019E                                  | CUSIP: 181006HG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25342.51     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston Community College System                                                           | Houston Community College System, Limited Tax and Maintenance Tax                                                                                      | CUSIP: 44236PKB3<br>LEI: 549300UWXV516I6N3V90 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20104.30     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Schaumburg IL                                                                   | Village of Schaumburg, Series 2012A                                                                                                                    | CUSIP: 806347LB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kalamazoo Hospital Finance Authority                                                       | Kalamazoo Hospital Finance Authority, Bronson Healthcare Group, Inc.                                                                                   | CUSIP: 483233QK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5158.03      | 0.00%             | 2024-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                               | Orlando Utilities Commission, Utility System, Series 2013A                                                                                             | CUSIP: 686507GA6<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46882.71     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                          | State of Illinois                                                                                                                                      | CUSIP: 452152Q61<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1097043.75   | 0.04%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Rock Island IL                                                                   | County of Rock Island                                                                                                                                  | CUSIP: 772317DV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Fiscal Year 2017                                                                                                                     | CUSIP: 64966MGU7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    145000 | PA      | $145000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                       | Colorado Health Facilities Authority                                                                                                                   | CUSIP: 19648AG66<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Colts Neck NJ                                                                  | Township of Colts Neck                                                                                                                                 | CUSIP: 197126DB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41486.24     | 0.00%             | 2025-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                              | North Texas Tollway Authority                                                                                                                          | CUSIP: 66285WM45<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50087.68     | 0.00%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                                    | Dallas Fort Worth International Airport                                                                                                                | CUSIP: 235036Q78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $515594.80    | 0.02%             | 2025-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Ford Etc Counties Community Unit School District No. 10 Paxton-Buckley-Loda                | Ford Etc. Counties Community Unit School District No. 10 Paxton-Buckley-Loda, School Building, Series 2017A                                            | CUSIP: 345239BQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sunshine State Governmental Financing Commission                                           | Sunshine State Governmental Financing Commission, Miami Dade County Program, Series 2011B-1                                                            | CUSIP: 867868GP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30311.61     | 0.00%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Infrastructure Improvement, Series 2016A                                                                                                | CUSIP: 677522HK3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20368.12     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue                                    | Great Lakes Water Authority, Water Supply System, Second Lien                                                                                          | CUSIP: 39081JBP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $86199.10     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Las Vegas Valley Water District                                                            | Las Vegas Valley Water District, Limited Tax, Series 2016B                                                                                             | CUSIP: 517845BG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20249.11     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Orange & Maplewood School District                                                   | South Orange and Maplewood School District                                                                                                             | CUSIP: 839091QB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25075.23     | 0.00%             | 2023-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                    | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2021                                                                     | CUSIP: 64971XTB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42686.45     | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus Metropolitan Library                                                              | Columbus Metropolitan Library, Ohio Library Facilities, Special Obligation                                                                             | CUSIP: 199520BP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Water Resources Authority                                                    | Massachusetts Water Resources Authority                                                                                                                | CUSIP: 576051A48<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5194.44      | 0.00%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Kentucky                                                                     | University of Kentucky, General Receipts, Series 2015B                                                                                                 | CUSIP: 914378JB1<br>LEI: 549300CXE3YQ1HXYCQ71 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20807.59     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                                         | State of Minnesota, Tax-Exempt, Series A                                                                                                               | CUSIP: 604146BX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70784.94     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Stratford CT                                                                       | Town of Stratford                                                                                                                                      | CUSIP: 8628114P8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25022.66     | 0.00%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Franklin County Convention Facilities Authority                                            | Franklin County Convention Facilities Authority, Tax Lease                                                                                             | CUSIP: 353174GD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51200.04     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                       | Colorado Health Facilities Authority, School Health System                                                                                             | CUSIP: 19648FKZ6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1267401.43   | 0.05%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                        | State of Washington                                                                                                                                    | CUSIP: 93974EVW3<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15828958.50  | 0.61%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                       | District of Columbia, Income Tax                                                                                                                       | CUSIP: 25477GNH4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    245000 | PA      | $245000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Beaumont TX                                                                        | City of Beaumont                                                                                                                                       | CUSIP: 0745092Y5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100602.26    | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                             | State of Maryland, Department of Transportation                                                                                                        | CUSIP: 574204F57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20212.06     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Addison TX                                                                         | Town of Addison, Combination Tax                                                                                                                       | CUSIP: 006644M47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50149.31     | 0.00%             | 2023-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Queen Anne's MD                                                                  | County of Queen Anne's, Public Facilities                                                                                                              | CUSIP: 748233RZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50154.11     | 0.00%             | 2023-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglas & Champaign Counties Community Unit School District No. 302 Villa Grove            | Douglas and Champaign Counties Community Unit School District No. 302 Villa Grove, Alternative Revenue Source, Series 2019A                            | CUSIP: 258741BV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Englewood CO                                                                       | City of Englewood                                                                                                                                      | CUSIP: 293065TK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 81 Schiller Park                                           | Cook County School District No. 81 Schiller Park                                                                                                       | CUSIP: 214057GP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105000.00    | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Weatherford TX                                                                     | City of Weatherford                                                                                                                                    | CUSIP: 947100SS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30810.43     | 0.00%             | 2025-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mesa County Valley School District No. 51 Grand Junction/CO                                | Mesa County Valley School District No. 51 Grand Junction                                                                                               | CUSIP: 59064CBD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rahway NJ                                                                          | City of Rahway                                                                                                                                         | CUSIP: 750667WB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25297.20     | 0.00%             | 2023-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chula Vista Elementary School District                                                     | Chula Vista Elementary School District                                                                                                                 | CUSIP: 17131MRP4<br>LEI: 5493007W74ET6MX0FN28 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30523.01     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Bend Grand Parkway Toll Road Authority                                                | Fort Bend Grand Parkway Toll Road Authority, Subordinate Lien                                                                                          | CUSIP: 346832BQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45280.03     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Commission San Francisco International Airport         | San Francisco City and County Airport Commission, San Francisco International Airport, Series 2016A                                                    | CUSIP: 79766DFN4<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25766.61     | 0.00%             | 2025-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port of Everett WA                                                                         | Port of Everett, Limited Tax                                                                                                                           | CUSIP: 734047DL4<br>LEI: 5493008OVKTJWVE76635 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                        | Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group                                                                   | CUSIP: 97712D2X3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    250000 | PA      | $260393.30    | 0.01%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arapahoe County School District No. 5 Cherry Creek                                         | Arapahoe County School District No. 5 Cherry Creek                                                                                                     | CUSIP: 0386816R8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15013.70     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                               | Virginia Resources Authority, Infrastructure Moral Obligation                                                                                          | CUSIP: 92818NXL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15016.80     | 0.00%             | 2024-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tulsa County Independent School District No. 1 Tulsa                                       | Tulsa County Independent School District No. 1, Combined Purpose                                                                                       | CUSIP: 899525TJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35121.92     | 0.00%             | 2023-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cass Lake-Bena Independent School District No. 115                                         | Cass Lake-Bena Independent School District No. 115, Series 2019A                                                                                       | CUSIP: 148087KM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10039.07     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Burlington County Bridge Commission                                                        | Burlington County Bridge Commission, Governmental Leasing Program, Series 2014A                                                                        | CUSIP: 121653KY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                               | City and County of Honolulu, Series C                                                                                                                  | CUSIP: 438670M24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175047.22    | 0.01%             | 2025-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                                       | Massachusetts Housing Finance Agency, Single Family Housing                                                                                            | CUSIP: 57587GDN2<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    295000 | PA      | $298220.16    | 0.01%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Marshfield MA                                                                      | Town of Marshfield, Municipal Purpose Loan                                                                                                             | CUSIP: 572835ZE9<br>LEI: 549300GQDC5DITGS2K47 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25047.03     | 0.00%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Fiscal Year 2019, Series D, Subseries D-4                                                                                            | CUSIP: 64966ML98<br>LEI: 549300ABYZD2SFD5JB29 | Long             | STIV             | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.19%             | 2047-12-01      | Variable      | 0.98%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                  | New Jersey Economic Development Authority, School Facilities Construction, Series 2013 NN                                                              | CUSIP: 645918U92<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    305000 | PA      | $306722.43    | 0.01%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Broome County Local Development Corp.                                                      | Broome County Local Development Corp., Good Shepherd Village at Endwell, Inc.                                                                          | CUSIP: 114731AX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $252253.52    | 0.01%             | 2023-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                                        | Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc.                                                                       | CUSIP: 54659LCC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $424435.16    | 0.02%             | 2047-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Wylie TX                                                                           | City of Wylie, Combination Tax, Certificates of Obligation                                                                                             | CUSIP: 983064XG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40117.80     | 0.00%             | 2023-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                                 | Southern California Public Power Authority, Windy Point/Windy Flats Project                                                                            | CUSIP: 84247PLK5<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |     75000 | PA      | $77000.57     | 0.00%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of West Deptford NJ                                                               | Township of West Deptford                                                                                                                              | CUSIP: 952496WA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100357.66    | 0.00%             | 2026-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Aldine Independent School District                                                         | Aldine Independent School District, Unlimited Tax                                                                                                      | CUSIP: 014393VD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20103.48     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                  | Indiana Finance Authority                                                                                                                              | CUSIP: 45470RCM6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    130000 | PA      | $130000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Bloomingdale NJ                                                                 | Borough of Bloomingdale                                                                                                                                | CUSIP: 094401JC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8676000 | PA      | $8663860.54   | 0.33%             | 2023-02-22      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                           | Pennsylvania Turnpike Commission                                                                                                                       | CUSIP: 709224HA0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25585.08     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Elkhorn School District                                                                    | Douglas County School District, Elkhorn Public Schools                                                                                                 | CUSIP: 259309L42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25023.30     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lorain County Community College District                                                   | Lorain County Community College District                                                                                                               | CUSIP: 543573CW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District Water System Revenue                                  | North Texas Municipal Water District Water System                                                                                                      | CUSIP: 662903WL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40265.03     | 0.00%             | 2024-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                       | Colorado Health Facilities Authority                                                                                                                   | CUSIP: 19648FWZ3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    130000 | PA      | $132663.73    | 0.01%             | 2036-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                                         | Virginia Public Building Authority, Public Facilities, Series 2020B                                                                                    | CUSIP: 9281725Y7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10160.94     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                             | State of Maryland, Department of Transportation                                                                                                        | CUSIP: 574204C84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40896.85     | 0.00%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                               | Salt River Project Agricultural Improvement and Power District, Arizona Salt River Project                                                             | CUSIP: 79574CAK9<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Middletown Unified School District                                                         | Middletown Unified School District, Election of 2018                                                                                                   | CUSIP: 596877EQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25238.97     | 0.00%             | 2023-08-01      | 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 2014A                                                           | CUSIP: 64990EMQ7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41150.13     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Larimer Weld & Boulder County School District R-2J Thompson                                | Larimer Weld and Boulder County School District, R-2J Thompson                                                                                         | CUSIP: 517210WG1<br>LEI: 549300S0MXGSC6YRX497 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35040.20     | 0.00%             | 2023-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Delaware OH Sanitary Sewer System Revenue                                        | County of Delaware, Sanitary Sewer System Improvement                                                                                                  | CUSIP: 24588TBA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Laredo TX                                                                          | City of Laredo                                                                                                                                         | CUSIP: 516824GA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20059.72     | 0.00%             | 2023-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Vestal Central School District                                                             | Vestal Central School District                                                                                                                         | CUSIP: 925445RS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    639740 | PA      | $643902.34    | 0.02%             | 2023-09-29      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                             | State of Texas, Veterans                                                                                                                               | CUSIP: 882723H85<br>LEI: 549300X9CH74QB747L76 | Long             | STIV             | MUN               | US        |  10525000 | PA      | $10525000.00  | 0.40%             | 2043-06-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| County of Hays TX                                                                          | County of Hays, Unlimited Tax                                                                                                                          | CUSIP: 421020K64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40120.26     | 0.00%             | 2023-02-15      | 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 2013, Series D                                                           | CUSIP: 64971QM59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $34475.05     | 0.00%             | 2024-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| University of Delaware                                                                     | University of Delaware                                                                                                                                 | CUSIP: 91425MDL8<br>LEI: KPIOJCFMR70NWLS6O145 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25260.92     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                               | Michigan State Housing Development Authority, Single Family Mortgage, Series 2020A                                                                     | CUSIP: 594654HP3<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    150000 | PA      | $148547.73    | 0.01%             | 2023-06-01      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| State of California                                                                        | State of California, Various Purpose                                                                                                                   | CUSIP: 13063CHS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                     | New York State Urban Development Corp., Personal Income Tax                                                                                            | CUSIP: 650036ER3<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31541.96     | 0.00%             | 2025-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Calabasas CA                                                                       | City of Calabasas                                                                                                                                      | CUSIP: 128041CL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60000.00     | 0.00%             | 2022-12-01      | 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, Tax-Exempt, Fiscal Year 2013                                                         | CUSIP: 64971Q2Z5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70713.59     | 0.00%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Council                                                                       | Metropolitan Council, Minneapolis St. Paul Metropolitan Area, Wastewater, Series 2016C                                                                 | CUSIP: 591852A65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30186.69     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Gulf Coast University Financing Corp.                                              | Florida Gulf Coast University Financing Corp., Housing Project                                                                                         | CUSIP: 34073XCK2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  10300000 | PA      | $10300000.00  | 0.39%             | 2038-02-01      | Variable      | 1.88%                 | No            |                  2 | On Loan: No      |
| Jefferson County School District R-1                                                       | Jefferson County School District R-1                                                                                                                   | CUSIP: 472736P35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20504.16     | 0.00%             | 2023-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Sports Facilities Authority (The)                                                 | Illinois Sports Facilities Authority (The)                                                                                                             | CUSIP: 452143EV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1017836.49   | 0.04%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Yakima WA                                                                          | City of Yakima, Limited Tax, Series 2014A                                                                                                              | CUSIP: 984521TF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25285.30     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New Braunfels TX                                                                   | City of New Braunfels, Combination Tax, Certificates of Obligation                                                                                     | CUSIP: 642526YE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41857.23     | 0.00%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Marion County School Board                                                                 | Marion County School Board, Series 2015B                                                                                                               | CUSIP: 56879EGM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20240.16     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                             | Tender Option Bond Trust Receipts/Certificates, Series 2017-XX1045                                                                                     | CUSIP: 88033UA25<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  17000000 | PA      | $17000000.00  | 0.65%             | 2056-04-01      | Variable      | 1.93%                 | Yes           |                  2 | On Loan: No      |
| Florida Department of Management Services                                                  | Florida Department of Management Services                                                                                                              | CUSIP: 34160PDR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $119433.84    | 0.00%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Gunnison CO                                                                      | County of Gunnison                                                                                                                                     | CUSIP: 402882CM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | 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                                                                                    | CUSIP: 67766WVN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $185000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Water District                                                               | Orange County Water District, Series 2013A                                                                                                             | CUSIP: 68442CAH9<br>LEI: 549300KBQTX6CMJ3U708 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25446.81     | 0.00%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Lopatcong NJ                                                                   | Township of Lopatcong                                                                                                                                  | CUSIP: 543536CN4<br>LEI: 5493005YSTVXIV0T8347 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30311.62     | 0.00%             | 2023-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Madison WI Sewer System Revenue                                                    | City of Madison, Series 2014C                                                                                                                          | CUSIP: 558605FE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                            | Kentucky Economic Development Finance Authority                                                                                                        | CUSIP: 49126PEF3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  12715000 | PA      | $12738700.76  | 0.49%             | 2046-02-01      | Floating      | 3.30%                 | No            |                  2 | On Loan: No      |
| University of Maine System                                                                 | University of Maine System                                                                                                                             | CUSIP: 914399RC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70425.09     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Adult Correctional Building Fund Projects                                                                                               | CUSIP: 677521H90<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36521.87     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Red Wing MN                                                                        | City of Red Wing                                                                                                                                       | CUSIP: 757079C97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35025.81     | 0.00%             | 2023-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Rockford IL                                                                        | City of Rockford, Sales Tax Alternative Revenue Source                                                                                                 | CUSIP: 77316QYY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25021.45     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                    | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013, Series I                                                           | CUSIP: 64971Q5T6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55526.03     | 0.00%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Loudoun VA                                                                       | County of Loudoun, Public Improvement, Series 2018A                                                                                                    | CUSIP: 54589TGL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                 | Michigan Finance Authority, Trinity Health Credit Group                                                                                                | CUSIP: 59447TUE1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   5835000 | PA      | $6067221.33   | 0.23%             | 2044-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                                          | State of California Department of Water Resources, Central Valley Project, Water System                                                                | CUSIP: 13066K4C0<br>LEI: 549300X618YEC5LGBQ98 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trust for Cultural Resources of The City of New York (The)                                 | Trust for Cultural Resources of City of New York (The), Carnegie Hall                                                                                  | CUSIP: 649717UN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                 | Chicago Board of Education, Capital Appreciation School Reform                                                                                         | CUSIP: 167501UQ6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3855000 | PA      | $3855000.00   | 0.15%             | 2022-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Town of Breckenridge CO                                                                    | Town of Breckenridge, Series 2020B                                                                                                                     | CUSIP: 106443BD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                              | Commonwealth of Massachusetts, Series 2016C                                                                                                            | CUSIP: 57582RKX3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20169.15     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Garland TX                                                                         | City of Garland                                                                                                                                        | CUSIP: 366119N35<br>LEI: 549300O5KXJ5HAWVEN53 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25126.26     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Comal Independent School District                                                          | Comal Independent School District, Unlimited Tax, Series 2015A                                                                                         | CUSIP: 199820T84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20083.81     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Farmers Branch TX                                                                  | City of Farmers Branch, Combination Tax                                                                                                                | CUSIP: 309495K73<br>LEI: 549300RN2TFR8AKJ3Z07 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30149.66     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Madison WI Water Utility Revenue                                                   | City of Madison, Series 2019A                                                                                                                          | CUSIP: 558614KA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35071.40     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Broomfield CO Sales & Use Tax Revenue                                     | City and County of Broomfield, Sales and Use Tax                                                                                                       | CUSIP: 114760ES6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $420000.00    | 0.02%             | 2022-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                             | Nebraska Public Power District                                                                                                                         | CUSIP: 63968A4D4<br>LEI: 5493001J0BLQRMOJKP23 | Long             | STIV             | MUN               | US        |    690000 | PA      | $680408.59    | 0.03%             | 2051-01-01      | Variable      | 0.60%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County (The)                                                    | School Board of Miami-Dade County (The)                                                                                                                | CUSIP: 59333RDE1<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30224.93     | 0.00%             | 2024-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Marcos Consolidated Independent School District                                        | San Marcos Consolidated Independent School District, Unlimited Tax                                                                                     | CUSIP: 798781YC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25409.00     | 0.00%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Copperas Cove TX                                                                   | City of Copperas Cove                                                                                                                                  | CUSIP: 217597A94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25754.68     | 0.00%             | 2025-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Goose Creek Consolidated Independent School District                                       | Goose Creek Consolidated Independent School District, Unlimited Tax                                                                                    | CUSIP: 382604L38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20103.48     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District Upper East Fork Wastewater Interceptor System         | North Texas Municipal Water District, Upper East Fork Wastewater Interceptor System                                                                    | CUSIP: 662842MQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25310.14     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                  | New Jersey Economic Development Authority, School Facilities Construction                                                                              | CUSIP: 645918M67<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    220000 | PA      | $220282.52    | 0.01%             | 2025-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                                    | County of Montgomery, Consolidated Public Improvement                                                                                                  | CUSIP: 6133405A2<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |    115000 | PA      | $117794.47    | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                  | Maryland Health and Higher Educational Facilities Authority, Lifebridge Health Issue                                                                   | CUSIP: 5742183T8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47123.01     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                                        | California State Public Works Board, Judicial Council of California, Series A                                                                          | CUSIP: 13068LCH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30181.43     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New Brunswick NJ                                                                   | City of New Brunswick                                                                                                                                  | CUSIP: 642815L28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40180.26     | 0.00%             | 2023-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Hudson NJ                                                                        | County of Hudson                                                                                                                                       | CUSIP: 443726P32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $215000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                               | City and County of Honolulu, Series C                                                                                                                  | CUSIP: 438670Z79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20242.71     | 0.00%             | 2023-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| El Paso County School District No. 20 Academy                                              | El Paso County School District No. 20 Academy                                                                                                          | CUSIP: 283461H46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25023.30     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westminster Public Schools                                                                 | Westminster Public Schools, District No. 50                                                                                                            | CUSIP: 005698TB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Greenville County School District                                                          | Greenville County School District, Building Equity Sooner for Tomorrow Installment Purchase                                                            | CUSIP: 396066HV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Livermore CA                                                                       | City of Livermore, Series 2020B                                                                                                                        | CUSIP: 538164JY1<br>LEI: 549300GFYJPMDMABG210 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40472.22     | 0.00%             | 2023-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation Authority                                                          | Regional Transportation Authority, Series 2017A                                                                                                        | CUSIP: 7599112V1<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25859.20     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minot Public School District No. 1                                                         | Minot Public School District No. 1                                                                                                                     | CUSIP: 604382EW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25878.10     | 0.00%             | 2025-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Irving Independent School District                                                         | Irving Independent School District, Unlimited Tax                                                                                                      | CUSIP: 463813B20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45234.68     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hays Consolidated Independent School District                                              | Hays Consolidated Independent School District, Unlimited Tax, Series 2018B                                                                             | CUSIP: 4211105J2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65008.85     | 0.00%             | 2042-08-15      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| North East Independent School District/TX                                                  | North East Independent School District                                                                                                                 | CUSIP: 6591542T4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20089.91     | 0.00%             | 2023-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Galveston Public Facility Corp.                                                            | Galveston Public Facility Corp., The Oleanders at Broadway                                                                                             | CUSIP: 36454CAA6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   3775000 | PA      | $3572115.27   | 0.14%             | 2025-08-01      | Variable      | 0.47%                 | No            |                  2 | On Loan: No      |
| City of Goodyear AZ                                                                        | City of Goodyear                                                                                                                                       | CUSIP: 382505MB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35491.72     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston Community College System                                                           | Houston Community College System, Maintenance Tax                                                                                                      | CUSIP: 44236PKM9<br>LEI: 549300UWXV516I6N3V90 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50260.76     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority                                            | San Diego Public Facilities Financing Authority                                                                                                        | CUSIP: 79730AHZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45527.41     | 0.00%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                                        | Idaho Housing and Finance Association, Idaho Arts Charter School                                                                                       | CUSIP: 45129GBY0<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2042-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| University System of Maryland                                                              | University System of Maryland, Auxiliary Facility and Tuition, Series 2017B                                                                            | CUSIP: 9144024U3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25215.61     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Abilene Independent School District                                                        | Abilene Independent School District, Unlimited Tax School Building                                                                                     | CUSIP: 003464KN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35180.92     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Westchester NY                                                                   | County of Westchester                                                                                                                                  | CUSIP: 95736U4N1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Connecticut                                                                  | University of Connecticut, Series 2013A                                                                                                                | CUSIP: 914233YJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120582.48    | 0.00%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                           | Commonwealth Financing Authority, Series B                                                                                                             | CUSIP: 20281PNG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10112.13     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                                | Metropolitan Washington Airports Authority Aviation                                                                                                    | CUSIP: 592646X24<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  20000000 | PA      | $20000000.00  | 0.77%             | 2039-10-01      | Variable      | 1.88%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp.                                                         | Mississippi Business Finance Corp., Waste Management, Inc. Project                                                                                     | CUSIP: 60527MAQ2<br>LEI: 549300DYV074JUDKBQ77 | Long             | STIV             | MUN               | US        |   1250000 | PA      | $1085894.00   | 0.04%             | 2029-03-01      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                        | State of Washington, Various Purpose, Series 2013D                                                                                                     | CUSIP: 93974C5G1<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10042.74     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                                       | State of Mississippi, Tax-Exempt, Series 2012H                                                                                                         | CUSIP: 605581DE4<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2027-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                                       | City of Charlotte                                                                                                                                      | CUSIP: 161035GJ3<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                                | Connecticut State Health and Educational Facilities Authority, Middlesex Hospital, Series O                                                            | CUSIP: 20774YVU8<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25293.25     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RBC Municipal Products, Inc. Trust                                                         | RBC Municipal Products, Inc. Trust, Floater Certificates                                                                                               | CUSIP: 74934RP91<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  11000000 | PA      | $11000000.00  | 0.42%             | 2025-02-01      | Variable      | 1.93%                 | Yes           |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, State Sales Tax, Series 2013A                                                                                      | CUSIP: 64990ABD6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20145.33     | 0.00%             | 2033-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Economy Borough Municipal Authority                                                        | Economy Borough Municipal Authority, Sewer                                                                                                             | CUSIP: 27915REA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20004.38     | 0.00%             | 2031-12-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Gila County Unified School District No. 10-Payson                                          | Gila County Unified School District No. 10-Payson                                                                                                      | CUSIP: 375233GJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20269.37     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public School Authority                                                           | Virginia Public School Authority, School Technology and Security Notes                                                                                 | CUSIP: 92818JAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80764.06     | 0.00%             | 2023-04-15      | 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: 283425JJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Big Walnut Local School District                                                           | Big Walnut Local School District, Unlimited Tax                                                                                                        | CUSIP: 089707TE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Syosset Central School District                                                            | Syosset Central School District, Series 2013B                                                                                                          | CUSIP: 871633MH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40037.28     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fontana Redevelopment Agency Successor Agency                                              | Fontana Redevelopment Agency, Successor Agency, Tax Allocation                                                                                         | CUSIP: 34461CAF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30574.04     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Winnebago IL                                                                     | County of Winnebago, Public Safety Sales Tax Alternative Revenue Source, Series 2013A                                                                  | CUSIP: 974450ZG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $375717.79    | 0.01%             | 2023-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                                | District of Columbia Housing Finance Agency                                                                                                            | CUSIP: 25477PPQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3795924.00   | 0.15%             | 2040-09-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                 | Illinois Finance Authority, Riverside Health System                                                                                                    | CUSIP: 45203HRK0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1683033.91   | 0.06%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brick Township Board of Education                                                          | Brick Township Board of Education                                                                                                                      | CUSIP: 108007LS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35870.65     | 0.00%             | 2025-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                      | Pennsylvania Economic Development Financing Authority, PPL Electric Utilities Corporation Project                                                      | CUSIP: 70869MAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $776847.44    | 0.03%             | 2023-10-01      | Fixed         | 0.40%                 | No            |                  2 | On Loan: No      |
| Murray City Municipal Building Authority                                                   | Murray City Municipal Building Authority                                                                                                               | CUSIP: 626857BX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New Rochelle NY                                                                    | City of New Rochelle                                                                                                                                   | CUSIP: 648517AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35168.13     | 0.00%             | 2023-02-15      | 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 2015, Series B, Subseries B-1                                            | CUSIP: 64971WMQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15053.24     | 0.00%             | 2023-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                   | Massachusetts Development Finance Agency, Caregroup Issue                                                                                              | CUSIP: 57584XDQ1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36766.75     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downey Public Finance Authority                                                            | Downey Public Finance Authority                                                                                                                        | CUSIP: 260890AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Waverly Central School District                                                            | Waverly Central School District                                                                                                                        | CUSIP: 943810DH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2508566.00   | 0.10%             | 2023-07-27      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| University of Connecticut                                                                  | University of Connecticut, Series 2016A                                                                                                                | CUSIP: 914233E64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $146050.79    | 0.01%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara Valley Transportation Authority                                                | Santa Clara Valley Transportation Authority, Measure A Sales Tax, Series 2015A                                                                         | CUSIP: 80168NGH6<br>LEI: 549300R6Q7T4MD3V9H68 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15130.86     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lawrence Township School Building Corp.                                                    | Lawrence Township School Building Corp., Unlimited Tax                                                                                                 | CUSIP: 520354YK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25047.54     | 0.00%             | 2023-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Georgetown TX                                                                      | City of Georgetown                                                                                                                                     | CUSIP: 373029BD8<br>LEI: 549300BSO7ULYERIVM97 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25418.84     | 0.00%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Fiscal Year 2016                                                                                                                     | CUSIP: 64966MAS8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     90000 | PA      | $93574.64     | 0.00%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                                       | Pennsylvania Higher Educational Facilities Authority, Trustees of the University, Series 2018A                                                         | CUSIP: 70917S3M3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60312.91     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Centennial School District Bucks County                                                    | Centennial School District Bucks County, Series 2017C                                                                                                  | CUSIP: 151365LP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56346.59     | 0.00%             | 2023-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County (The)                                                    | School Board of Miami-Dade County (The), Series 2014D                                                                                                  | CUSIP: 59333MM85<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25967.55     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                                        | State of New Jersey, Various Purpose                                                                                                                   | CUSIP: 646039VE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $68508.39     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                 | Illinois Finance Authority, State Clean Water Initiative                                                                                               | CUSIP: 45204EJZ2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    155000 | PA      | $155199.18    | 0.01%             | 2023-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Lee FL Tourist Development Tax                                                   | County of Lee, Tourist Development Tax                                                                                                                 | CUSIP: 523520CR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26000.38     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jackson State University Educational Building Corp.                                        | Jackson State University Educational Building Corp.                                                                                                    | CUSIP: 468714DH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150854.61    | 0.01%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Hopatcong NJ                                                                    | Borough of Hopatcong                                                                                                                                   | CUSIP: 439340FR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3467585 | PA      | $3477195.76   | 0.13%             | 2023-07-21      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                                           | State of Georgia, Series 2016A                                                                                                                         | CUSIP: 3733843X2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25110.60     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Arkansas                                                                          | State of Arkansas, Federal Highway                                                                                                                     | CUSIP: 041042ZA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20169.82     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND                                                                     | City of Grand Forks, Altru Health System                                                                                                               | CUSIP: 38546WCV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $123586.99    | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lexington One School Facilities Corp.                                                      | Lexington One School Facilities Corp., Lexington County School District No. 1                                                                          | CUSIP: 529526CF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Atlantic NJ                                                                      | County of Atlantic                                                                                                                                     | CUSIP: 048483M40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1805000 | PA      | $1719276.40   | 0.07%             | 2024-06-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                                          | State of California Department of Water Resources, Central Valley Project, Water System, Series AP                                                     | CUSIP: 13066K2Z1<br>LEI: 549300X618YEC5LGBQ98 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30242.66     | 0.00%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, University Hospitals Health System, Inc., Series 2013A                                                                                  | CUSIP: 67756CBR8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     95000 | PA      | $95083.12     | 0.00%             | 2026-01-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Garland Independent School District                                                        | Garland Independent School District, Unlimited Tax, School Building                                                                                    | CUSIP: 366155E54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52546.92     | 0.00%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chippewa Valley Schools                                                                    | Chippewa Valley Schools                                                                                                                                | CUSIP: 170016YC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30121.67     | 0.00%             | 2033-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| City of Laredo TX                                                                          | City of Laredo, Combination Tax                                                                                                                        | CUSIP: 516824AH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41958.56     | 0.00%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Troy School District/MI                                                                    | Troy School District, School Building and Site                                                                                                         | CUSIP: 897404QB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25258.84     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Hempstead NY                                                                       | Town of Hempstead                                                                                                                                      | CUSIP: 424672WZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35490.26     | 0.00%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Sanitation District                                                          | Hampton Roads Sanitation District, Wastewater, Series 2016A                                                                                            | CUSIP: 409327HB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25413.99     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                       | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels                                                                                        | CUSIP: 89602NZE7<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1122190.94   | 0.04%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Marana AZ Pledged Excise Revenue                                                   | Town of Marana, Excise Tax, Series 2017B                                                                                                               | CUSIP: 56574CBE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35481.55     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Cary NC Combined Utility Systems Revenue                                           | Town of Cary, Combined Utility Enterprise System                                                                                                       | CUSIP: 147056DJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90000.00     | 0.00%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                  | Indiana Finance Authority, Community Foundation of Northwest Indiana Obligated Group                                                                   | CUSIP: 45506DQD0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25155.57     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                               | New Mexico Finance Authority, Senior Lien Public Project Revolving Fund, Series 2020B                                                                  | CUSIP: 64711PED8<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25315.12     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                       | City of Charlotte, Airport Special Facilities                                                                                                          | CUSIP: 161036LT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36241.43     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Centerville City School District                                                           | Centerville City School District, School Improvement                                                                                                   | CUSIP: 152239JL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2030-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Bryan TX Electric System Revenue                                                   | City of Bryan, Electric System                                                                                                                         | CUSIP: 117569HU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15197.67     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                                 | Capital Trust Agency, Inc., Sustainability Bonds -The Marie                                                                                            | CUSIP: 14052WDX2<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    575000 | PA      | $572434.75    | 0.02%             | 2023-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| County of Forsyth NC                                                                       | County of Forsyth                                                                                                                                      | CUSIP: 346623HM6<br>LEI: 549300QZDXNB40E8SI64 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30248.72     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts School Building Authority                                                    | Massachusetts School Building Authority, Dedicated Sales Tax, Series 2013A                                                                             | CUSIP: 576000ZT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20228.56     | 0.00%             | 2038-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Bond Bank                                                                          | Indiana Bond Bank, Special Program, Columbus Learning Center Project, Series 2012C                                                                     | CUSIP: 4546245F0<br>LEI: 549300TZMGETS4ELEI93 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200389.48    | 0.01%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Blue Earth MN                                                                    | County of Blue Earth, Capital Improvement, Series 2018A                                                                                                | CUSIP: 095410QJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brunswick Central School District                                                          | Brunswick Central School District                                                                                                                      | CUSIP: 117300GA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7531635.75   | 0.29%             | 2023-06-29      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Rhode Island                                                                      | State of Rhode Island and Providence Plantations Lease Participation Certificates, School for The Deaf Project, Series 2017D                           | CUSIP: 76222WLR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30910.28     | 0.00%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Passaic NJ                                                                       | County of Passaic, Series 2015A                                                                                                                        | CUSIP: 702725UK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Magna Water District                                                                       | Magna Water District                                                                                                                                   | CUSIP: 559315BU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50612.83     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Square Central School District                                                     | Central Square Central School District                                                                                                                 | CUSIP: 155213LU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25203.13     | 0.00%             | 2023-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                             | New Jersey Transportation Trust Fund Authority, Transportation System                                                                                  | CUSIP: 646136LU3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    215000 | PA      | $215238.76    | 0.01%             | 2022-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Authority      | Louisiana Local Government Environmental Facilities and Community Development Authority, City of Lake Charles Public Improvement Project               | CUSIP: 5462827P3<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100993.79    | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clay Multi School Building Corp.                                                           | Clay Multi School Building Corp.                                                                                                                       | CUSIP: 183595AZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $210606.33    | 0.01%             | 2023-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                                     | Oklahoma Development Finance Authority, Health System, Integris Obligated Group, Series 2020C                                                          | CUSIP: 67884XCT2<br>LEI: 549300PXGPHUWC32DJ91 | Long             | STIV             | MUN               | US        |  29125000 | PA      | $29125000.00  | 1.12%             | 2031-08-15      | Variable      | 2.37%                 | No            |                  2 | On Loan: No      |
| Bristol-Plymouth Regional Vocational Technical School District/MA                          | Bristol-Plymouth Regional Vocational Technical School District                                                                                         | CUSIP: 110156BM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6003286.20   | 0.23%             | 2023-02-28      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                              | North Texas Tollway Authority                                                                                                                          | CUSIP: 66285WK88<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    525000 | PA      | $526036.40    | 0.02%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                   | State of Connecticut, Special Tax Transportation Infrastructure Purposes                                                                               | CUSIP: 207758VA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25413.99     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Municipal Power Agency No. 1                                                | North Carolina Municipal Power Agency No. 1, Catawba Electric, Series E                                                                                | CUSIP: 658203Z31<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20040.47     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St. Paul Metropolitan Airports Commission                                      | Minneapolis-St. Paul Metropolitan Airports Commission, Series B                                                                                        | CUSIP: 603827XF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40051.40     | 0.00%             | 2023-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Brownsburg 1999 School Building Corp.                                                      | Brownsburg 1999 School Building Corp., Ad Valorem Property Tax First Mortgage                                                                          | CUSIP: 116083PQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31054.82     | 0.00%             | 2024-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Wichita KS                                                                         | City of Wichita                                                                                                                                        | CUSIP: 967245MH1<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |    115000 | PA      | $115000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Transit Authority                                                                     | Utah Transit Authority, Sales Tax, Series 2015A                                                                                                        | CUSIP: 917567BC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20270.48     | 0.00%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Stadium & Exposition District                                                    | Louisiana Stadium and Exposition District                                                                                                              | CUSIP: 546410CE9<br>LEI: 5493000QEHWDGVGH7J62 | Long             | DBT              | MUN               | US        |   5700000 | PA      | $5709363.96   | 0.22%             | 2023-07-03      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Huron Area School District                                                            | Port Huron Area School District, School Building and Site, Unlimited Tax                                                                               | CUSIP: 734353LZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25148.35     | 0.00%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Licking County Career & Technology Education Centers                                       | Licking County Career and Technology Education Centers                                                                                                 | CUSIP: 531661BN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50019.04     | 0.00%             | 2023-12-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Maine Governmental Facilities Authority                                                    | Maine Governmental Facilities Authority, Lease Rental, Series 2015B                                                                                    | CUSIP: 56041MPT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $9938.26      | 0.00%             | 2023-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Wastewater System Revenue                                           | City of Los Angeles, Wastewater System, Series 2013A                                                                                                   | CUSIP: 53945CAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50642.68     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri State Board of Public Buildings                                                   | Missouri State Board of Public Buildings, Series 2015B                                                                                                 | CUSIP: 606341JB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25207.27     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County Consolidated High School District No. 120 Mundelein                            | Lake County Consolidated High School District No. 120 Mundelein, Limited Tax                                                                           | CUSIP: 509156HD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $135000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Marcos TX                                                                      | City of San Marcos, Combination Tax, Certificates of Obligation                                                                                        | CUSIP: 798765EL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36331.67     | 0.00%             | 2024-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                                        | State of Illinois, Sales Tax, Series 2016D                                                                                                             | CUSIP: 452227LR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120965.90    | 0.00%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Travis County Housing Finance Corp.                                                        | Travis County Housing Finance Corp., Multi-Family Housing, Cascades at Onion Creek Apartments                                                          | CUSIP: 89438UBD9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    165000 | PA      | $164014.72    | 0.01%             | 2024-02-01      | Variable      | 0.35%                 | No            |                  2 | On Loan: No      |
| County of Butler OH Sewer System Revenue                                                   | County of Butler, Sewer System                                                                                                                         | CUSIP: 123560FX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                      | Metropolitan Transportation Authority, Series 2002D-1                                                                                                  | CUSIP: 59259YPN3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125000.00    | 0.00%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palomar Community College District                                                         | Palomar Community College District                                                                                                                     | CUSIP: 697511CM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51665.19     | 0.00%             | 2024-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii State Highway Fund                                                         | State of Hawaii, State Highway Fund, Series B                                                                                                          | CUSIP: 41981CMC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25052.03     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, State Personal Income Tax, General Purpose                                                                         | CUSIP: 64990FNV2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41163.70     | 0.00%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Iowa (The)                                                                   | University of Iowa (The), Recreational Facilities                                                                                                      | CUSIP: 857536ZM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20175.78     | 0.00%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Tax-Exempt, Series 2015C                                                                                                             | CUSIP: 64966LZW4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31399.37     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                               | Los Angeles Department of Water and Power, Water System, Series 2013B                                                                                  | CUSIP: 544525SA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40596.85     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                     | California Municipal Finance Authority, Tuolumne Project                                                                                               | CUSIP: 13049UDE6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tempe Industrial Development Authority                                                     | Tempe Industrial Development Authority, Friendship Village of Tempe Project, Series 2021C-2                                                            | CUSIP: 87972MBW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1880000 | PA      | $1614055.95   | 0.06%             | 2026-12-01      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                             | New Jersey Transportation Trust Fund Authority, Transportation System                                                                                  | CUSIP: 646136WC1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    140000 | PA      | $135113.01    | 0.01%             | 2023-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Staples United Hospital District                                                           | Staples United Hospital District, Lakewood Health System                                                                                               | CUSIP: 88903ACC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Institutional Tax Free Money Market Fund                                          | JPMorgan Institutional Tax Free Money Market Fund, Class IM                                                                                            | CUSIP: 46645V725<br>LEI: N/A                  | Long             | STIV             | RF                | US        | 350882674 | NS      | $351058115.02 | 13.45%            |  |  |  | No            |                  1 | On Loan: No      |
| California State Public Works Board                                                        | California State Public Works Board, Judicial Council Project, Series A                                                                                | CUSIP: 13068LCF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $276704.01    | 0.01%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Adams CO                                                                         | County of Adams                                                                                                                                        | CUSIP: 005596DT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                       | Chicago O'Hare International Airport, General Airport, Senior Lien                                                                                     | CUSIP: 167593Q54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42535.31     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp.                                                                | Rhode Island Commerce Corp., Series 2016A                                                                                                              | CUSIP: 762232AF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151755.33    | 0.01%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Water Works Board of the City of Birmingham (The)                                          | Water Works Board of the City of Birmingham (The), Series 2016B                                                                                        | CUSIP: 091096LA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25051.41     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of East Haddam CT                                                                     | Town of East Haddam, Series 2020A                                                                                                                      | CUSIP: 272623JA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Fairview Park OH                                                                   | City of Fairview Park, Limited Tax                                                                                                                     | CUSIP: 305837JD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $165000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Peters Township School District Washington County                                          | Peters Township School District Washington County                                                                                                      | CUSIP: 716090XG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21257.43     | 0.00%             | 2026-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Corinth TX                                                                         | City of Corinth, Combination Tax                                                                                                                       | CUSIP: 21885AKF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25122.66     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                       | Chicago O'Hare International Airport, General Airport, Senior Lien                                                                                     | CUSIP: 167593QZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1142372.34   | 0.04%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Howell NJ                                                                      | Township of Howell                                                                                                                                     | CUSIP: 443157LU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13850000 | PA      | $13847038.87  | 0.53%             | 2023-03-23      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Township of Little Falls NJ                                                                | Township of Little Falls, General Improvement                                                                                                          | CUSIP: 537173KQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30869.75     | 0.00%             | 2025-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Township of Little Egg Harbor NJ                                                           | Township of Little Egg Harbor                                                                                                                          | CUSIP: 537089DZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9063000 | PA      | $9074722.99   | 0.35%             | 2023-01-26      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                                    | State of North Carolina, Limited Obligation, Series 2013A                                                                                              | CUSIP: 65829QAW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10106.86     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Nantucket MA                                                                       | Town of Nantucket                                                                                                                                      | CUSIP: 630191YJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70040.26     | 0.00%             | 2022-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pflugerville Independent School District                                                   | Pflugerville Independent School District, School Building, Unlimited Tax, Series 2019A                                                                 | CUSIP: 7170956L2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25124.72     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                          | County of Wake, Public Improvement, Series 2018A                                                                                                       | CUSIP: 930864AE3<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25158.70     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Richardson Independent School District                                                     | Richardson Independent School District, Unlimited Tax, Series 2015B                                                                                    | CUSIP: 763261L36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31482.07     | 0.00%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Cumberland ME                                                                      | Town of Cumberland                                                                                                                                     | CUSIP: 230687HK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35366.74     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fergus Falls MN                                                                    | City of Fergus Falls                                                                                                                                   | CUSIP: 314766CQ7<br>LEI: 549300O0L2FC86K3O684 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kane County Forest Preserve District                                                       | Kane County Forest Preserve District                                                                                                                   | CUSIP: 483862NW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60055.92     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Kansas City MO Water Revenue                                                       | City of Kansas City                                                                                                                                    | CUSIP: 485116XT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Board of the City of Mobile Alabama                                 | Industrial Development Board of The City of Mobile, Alabama Power Control, Barry Plant Project                                                         | CUSIP: 607167DZ3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    100000 | PA      | $94684.26     | 0.00%             | 2034-06-01      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                        | State of Washington, Motor Vehicle Fuel Tax, Series 2003C                                                                                              | CUSIP: 93974AML5<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     45000 | PA      | $44413.91     | 0.00%             | 2023-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Will County Community Consolidated School District No. 33-C Homer Glen                     | Will County Community Consolidated School District No. 33-C Homer Glen                                                                                 | CUSIP: 968719DT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pittsburgh School District                                                                 | Pittsburgh School District                                                                                                                             | CUSIP: 725277JJ7<br>LEI: 549300DCE2NGMJO6P377 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25452.67     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Chatham NC                                                                       | County of Chatham, Limited Obligation                                                                                                                  | CUSIP: 16207RAY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2023-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Utah (The)                                                                   | University of Utah (The), Series A-1                                                                                                                   | CUSIP: 915183SM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20337.85     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas A&M University                                                                       | Texas A&M University, Financing System, Series 2013B                                                                                                   | CUSIP: 8821356L5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25288.46     | 0.00%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riverside County Transportation Commission Sales Tax Revenue                               | Riverside County Transportation Commission, Sales Tax                                                                                                  | CUSIP: 769125FP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25316.36     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Series 2004A-6                                                                                                                       | CUSIP: 64966KDY6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40160.29     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                        | State of Washington, Various Purpose, Series 2018A                                                                                                     | CUSIP: 93974DN38<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41588.73     | 0.00%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Winnebago IL                                                                     | County of Winnebago, Public Safety Sales Tax Alternative Revenue Source, Series 2013A                                                                  | CUSIP: 974450ZH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20038.28     | 0.00%             | 2024-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                              | Texas Water Development Board, Water Implementation Fund                                                                                               | CUSIP: 882854G22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52217.94     | 0.00%             | 2024-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Englewood NJ                                                                       | City of Englewood                                                                                                                                      | CUSIP: 293191TJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115096.17    | 0.00%             | 2023-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Plaza at Noah's Ark Community Improvement District                                         | Plaza at Noah's Ark Community Improvement District                                                                                                     | CUSIP: 72813LAH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $149048.34    | 0.01%             | 2023-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Forsyth County School District                                                             | Forsyth County School District                                                                                                                         | CUSIP: 346604HH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45190.08     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                           | Pennsylvania Turnpike Commission, Series 2018A-1                                                                                                       | CUSIP: 709224G86<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | STIV             | MUN               | US        |     25000 | PA      | $24998.35     | 0.00%             | 2023-12-01      | Floating      | 2.50%                 | No            |                  2 | On Loan: No      |
| County of Comal TX                                                                         | County of Comal, Combination Tax, Certificates of Obligation                                                                                           | CUSIP: 199795NG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25020.50     | 0.00%             | 2023-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Stark OH                                                                         | County of Stark, Communication System, Limited Tax                                                                                                     | CUSIP: 855345XT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Airport System Revenue                                                | County of Broward, Airport System                                                                                                                      | CUSIP: 114894NG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $415748.00    | 0.02%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                            | New York City Water and Sewer System, Second General Resolution, Fiscal Year 2019                                                                      | CUSIP: 64972GSL9<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90079.90     | 0.00%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                                          | City of Dallas, Equipment Acquisition Contract, Series 2020B                                                                                           | CUSIP: 235219SQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95475.88     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                       | District of Columbia, Federal Highway                                                                                                                  | CUSIP: 25483VWJ9<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada                                                                            | State of Nevada, Limited Tax, Series 2015E                                                                                                             | CUSIP: 641461U89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20082.14     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jennings County School Building Corp.                                                      | Jennings County School Building Corp., First Mortgage                                                                                                  | CUSIP: 476160QS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $59936.10     | 0.00%             | 2023-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 83 University Place                                      | Pierce County School District No. 83 University Place, Unlimited Tax                                                                                   | CUSIP: 720475TC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                                        | City of Austin                                                                                                                                         | CUSIP: 052477UJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20040.06     | 0.00%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Bucks PA                                                                         | County of Bucks                                                                                                                                        | CUSIP: 118565VN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Municipal Power Agency                                                            | Northern Municipal Power Agency, Series 2013A                                                                                                          | CUSIP: 665444JK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50088.50     | 0.00%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                 | Michigan Finance Authority, Beaumont Health Credit Group, Series 2015A                                                                                 | CUSIP: 59447P6E6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41568.78     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                   | State of Connecticut, Special Tax Transportation Infrastructure Purposes, Series A                                                                     | CUSIP: 207758RV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56084.07     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                        | Virginia College Building Authority, Educational Facilities, 21st Century College and Equipment Programs                                               | CUSIP: 92778VAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65272.39     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pembroke Central School District                                                           | Pembroke Central School District                                                                                                                       | CUSIP: 706427CR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3790536 | PA      | $3810922.64   | 0.15%             | 2023-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                               | Mississippi Development Bank, Harrison County                                                                                                          | CUSIP: 60534TML6<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   2190000 | PA      | $2328808.11   | 0.09%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, State Sales Tax                                                                                                    | CUSIP: 64990ADP7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    215000 | PA      | $216589.17    | 0.01%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                                   | County of Miami-Dade, Aviation System                                                                                                                  | CUSIP: 59333PE46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400687.88    | 0.02%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Silicon Valley Clean Water                                                                 | Silicon Valley Clean Water, Wastewater, Series 2019A                                                                                                   | CUSIP: 82707BDG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $627527.19    | 0.02%             | 2024-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Township of Washington NJ/Morris County                                                    | Township of Washington                                                                                                                                 | CUSIP: 940424CX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30748.28     | 0.00%             | 2025-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                  | New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series 2017A                                                                      | CUSIP: 64578JAY2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50606.75     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Public School and College Authority                                                | Alabama Public School and College Authority, Capital Improvement, Series 2013A                                                                         | CUSIP: 0106085Y9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40133.92     | 0.00%             | 2024-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| City of Cedar Park TX                                                                      | City of Cedar Hill, Refunding and Improvement                                                                                                          | CUSIP: 150461J77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42019.97     | 0.00%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority (The)                                                  | Camden County Improvement Authority (The), Series 2012A                                                                                                | CUSIP: 13281NPC0<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |     75000 | PA      | $74877.75     | 0.00%             | 2023-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Cook County Community Consolidated School District No. 15 Palatine                         | Cook County Community Consolidated School District No. 15 Palatine                                                                                     | CUSIP: 213291QJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Neshoba County School District                                                             | Neshoba County School District                                                                                                                         | CUSIP: 641008AG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $480516.38    | 0.02%             | 2026-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Pleasant Dale Park District                                                                | Pleasant Dale Park District, Series A                                                                                                                  | CUSIP: 728211EL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $255120.41    | 0.01%             | 2022-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                       | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series 2012B                                                                          | CUSIP: 89602NZG2<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    355000 | PA      | $355360.25    | 0.01%             | 2025-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Lynnwood WA Utility Revenue                                                        | City of Lynnwood                                                                                                                                       | CUSIP: 551702CJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30429.44     | 0.00%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Derry Township Industrial & Commercial Development Authority                               | Derry Township Industrial and Commercial Development Authority, Derry Township Municipal Center Project                                                | CUSIP: 25006PCU7<br>LEI: 5493000OR0PYXZQ82P35 | Long             | DBT              | MUN               | US        |    160000 | PA      | $155571.39    | 0.01%             | 2023-11-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                       | Chicago O'Hare International Airport, Senior Lien, Series D                                                                                            | CUSIP: 167593VZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $155322.56    | 0.01%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Kansas City MO Water Revenue                                                       | City of Kansas City, Series 2019A                                                                                                                      | CUSIP: 485116XU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Prior Lake-Savage Independent School District No. 719                                      | Prior Lake-Savage Independent School District No. 719, Series 2013C                                                                                    | CUSIP: 742633TL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200507.60    | 0.01%             | 2023-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                                      | Utility Debt Securitization Authority, Series 2016B                                                                                                    | CUSIP: 91802RDE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250221.95    | 0.01%             | 2024-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                  | New Jersey Economic Development Authority, School Facilities Construction                                                                              | CUSIP: 6459165F0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     75000 | PA      | $80013.44     | 0.00%             | 2025-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                                      | Utility Debt Securitization Authority                                                                                                                  | CUSIP: 91802RBC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50044.39     | 0.00%             | 2024-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Decatur IL                                                                         | City of Decatur                                                                                                                                        | CUSIP: 243127XS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $121148.88    | 0.00%             | 2024-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Benton WA                                                                        | County of Benton, Limited Tax                                                                                                                          | CUSIP: 082847GW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Midlothian TX                                                                      | City of Midlothian, Combination Tax, Navarro College District                                                                                          | CUSIP: 597834XW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25149.80     | 0.00%             | 2024-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Asset Receivable Corp.                                                           | Sales Tax Asset Receivable Corp., Fiscal Year 2015, Series 2015A                                                                                       | CUSIP: 794665FN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20906.48     | 0.00%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnetonka Independent School District No. 276                                             | Minnetonka Independent School District No. 276                                                                                                         | CUSIP: 604204VH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $116262.75    | 0.00%             | 2023-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harris County Health Facilities Development Corp.                                          | Harris County Health Facilities Development Corp., Sisters of Charity of the Incarnate Word                                                            | CUSIP: 41315RAY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6275000 | PA      | $6737646.97   | 0.26%             | 2027-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Municipality of Anchorage AK                                                               | Municipality of Anchorage, Series D                                                                                                                    | CUSIP: 0331614E7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25439.58     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Defiance City School District                                                              | Defiance City School District, Various Purpose                                                                                                         | CUSIP: 244721EJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of St Louis MN                                                                      | County of St. Louis, Capital Improvement                                                                                                               | CUSIP: 791230TZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35836.54     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                                      | Duluth Economic Development Authority, Benedictine Health System, Series 2021A                                                                         | CUSIP: 26444VAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $203437.31    | 0.01%             | 2023-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Vancouver WA                                                                       | City of Vancouver, Limited Tax, Series 2015B                                                                                                           | CUSIP: 921594Q26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Southmost College District                                                           | Texas Southmost College District                                                                                                                       | CUSIP: 88269PHB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20098.13     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Utah                                                                              | State of Utah                                                                                                                                          | CUSIP: 917542UH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77873.14     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Hanover MA                                                                         | Town of Hanover                                                                                                                                        | CUSIP: 411018RT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45317.92     | 0.00%             | 2023-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Saginaw City School District                                                               | Saginaw City School District, Unlimited Tax                                                                                                            | CUSIP: 786743MY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36017.80     | 0.00%             | 2024-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                 | Illinois Finance Authority, Northwestern Memorial Healthcare, Series 2017B                                                                             | CUSIP: 45204EA40<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90072.91     | 0.00%             | 2057-07-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Rantoul IL                                                                      | Village of Rantoul                                                                                                                                     | CUSIP: 753279HX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $357993.20    | 0.01%             | 2025-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Clearwater FL Water & Sewer Revenue                                                | City of Clearwater, Water and Sewer                                                                                                                    | CUSIP: 185328KU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakland State Building Authority                                                           | Oakland State Building Authority, Elihu M. Harris State Office Building                                                                                | CUSIP: 672324BL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                              | Kentucky State Property and Building Commission, Project No. 119                                                                                       | CUSIP: 49151FYT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25244.30     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alvin Independent School District/TX                                                       | Alvin Independent School District, Unlimited Tax                                                                                                       | CUSIP: 022447M45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35111.68     | 0.00%             | 2023-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                                      | Utility Debt Securitization Authority, Restructuring                                                                                                   | CUSIP: 91802RDQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25330.05     | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                    | Los Angeles Department of Water and Power, Power System, Series 2013A                                                                                  | CUSIP: 544495YR9<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25051.00     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Delray Beach FL                                                                    | City of Delray Beach                                                                                                                                   | CUSIP: 247307GZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40484.29     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Broome County Local Development Corp.                                                      | Broome County Local Development Corp., Good Shepherd Village at Endwell, Inc.                                                                          | CUSIP: 114731AY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $592112.54    | 0.02%             | 2024-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Township of Bloomfield NJ                                                                  | Township of Bloomfield                                                                                                                                 | CUSIP: 094171QE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8900000 | PA      | $8902791.04   | 0.34%             | 2023-03-23      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Eagle County School District No. Re50J                                                     | Eagle County School District No. Re50J                                                                                                                 | CUSIP: 26951PFM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20076.84     | 0.00%             | 2026-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                          | City and County of Denver, Airport System                                                                                                              | CUSIP: 249182FZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1045436.91   | 0.04%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Alabama (The)                                                                | University of Alabama (The), Series 2012-A                                                                                                             | CUSIP: 914026MP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $310591.82    | 0.01%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hennepin MN                                                                      | County of Hennepin, Sales Tax, Series 2020C                                                                                                            | CUSIP: 425507KP4<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20020.12     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| William S Hart Union High School District                                                  | William S Hart Union High School District, Election of 2008, Series 2013C                                                                              | CUSIP: 969268CF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20204.40     | 0.00%             | 2026-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Forest Hills Local School District                                                         | Forest Hills Local School District, School Improvement                                                                                                 | CUSIP: 345766MU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chula Vista Municipal Financing Authority                                                  | Chula Vista Municipal Financing Authority                                                                                                              | CUSIP: 17132EAZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10333.04     | 0.00%             | 2024-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Atlanta Rapid Transit Authority                                               | Metropolitan Atlanta Rapid Transit Authority, Sales Tax                                                                                                | CUSIP: 591745B37<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40616.86     | 0.00%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Leander Independent School District                                                        | Leander Independent School District, Unlimited Tax                                                                                                     | CUSIP: 521841A48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40650.14     | 0.00%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Torrance Unified School District                                                           | Torrance Unified School District, Election of 2008                                                                                                     | CUSIP: 891381N27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25422.31     | 0.00%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Zionsville Community Schools Building Corp.                                                | Zionsville Community Schools Building Corp., First Mortgage, Capital Appreciation, Series 2003Z                                                        | CUSIP: 98972LDA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $23406.61     | 0.00%             | 2025-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Township of Upper Freehold NJ                                                              | Township of Upper Freehold                                                                                                                             | CUSIP: 915801CZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9900000 | PA      | $9898498.17   | 0.38%             | 2023-03-23      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| City of Frisco TX                                                                          | City of Frisco                                                                                                                                         | CUSIP: 358776A77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30156.45     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Bend County Municipal Utility District No. 169                                        | Fort Bend County Municipal Utility District No. 169, Series 2021A                                                                                      | CUSIP: 34682HWZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $195000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Connecticut                                                                  | University of Connecticut, Series 2020A                                                                                                                | CUSIP: 914233Z79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $980024.57    | 0.04%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                   | Massachusetts Development Finance Agency, Salem Community Corp.                                                                                        | CUSIP: 57584Y2M0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    450000 | PA      | $450032.18    | 0.02%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                               | Los Angeles Department of Water and Power, Water System, Series 2013B                                                                                  | CUSIP: 544525SB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35516.13     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Nebraska Facilities Corp.                                                    | University of Nebraska Facilities Corp., UNMC Cancer Center                                                                                            | CUSIP: 914639FM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20101.01     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH                                                                      | County of Franklin, Limited Tax                                                                                                                        | CUSIP: 3531725G0<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25313.87     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington County Clean Water Services                                                     | Washington County Clean Water Services, Senior Lien                                                                                                    | CUSIP: 18452QAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20405.95     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona School Facilities Board                                                            | Arizona School Facilities Board, Series 2015A                                                                                                          | CUSIP: 04057PJW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20365.13     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greece Central School District                                                             | Greece Central School District                                                                                                                         | CUSIP: 392460XW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25022.66     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX                                                                          | City of Austin, Public Improvement                                                                                                                     | CUSIP: 052397AH9<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40739.24     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC Combined Enterprise System Revenue                                      | City of Raleigh, Combined Enterprise System                                                                                                            | CUSIP: 751100JU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20125.46     | 0.00%             | 2043-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Royal Independent School District                                                          | Royal Independent School District, Unlimited Tax                                                                                                       | CUSIP: 780699QS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40196.26     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Adrian City School District                                                                | Adrian City School District, Unlimited Tax                                                                                                             | CUSIP: 007266KY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201120.70    | 0.01%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Polk County School District                                                                | Polk County School District, Sales Tax                                                                                                                 | CUSIP: 731127CT1<br>LEI: 549300N07FMPTRZO0044 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31293.50     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utica Community Schools/MI                                                                 | Utica Community Schools, School Building and Site, Unlimited Tax                                                                                       | CUSIP: 917661R36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45244.72     | 0.00%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pueblo County School District No. 70                                                       | Pueblo County School District No. 70                                                                                                                   | CUSIP: 744890SV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2027-12-01      | Fixed         | 4.00%                 | 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: 592098W45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35512.06     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No. 1                                                 | Denver City and County School District No. 1, Series 2017B                                                                                             | CUSIP: 24919PKK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Adams & Arapahoe Joint School District 28J Aurora                                          | Adams and Arapahoe Joint School District 28J Aurora                                                                                                    | CUSIP: 0054822J2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Pearland TX                                                                        | City of Pearland, Permanent Improvement                                                                                                                | CUSIP: 7048627N5<br>LEI: 549300UYAWZP0LF3EF82 | Long             | DBT              | MUN               | US        |    110000 | PA      | $110654.23    | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montana Facility Finance Authority                                                         | Montana Facility Finance Authority, School Health System, Series 2019A                                                                                 | CUSIP: 61204KML2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70135.31     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                      | Louisiana Public Facilities Authority                                                                                                                  | CUSIP: 546399NS1<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25022.20     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                         | Tennessee Energy Acquisition Corp., Commodity Project, Series 2021A                                                                                    | CUSIP: 88044TAE9<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    400000 | PA      | $412714.28    | 0.02%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Racine WI                                                                          | City of Racine                                                                                                                                         | CUSIP: 7500217L5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                            | State of Hawaii                                                                                                                                        | CUSIP: 4197912V9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50170.88     | 0.00%             | 2023-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Prairie United School District Building Corp.                                          | New Prairie United School District Building Corp., First Mortgage                                                                                      | CUSIP: 648183FD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35841.90     | 0.00%             | 2025-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                              | Main Street Natural Gas, Inc., Gas Supply, Series 2019B                                                                                                | CUSIP: 56035DCC4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    345000 | PA      | $345000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dallas County Utility & Reclamation District                                               | Dallas County Utility and Reclamation District, Unlimited Tax                                                                                          | CUSIP: 234839NX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $195888.58    | 0.01%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of New Castle DE                                                                    | County of New Castle                                                                                                                                   | CUSIP: 64327TGF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25808.42     | 0.00%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                                    | City of Phoenix Civic Improvement Corp., Junior Lien                                                                                                   | CUSIP: 71883PJC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85167.74     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New Albany OH                                                                      | City of New Albany, Limited Tax                                                                                                                        | CUSIP: 641840EZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| St. Cloud Independent School District No. 742                                              | St. Cloud Independent School District No. 742, Series 2021A                                                                                            | CUSIP: 789182CL4<br>LEI: 549300777B7XVMYHUU90 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125312.05    | 0.00%             | 2025-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, School Discricts Financing Program                                                                                 | CUSIP: 65000BVR6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10016.70     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Valhalla Union Free School District                                                        | Valhalla Union Free School District                                                                                                                    | CUSIP: 919150FA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25105.60     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sierra Joint Community College District                                                    | Sierra Joint Community College District No. 1, School Facilities Improvement, Series A                                                                 | CUSIP: 826239DW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45760.16     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2012A                                                           | CUSIP: 64990EDF1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    580000 | PA      | $580553.49    | 0.02%             | 2024-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Bourne MA                                                                          | Town of Bourne, Municipal Purpose Loan                                                                                                                 | CUSIP: 102061RY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $155000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                          | Michigan State Building Authority, Multi Modal Program                                                                                                 | CUSIP: 594615HB5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   8635000 | PA      | $8635000.00   | 0.33%             | 2042-10-15      | Variable      | 1.96%                 | No            |                  2 | On Loan: No      |
| Virginia Public School Authority                                                           | Virginia Public School Authority, School Financing, Special Obligation                                                                                 | CUSIP: 92818FBC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120512.87    | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Council Rock School District                                                               | Council Rock School District                                                                                                                           | CUSIP: 222263XU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $121463.18    | 0.00%             | 2023-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Putnam Valley Central School District                                                      | Putnam Valley Central School District                                                                                                                  | CUSIP: 746894HY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11130000 | PA      | $11198985.97  | 0.43%             | 2023-07-14      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                   | State of Connecticut, Special Tax Transportation Infrastructure Purposes, Series 2018A                                                                 | CUSIP: 207758XC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20518.43     | 0.00%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lynnwood Public Facilities District                                                        | Lynnwood Public Facilities District, Convention Center                                                                                                 | CUSIP: 551688BL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of River Vale NJ                                                                  | Township of River Vale                                                                                                                                 | CUSIP: 768457LQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3158000 | PA      | $3175598.27   | 0.12%             | 2023-07-14      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Borough of Ramsey NJ                                                                       | Borough of Ramsey                                                                                                                                      | CUSIP: 751600CT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10514000 | PA      | $10541690.72  | 0.40%             | 2023-06-02      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Water Resources Authority                                                    | Massachusetts Water Resources Authority                                                                                                                | CUSIP: 576051ZV1<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15588.29     | 0.00%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                       | District of Columbia, Income Tax, Series 2012C                                                                                                         | CUSIP: 25477GLU7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    180000 | PA      | $180000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cape Girardeau School District No. 63                                                      | Cape Girardeau School District No. 63                                                                                                                  | CUSIP: 139465KG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25722.67     | 0.00%             | 2025-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                                         | State of Louisiana, Series 2014-C                                                                                                                      | CUSIP: 546415T42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10164.27     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                           | New York State Thruway Authority, Series L                                                                                                             | CUSIP: 650009N90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40985.06     | 0.00%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                        | State of Washington, Motor Vehicle Fuel Tax                                                                                                            | CUSIP: 93974C6K1<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     85000 | PA      | $85336.37     | 0.00%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clinton Public Works Authority                                                             | Clinton Public Works Authority, Sales Tax                                                                                                              | CUSIP: 188408AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Monticello Independent School District No. 882                                             | Monticello Independent School District No. 882, School Building, Series 2016A                                                                          | CUSIP: 614478LV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $24963.33     | 0.00%             | 2023-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| County of Nassau NY                                                                        | County of Nassau, General Improvement, Series 2016A                                                                                                    | CUSIP: 63165TPX7<br>LEI: 549300ICRCGQYCPS7T40 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52289.15     | 0.00%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Waco TX                                                                            | City of Waco, Combination Tax, Certificates of Obligation                                                                                              | CUSIP: 929831MR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35145.50     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Ocean City NJ                                                                      | City of Ocean City, General Improvement                                                                                                                | CUSIP: 674684RT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41369.68     | 0.00%             | 2025-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dunkirk City School District                                                               | Dunkirk City School District                                                                                                                           | CUSIP: 265561KQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7200000 | PA      | $7234783.92   | 0.28%             | 2023-06-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                             | New Jersey Transportation Trust Fund Authority, Transportation System, Series 2006A                                                                    | CUSIP: 646136EK3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46181.07     | 0.00%             | 2023-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water Reclamation District of Greater Chicago                                 | Metropolitan Water Reclamation District of Greater Chicago, Series 2014D                                                                               | CUSIP: 167560SM4<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Franklin Public School District                                                            | Franklin Public School District                                                                                                                        | CUSIP: 355188JJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25129.78     | 0.00%             | 2023-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                     | North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group, Series 2019A                                                              | CUSIP: 65821DVV0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Contra Costa Community College District                                                    | Contra Costa Community College District, Election of 2006                                                                                              | CUSIP: 212204HD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20337.85     | 0.00%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Suburban College Community School District No. 510                                   | South Suburban College Community School District No. 510, Limited Tax                                                                                  | CUSIP: 216093FL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $24209.73     | 0.00%             | 2023-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                               | New Jersey Housing and Mortgage Finance Agency, Riverside Village Family Apartment                                                                     | CUSIP: 646127EV8<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    130000 | PA      | $130000.00    | 0.00%             | 2022-12-01      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                                    | Development Authority for Fulton County, Georgia Tech Facilities, Series 2014A                                                                         | CUSIP: 3599004Z7<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25258.84     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                     | New York State Urban Development Corp., State Personal Income Tax, General Purpose                                                                     | CUSIP: 650035S41<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    150000 | PA      | $151108.73    | 0.01%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Anderson KS                                                                      | County of Anderson, Series 2013A                                                                                                                       | CUSIP: 033630CV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50713.06     | 0.00%             | 2043-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| City of Heath TX                                                                           | City of Heath, Combination Tax and Surplus                                                                                                             | CUSIP: 422454JL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41941.04     | 0.00%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH                                                                      | County of Franklin, Hospital Facilities, OhioHealth Corp.                                                                                              | CUSIP: 353187EJ2<br>LEI: 549300VCBUC1RZE7KL42 | Long             | STIV             | MUN               | US        |  30000000 | PA      | $30000000.00  | 1.15%             | 2053-05-15      | Variable      | 1.92%                 | No            |                  2 | On Loan: No      |
| Village of Villa Park IL                                                                   | Village of Villa Park, Sales Tax, Series 2018A                                                                                                         | CUSIP: 927022QF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $135062.76    | 0.01%             | 2022-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                          | State of Illinois                                                                                                                                      | CUSIP: 452152ML2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1830000 | PA      | $1849678.54   | 0.07%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tift County Hospital Authority                                                             | Tift County Hospital Authority                                                                                                                         | CUSIP: 886640HM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of South Carolina                                                               | University of South Carolina, Higher Education Facilities                                                                                              | CUSIP: 913367EH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45469.65     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority (The)                                                  | Camden County Improvement Authority (The), Open Space Preservation Trust Fund                                                                          | CUSIP: 13281NNQ1<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50096.58     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Denton TX                                                                          | City of Denton                                                                                                                                         | CUSIP: 248866H81<br>LEI: 549300UWEY8IKYK09T27 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25126.26     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Capitol Improvement Authority                                                     | Oklahoma Capitol Improvement Authority, Office of Juvenile Affairs Project                                                                             | CUSIP: 679075AD3<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20292.61     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Redevelopment Refunding Authority Redevelopment Agency Successor Agency | Los Angeles County Redevelopment Refunding Authority Redevelopment Agency Successor Agency, CRA/LA Bunker Hill Project                                 | CUSIP: 54465AEK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Pennington SD                                                                    | County of Pennington, Limited Tax                                                                                                                      | CUSIP: 708292HX8<br>LEI: 5493002VJKRPNCQRDW60 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100472.53    | 0.00%             | 2023-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Buffalo NY                                                                         | City of Buffalo, Series 2012D                                                                                                                          | CUSIP: 119677KC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Gahanna-Jefferson City School District                                                     | Gahanna-Jefferson City School District                                                                                                                 | CUSIP: 362668JT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                 | Michigan Finance Authority, Ascension Senior Credit Group                                                                                              | CUSIP: 59447TWN9<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60502.69     | 0.00%             | 2044-11-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Shenendehowa Central School District                                                       | Shenendehowa Central School District                                                                                                                   | CUSIP: 823194J97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30089.79     | 0.00%             | 2023-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Palestine Multi-School Building Corp.                                                  | New Palestine Multi-School Building Corp., First Mortgage, Ad Valorem Property Tax                                                                     | CUSIP: 647832BG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45082.31     | 0.00%             | 2023-01-15      | 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, Tax-Exempt, Fiscal Year 2016                                                         | CUSIP: 64971WB74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $131342.29    | 0.01%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lorain OH                                                                        | County of Lorain, Various Purpose, Limited Tax                                                                                                         | CUSIP: 543553SP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Purdue University                                                                          | Purdue University, Student Fee, Series 2016CC                                                                                                          | CUSIP: 746189XG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40564.28     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                                         | Virginia Public Building Authority, Public Facilities, Series 2012A                                                                                    | CUSIP: 928172YS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10095.59     | 0.00%             | 2023-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                            | Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport Authority, Series 2019I-2                                                        | CUSIP: 45528UK34<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25049.15     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of El Paso CO                                                                       | County of El Paso, Terry R. Harris Judicial Complex Project                                                                                            | CUSIP: 283365KJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                                | Connecticut State Health and Educational Facilities Authority, Trinity Health Credit Group                                                             | CUSIP: 20774YXX0<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100364.57    | 0.00%             | 2023-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Harris County Regional Water Authority                                               | North Harris County Regional Water Authority, Senior Lien                                                                                              | CUSIP: 65956NGK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35031.46     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Coppell Independent School District                                                        | Coppell Independent School District, Unlimited Tax, Series 2019A                                                                                       | CUSIP: 217490BH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40695.48     | 0.00%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                    | New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Series Subseries F-1                                                     | CUSIP: 64971QX32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $521988.48    | 0.02%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Joint Municipal Electric Utility Commission                                       | Missouri Joint Municipal Electric Utility Commission, Prairie State Project                                                                            | CUSIP: 606092HP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pflugerville Independent School District                                                   | Pflugerville Independent School District, Unlimited Tax                                                                                                | CUSIP: 7170954W0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25124.72     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Electric Utility Revenue                                                 | City of Austin, Electric Utility System, Series 2012A                                                                                                  | CUSIP: 052414MP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $495922.38    | 0.02%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH                                                                      | County of Franklin, Hospital Facilities, OhioHealth Corp.                                                                                              | CUSIP: 353187CB1<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35402.26     | 0.00%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                 | Chicago Board of Education                                                                                                                             | CUSIP: 167505XU5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.04%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                                | Ohio Higher Educational Facility Commission, Case Western Reserve University Project, Series 2015A                                                     | CUSIP: 67756DCR5<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Onondaga County Water Authority                                                            | Onondaga County Water Authority, Series 2015A                                                                                                          | CUSIP: 682760GT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $39886.69     | 0.00%             | 2023-09-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| City of Lakeland FL Department of Electric Utilities                                       | City of Lakeland, Department of Electric Utilities                                                                                                     | CUSIP: 51166FDU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25509.52     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| USF Financing Corp.                                                                        | USF Financing Corp., Master Lease Program, Series 2012A                                                                                                | CUSIP: 90341UDD1<br>LEI: 549300P9Y92T23EMUI42 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50687.93     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Dennis NJ                                                                      | Township of Dennis                                                                                                                                     | CUSIP: 248599CA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2578444 | PA      | $2579979.21   | 0.10%             | 2023-06-16      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| State of Rhode Island                                                                      | State of Rhode Island and Providence Plantations, Courthouse Project, Series 2013A                                                                     | CUSIP: 76222WFX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45868.52     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                       | District of Columbia, Series D                                                                                                                         | CUSIP: 25476FSM1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25317.60     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alpine School District/UT                                                                  | Alpine School District, School Building, Guaranty Program                                                                                              | CUSIP: 021087VG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25179.73     | 0.00%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                     | New York State Urban Development Corp., Income Tax                                                                                                     | CUSIP: 650035E20<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45332.62     | 0.00%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Mobile AL                                                                        | County of Mobile, Warrants                                                                                                                             | CUSIP: 6072675Z0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25240.62     | 0.00%             | 2023-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Huntington Union Free School District                                                | South Huntington Union Free School District                                                                                                            | CUSIP: 838418TN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35032.62     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                                         | Southeastern Pennsylvania Transportation Authority                                                                                                     | CUSIP: 842039CQ0<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |     45000 | PA      | $47195.26     | 0.00%             | 2025-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tahoe-Truckee Unified School District                                                      | Tahoe-Truckee Unified School District, Election of 2014, School Facilities Improvement District No. 1, Series C                                        | CUSIP: 873884QK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20076.24     | 0.00%             | 2023-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Athens-Clarke County Unified Government                                                    | Athens-Clarke County Unified Government, Sales Tax                                                                                                     | CUSIP: 047064BB5<br>LEI: 5493001N4P5TQ2L9ZO30 | Long             | DBT              | MUN               | US        |    415000 | PA      | $415000.00    | 0.02%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spokane & Whitman Counties School District No. 360 Cheney                                  | Spokane and Whitman Counties School District No. 360 Cheney, Unlimited Tax                                                                             | CUSIP: 848641JG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                               | New Mexico Finance Authority, Subordinate Lien Public Project Revolving Fund, Tax-Exempt                                                               | CUSIP: 64711N7Y5<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40540.96     | 0.00%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                              | Kentucky State Property and Building Commission, Project No. 106, Series 2013A                                                                         | CUSIP: 49151FEP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35722.06     | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Garland TX                                                                         | City of Garland                                                                                                                                        | CUSIP: 3661195Z4<br>LEI: 549300O5KXJ5HAWVEN53 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20101.01     | 0.00%             | 2023-02-15      | 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                                                                     | CUSIP: 64971W6M7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25850.25     | 0.00%             | 2024-05-01      | 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 2013, Series H                                                           | CUSIP: 64971Q3A9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $186844.14    | 0.01%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Capitol Improvement Authority                                                     | Oklahoma Capitol Improvement Authority, State Highway Capital Improvement, Capitol Repair Project, Series 2017B                                        | CUSIP: 679088CZ5<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35072.84     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tri-County Metropolitan Transportation District of Oregon                                  | Tri-County Metropolitan Transportation District of Oregon, Series 2017A                                                                                | CUSIP: 89546RPA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45853.58     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Waxahachie TX                                                                      | City of Waxahachie, Combination Tax, Certificates of Obligation                                                                                        | CUSIP: 944080K90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25497.07     | 0.00%             | 2024-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Jacinto Community College District                                                     | San Jacinto Community College District, Limited Tax                                                                                                    | CUSIP: 798025SA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45234.68     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brookfield Local School District                                                           | Brookfield Local School District, Unlimited Tax, School Facilities Improvement                                                                         | CUSIP: 112743AX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105298.05    | 0.00%             | 2023-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                                         | City of Seattle, Municipal Light and Power Improvement, Series 2016C                                                                                   | CUSIP: 812643NG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45917.14     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mesa County Valley School District No. 51 Grand Junction/CO                                | Mesa County Valley School District No. 51 Grand Junction                                                                                               | CUSIP: 590621JY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35840.03     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Merced Union High School District                                                          | Merced Union High School District                                                                                                                      | CUSIP: 587635FL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $105944.93    | 0.00%             | 2046-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Madison & Jersey Counties Unit School District No. 11-Alton/IL                             | Madison and Jersey Counties Unit School District No. 11-Alton, Capital Appreciation                                                                    | CUSIP: 556547FG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                                    | State of North Carolina, Series 2015A                                                                                                                  | CUSIP: 658256W73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25321.34     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Housing Development Commission                                                    | Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program, Series 2021C                                  | CUSIP: 60637BK25<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |    480000 | PA      | $469204.22    | 0.02%             | 2023-11-01      | Fixed         | 0.35%                 | No            |                  2 | On Loan: No      |
| City of Plano TX                                                                           | City of Plano                                                                                                                                          | CUSIP: 727177MX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40243.29     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Fiscal Year 2014                                                                                                                     | CUSIP: 64966K4Z3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35560.96     | 0.00%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cooperstown Central School District                                                        | Cooperstown Central School District                                                                                                                    | CUSIP: 216872EB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5204000 | PA      | $5229141.04   | 0.20%             | 2023-06-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Loudoun County Economic Development Authority                                              | Loudoun County Economic Development Authority, Public Facilities Project, Series 2016A                                                                 | CUSIP: 54589SBY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                 | Chicago Board of Education, Unlimited Tax                                                                                                              | CUSIP: 167505WR3<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1575000.00   | 0.06%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sonoma County Junior College District                                                      | Sonoma County Junior College District, Series 2013A                                                                                                    | CUSIP: 835569DN1<br>LEI: 549300C1BQ28FZTVYK25 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20337.85     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                              | Commonwealth of Massachusetts                                                                                                                          | CUSIP: 57582RXW1<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30316.84     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Harbor Revenue                                                       | City of Long Beach Harbor, Private Activity                                                                                                            | CUSIP: 542424VY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20406.20     | 0.00%             | 2024-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Ashland KY                                                                         | City of Ashland                                                                                                                                        | CUSIP: 044293AU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1529714.84   | 0.06%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Akron OH                                                                           | City of Akron, Income Tax                                                                                                                              | CUSIP: 010079AH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20476.03     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Paso County School District No. 3 Widefield                                             | El Paso County School District No. 3 Widefield                                                                                                         | CUSIP: 283389NY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65000.00     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                                | Ohio Higher Educational Facility Commission, Case Western Reserve, Inc.                                                                                | CUSIP: 67756DC46<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102330.38    | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Muscle Shoals Utilities Board                                                              | Muscle Shoals Utilities Board                                                                                                                          | CUSIP: 627371HP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                                      | City of San Antonio, Electric and Gas Systems                                                                                                          | CUSIP: 7962532K7<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   2215000 | PA      | $2224208.20   | 0.09%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Snohomish County School District No. 103 Monroe                                            | Snohomish County School District No. 103 Monroe, Unlimited Tax                                                                                         | CUSIP: 833209KS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                                         | State of Wisconsin, Master Lease, Series 2021A                                                                                                         | CUSIP: 977087JU0<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30109.68     | 0.00%             | 2023-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pearl River Union Free School District                                                     | Pearl River Union Free School District                                                                                                                 | CUSIP: 704811LZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $19921.99     | 0.00%             | 2023-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Rio Blanco County School District No. Re-1 Meeker                                          | Rio Blanco County School District No. Re-1 Meeker                                                                                                      | CUSIP: 767000DK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Virginia State School Building Authority Lottery Revenue                              | West Virginia State School Building Authority, Lottery, Series 2015A                                                                                   | CUSIP: 95639DLL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25336.71     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King & Snohomish Counties School District No. 417 Northshore                               | King and Snohomish Counties School District No. 417 Northshore, Unlimited Tax                                                                          | CUSIP: 494656S36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Knox IN Sewage Works Revenue                                                       | City of Knox, Sewage Works                                                                                                                             | CUSIP: 499593BY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Washington MD                                                                    | County of Washington                                                                                                                                   | CUSIP: 9377517K5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35069.96     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cincinnati OH                                                                      | City of Cincinnati, Unlimited Tax, Series 2015A                                                                                                        | CUSIP: 172217UT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35850.49     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                                     | County of Baltimore, Consolidated Public Improvement                                                                                                   | CUSIP: 05914FH94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70444.37     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                                        | California State Public Works Board, Various Capital Projects                                                                                          | CUSIP: 13068LG74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45947.10     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District Nebraska City Station Unit 2                                   | Omaha Public Power District Nebraska City Station Unit 2, Series 2016A                                                                                 | CUSIP: 682004ES1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20081.15     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                              | North Texas Tollway Authority                                                                                                                          | CUSIP: 66285WL53<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100182.61    | 0.00%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Springfield School District No. R-12                                                       | Springfield School District No. R-12, Missouri Direct Deposit Program, Series 2014B                                                                    | CUSIP: 851035SV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20126.46     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County Township High School District No. 121 Warren                                   | Lake County Township High School District No. 121 Warren                                                                                               | CUSIP: 509174PU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $371756.39    | 0.01%             | 2024-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery AL                                                                    | County of Montgomery, Warrants                                                                                                                         | CUSIP: 613205KN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45277.78     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Railsplitter Tobacco Settlement Authority                                                  | Railsplitter Tobacco Settlement Authority                                                                                                              | CUSIP: 75076PAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2905000 | PA      | $2993414.26   | 0.11%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Adams & Arapahoe Joint School District 28J Aurora                                          | Adams and Arapahoe Joint School District 28J Aurora                                                                                                    | CUSIP: 0054822N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60000.00     | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Humble Independent School District                                                         | Humble Independent School District, Unlimited Tax School Building, Series 2016C                                                                        | CUSIP: 445047FG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40208.60     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                              | Commonwealth of Massachusetts, Consolidated Loan of 2017, Series 2017C                                                                                 | CUSIP: 57582RNQ5<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40168.96     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Navajo AZ Pledged Revenue                                                        | County of Navajo                                                                                                                                       | CUSIP: 63910MAE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20585.46     | 0.00%             | 2025-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dilley Independent School District/TX                                                      | Dilley Independent School District, Unlimited Tax, School Building                                                                                     | CUSIP: 254075GJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25432.72     | 0.00%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                           | Kentucky Public Energy Authority                                                                                                                       | CUSIP: 74440DDA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $956095.19    | 0.04%             | 2023-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                             | New Jersey Transportation Trust Fund Authority, Transportation System, Series 2006A                                                                    | CUSIP: 646136YV7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50031.93     | 0.00%             | 2022-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Borough of Matanuska-Susitna AK                                                            | Borough of Matanuska-Susitna                                                                                                                           | CUSIP: 576544D23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40241.90     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of College Station TX                                                                 | City of College Station                                                                                                                                | CUSIP: 194469CX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20104.30     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kennett Consolidated School District                                                       | Kennett Consolidated School District, Series 2018AA                                                                                                    | CUSIP: 489645SA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55176.63     | 0.00%             | 2023-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Bryan TX Rural Electric System Revenue                                             | City of Bryan, Rural Electric System                                                                                                                   | CUSIP: 117610DP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10131.78     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Framingham MA                                                                      | City of Framingham, Municipal Purpose Loan                                                                                                             | CUSIP: 3516942L7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                           | Ohio Water Development Authority, Drinking Water Assistance, Series 2019B                                                                              | CUSIP: 67765QHQ2<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Bloomfield NJ                                                                  | Township of Bloomfield, Water Improvement Utility                                                                                                      | CUSIP: 094171NP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25101.43     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                                   | Arlington Higher Education Finance Corp.                                                                                                               | CUSIP: 041806K41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $311659.06    | 0.01%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                                   | City of Pompano Beach, John Knox Village Project, Series 2021B-2                                                                                       | CUSIP: 732203BL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $665361.23    | 0.03%             | 2027-01-01      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Carmel Redevelopment Authority                                                             | Carmel Redevelopment Authority, Option Income Tax Lease Rental                                                                                         | CUSIP: 143294GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35858.15     | 0.00%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Washoe NV Sales Tax Revenue                                                      | County of Washoe, Sales Tax, Series 2016A                                                                                                              | CUSIP: 940855BM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Illinois                                                                     | University of Illinois, Auxiliary Facilities System, Series 2013A                                                                                      | CUSIP: 914353ZD2<br>LEI: 549300VD8PPC4Q5HK850 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40261.05     | 0.00%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlanta Public Safety & Judicial Facilities Authority                                      | Atlanta Public Safety and Judicial Facilities Authority, Public Safety Facilities Project                                                              | CUSIP: 04777TBB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                                                | Ohio Housing Finance Agency, Marianna Terrace Apartments, Series 2022A                                                                                 | CUSIP: 676900VT7<br>LEI: 549300K10X7VPG6JVX38 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $974821.00    | 0.04%             | 2025-03-01      | Variable      | 1.30%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                                       | Massachusetts Housing Finance Agency                                                                                                                   | CUSIP: 57587GBH7<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    765000 | PA      | $756467.88    | 0.03%             | 2023-06-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Fulton Mason Knox Schuyler Etc Counties Community College District No. 534                 | Fulton Mason Knox Schuyler Etc Counties Community College District No. 534                                                                             | CUSIP: 360395GJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55000.00     | 0.00%             | 2025-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grand Valley State University                                                              | Grand Valley State University                                                                                                                          | CUSIP: 386545KS5<br>LEI: 5493004492FRREYG5M95 | Long             | DBT              | MUN               | US        |    670000 | PA      | $698324.79    | 0.03%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Branford CT                                                                        | Town of Branford                                                                                                                                       | CUSIP: 105385XN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30111.26     | 0.00%             | 2034-08-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Avon Community School Building Corp.                                                       | Avon Community School Building Corp., Ad Valorem Property Tax First Mortgage                                                                           | CUSIP: 054071KC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20298.24     | 0.00%             | 2023-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 122 Ridgeland                                              | Cook County School District No. 122 Ridgeland, Series 2012D                                                                                            | CUSIP: 214633GM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, State Sales Tax                                                                                                    | CUSIP: 64990AEL5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    270000 | PA      | $271995.71    | 0.01%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Norfolk VA Water Revenue                                                           | City of Norfolk                                                                                                                                        | CUSIP: 656009LL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104364.46    | 0.00%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Miami FL                                                                           | City of Miami                                                                                                                                          | CUSIP: 593490MK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5024488.00   | 0.19%             | 2030-03-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| County of Macomb MI                                                                        | County of Macomb, Limited Tax                                                                                                                          | CUSIP: 554885L35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35226.52     | 0.00%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Adams & Weld Counties School District No. 27J Brighton/CO                                  | Adams and Weld Counties School District No. 27J Brighton, Series A                                                                                     | CUSIP: 005518VT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No. 1                                                 | Denver City and County School District No. 1, Series 2014A                                                                                             | CUSIP: 249174SY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                              | Commonwealth of Massachusetts, Series C                                                                                                                | CUSIP: 57582NH81<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    390000 | PA      | $390000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Infrastructure Improvement                                                                                                              | CUSIP: 677522FQ2<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50318.66     | 0.00%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue              | Commonwealth of Massachusetts Federal Highway, Series 2014A                                                                                            | CUSIP: 57583PGB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25909.19     | 0.00%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Perrysburg Exempted Village School District                                                | Perrysburg Exempted Village School District, Unlimited Tax                                                                                             | CUSIP: 715093HU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30654.38     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, Third General Resolution, State University Educational Facilities                                                  | CUSIP: 64983RHJ9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30405.07     | 0.00%             | 2023-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Water Resources Authority                                                    | Massachusetts Water Resources Authority                                                                                                                | CUSIP: 576051A22<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15575.84     | 0.00%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Infrastructure Authority                                                          | Kentucky Infrastructure Authority, Wastewater and Drinking Water Revolving Fund                                                                        | CUSIP: 491311AG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25097.94     | 0.00%             | 2024-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Madison District Public Schools                                                            | Madison District Public Schools, School Building and Site                                                                                              | CUSIP: 557786HU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30206.19     | 0.00%             | 2036-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Santa Rosa County School Board                                                             | Santa Rosa County School Board                                                                                                                         | CUSIP: 802687DU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75300.55     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                     | Virginia Housing Development Authority, Series 2020B                                                                                                   | CUSIP: 92812VZV1<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    210000 | PA      | $203551.13    | 0.01%             | 2024-03-01      | Fixed         | 0.99%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                                       | Kansas Development Finance Authority, Series 2015A                                                                                                     | CUSIP: 485429S39<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |    775000 | PA      | $783088.37    | 0.03%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Public Works Financing Authority                                        | Los Angeles County Public Works Financing Authority, MLK Hospital Project                                                                              | CUSIP: 54473ESD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hudson NJ                                                                        | County of Hudson, Series B                                                                                                                             | CUSIP: 443726X90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41150.80     | 0.00%             | 2025-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Three Village Central School District Brookhaven & Smithtown                               | Three Village Central School District Brookhaven & Smithtown                                                                                           | CUSIP: 885766QL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31619.36     | 0.00%             | 2025-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara County Financing Authority                                                     | Santa Clara County Financing Authority, Fire District Facilities, Series 2020A                                                                         | CUSIP: 801577NX1<br>LEI: 549300A73O1Q5POHAT69 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45475.26     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                            | New York City Water and Sewer System, Fiscal Year 2012                                                                                                 | CUSIP: 64972F4V5<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |   5200000 | PA      | $5200000.00   | 0.20%             | 2044-06-15      | Variable      | 0.98%                 | No            |                  2 | On Loan: No      |
| Massachusetts State College Building Authority                                             | Massachusetts State College Building Authority                                                                                                         | CUSIP: 575831HL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15094.60     | 0.00%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Community College District/CA                                                  | Los Angeles Community College District                                                                                                                 | CUSIP: 54438CSX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25433.97     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bastrop Independent School District                                                        | Bastrop Independent School District, Unlimited Tax                                                                                                     | CUSIP: 070329ZM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70078.83     | 0.00%             | 2023-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                                 | Capital Trust Agency, Inc., Sustainability Bonds -The Marie                                                                                            | CUSIP: 14052WDY0<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985372.40    | 0.04%             | 2024-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| City of Venice FL Utility Revenue                                                          | City of Venice, Utility System                                                                                                                         | CUSIP: 922690GK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2034-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                                        | City of Austin, Water and Wastewater System, Series 2013A                                                                                              | CUSIP: 052476B98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25282.93     | 0.00%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fresno County Financing Authority                                                          | Fresno County Financing Authority                                                                                                                      | CUSIP: 35824NCT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $554651.57    | 0.02%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                                | Washington Health Care Facilities Authority, Seattle Cancer Care Alliance                                                                              | CUSIP: 93978HLA1<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    500000 | PA      | $517898.60    | 0.02%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chesapeake Bay Bridge & Tunnel District                                                    | Chesapeake Bay Bridge and Tunnel District General Resolution                                                                                           | CUSIP: 16514PAG4<br>LEI: 549300JGWE66ZSSOYN09 | Long             | DBT              | MUN               | US        |  17860000 | PA      | $18162850.23  | 0.70%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Paramount Unified School District                                                          | Paramount Unified School District, Election of 2006                                                                                                    | CUSIP: 699211KG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $47864.90     | 0.00%             | 2051-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Cincinnati OH                                                                      | City of Cincinnati, Various Purpose, Series 2016A                                                                                                      | CUSIP: 172217XE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Monmouth County Improvement Authority (The)                                                | Monmouth County Improvement Authority (The), Governmental Pooled Loan Project                                                                          | CUSIP: 60956PKD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue                 | Los Angeles County Metropolitan Transportation Authority, Measure R Senior Sales Tax                                                                   | CUSIP: 54466HDJ2<br>LEI: 54930051IHTXE1N9RB42 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25327.56     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Lansing School District                                                               | East Lansing School District, Unlimited Tax                                                                                                            | CUSIP: 273389KE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $181127.70    | 0.01%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Village of Glenview IL                                                                     | Village of Glenview                                                                                                                                    | CUSIP: 378892SP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 99 Cicero                                                  | Cook County School District No. 99 Cicero, Limited Tax                                                                                                 | CUSIP: 214381JX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbia SC Waterworks & Sewer System Revenue                                      | City of Columbus, Water and Sewerage                                                                                                                   | CUSIP: 198504YB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40036.09     | 0.00%             | 2023-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                    | Los Angeles Department of Water and Power, Power System                                                                                                | CUSIP: 5444954V3<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    140000 | PA      | $140000.00    | 0.01%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                            | State of Hawaii, Series FK                                                                                                                             | CUSIP: 419792QU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20128.61     | 0.00%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                            | Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project, Series 2017C                                                            | CUSIP: 45528UXB2<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35071.68     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                           | Pennsylvania Turnpike Commission, Series 2017A                                                                                                         | CUSIP: 709224UL1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Cleveland Clinic Health System                                                                                                          | CUSIP: 677561LC4<br>LEI: 5493005LEB5E170OMX59 | Long             | STIV             | MUN               | US        |  20890000 | PA      | $20890000.00  | 0.80%             | 2052-01-01      | Variable      | 1.92%                 | No            |                  2 | On Loan: No      |
| Nelson County School District Finance Corp.                                                | Nelson County School District Finance Corp., School Building                                                                                           | CUSIP: 640345WH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, Barnard College, Series 2020A                                                                                      | CUSIP: 64990GYE6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30223.81     | 0.00%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Denton County Housing Finance Corp.                                                        | Denton County Housing Finance Corp., THF Pathway on Woodrow LP                                                                                         | CUSIP: 248795BC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3356585.38   | 0.13%             | 2026-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                                       | Kansas Development Finance Authority, National Bio and Agro-Defense Facility                                                                           | CUSIP: 485429U69<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |    175000 | PA      | $176375.06    | 0.01%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Stratford CT                                                                       | Town of Stratford                                                                                                                                      | CUSIP: 8628114L7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150135.93    | 0.01%             | 2023-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Augusta Independent School District Finance Corp.                                          | Augusta Independent School District Finance Corp.                                                                                                      | CUSIP: 051372EU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $44931.73     | 0.00%             | 2023-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of New Ulm MN                                                                         | City of New Ulm, Series 2017B                                                                                                                          | CUSIP: 6490245R3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Vermont Municipal Bond Bank                                                                | Vermont Municipal Bond Bank, Series 3                                                                                                                  | CUSIP: 924214C72<br>LEI: 54930081EMY8D1GYM846 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25595.04     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Virginia                                                                   | Commonwealth of Virginia, Series 2013B                                                                                                                 | CUSIP: 928109F69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20161.08     | 0.00%             | 2025-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of McAllen TX Water & Sewer Revenue                                                   | City of McAllen, Water and Sewer                                                                                                                       | CUSIP: 579160LM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25099.77     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Harris County Regional Water Authority                                               | North Harris County Regional Water Authority                                                                                                           | CUSIP: 65956NDD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150081.32    | 0.01%             | 2022-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Greene Jersey & Macoupin Counties Community Unit School District No. 9 Southweste          | Greene Jersey and Macoupin Counties Community Unit School District No. 9 Southwestern                                                                  | CUSIP: 394700CA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Orlando-Orange County Expressway Authority                                                 | Orlando-Orange County Expressway Authority, Series 2013B                                                                                               | CUSIP: 686543UL1<br>LEI: 549300JL23Z3Z64M6K65 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20258.92     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Richardson TX                                                                      | City of Richardson                                                                                                                                     | CUSIP: 763227NG6<br>LEI: 549300YMK2Z7UGNHHQ13 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20098.95     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Newark OH                                                                          | City of Newark                                                                                                                                         | CUSIP: 650451UA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Durham Housing Authority                                                                   | Durham Housing Authority, Multi-Family Housing, JFK Towers Project                                                                                     | CUSIP: 266785AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $405000.00    | 0.02%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                   | State of Connecticut, Special Tax Transportation Infrastructure Purposes, Series A                                                                     | CUSIP: 207758PN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20025.21     | 0.00%             | 2023-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                              | Commonwealth of Massachusetts                                                                                                                          | CUSIP: 57582RNJ1<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25509.52     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Greene OH Sewer System Revenue                                                   | County of Greene, Sewer System, Series 2007A                                                                                                           | CUSIP: 39465GFS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51165.19     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                           | Energy Northwest, Columbia Generating Station, Series 2017-A                                                                                           | CUSIP: 29270CU94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35503.92     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                           | New York State Thruway Authority, State Personal Income Tax, Transportation, Series 2013A                                                              | CUSIP: 650028VH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60401.86     | 0.00%             | 2025-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Series 2013J                                                                                                                         | CUSIP: 64966KYY3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    130000 | PA      | $132092.23    | 0.01%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                           | Pennsylvania Turnpike Commission, Series 2012B                                                                                                         | CUSIP: 7092233A7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Fiscal Year 2013                                                                                                                     | CUSIP: 64966KFQ1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55179.38     | 0.00%             | 2023-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State of New York                                                                          | State of New York                                                                                                                                      | CUSIP: 649791HS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30037.17     | 0.00%             | 2033-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                            | State of Oregon, Veterans Welfare, Series 2018E-2                                                                                                      | CUSIP: 68609TGY8<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Township of Moorestown NJ                                                                  | Township of Moorestown, General Improvement and Water Sewer Utility                                                                                    | CUSIP: 616004TG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25104.35     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbia SC Waterworks & Sewer System Revenue                                      | City of Columbus, Water and Sewerage                                                                                                                   | CUSIP: 198504VH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25103.52     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, State Sales Tax                                                                                                    | CUSIP: 64990AJM8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20147.83     | 0.00%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Onondaga NY                                                                      | County of Onondaga                                                                                                                                     | CUSIP: 6827455B6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25179.00     | 0.00%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                        | State of Washington, Various Purpose, Series 2014A                                                                                                     | CUSIP: 93974DAX6<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     70000 | PA      | $71089.37     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hays TX                                                                          | County of Hays, Limited Tax                                                                                                                            | CUSIP: 421020A81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36721.41     | 0.00%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                              | North Texas Tollway Authority, First Tier                                                                                                              | CUSIP: 66285WYK6<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20041.62     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Dakota State University of Agriculture & Applied Science                             | North Dakota State University of Housing and Auxiliary Facilities, Series 2015A                                                                        | CUSIP: 659011BW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20157.15     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                  | New Jersey Economic Development Authority, School Facilities Construction                                                                              | CUSIP: 645918M59<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    350000 | PA      | $350010.40    | 0.01%             | 2024-03-01      | Fixed         | 3.00%                 | 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: 592098R41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25365.76     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp.                                                               | Alaska Housing Finance Corp., State Capital Project                                                                                                    | CUSIP: 011839NB9<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Huntington Beach Union High School District                                                | Huntington Beach Union High School District                                                                                                            | CUSIP: 446222UE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20337.85     | 0.00%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Genesee Intermediate School District                                                       | Genesee Intermediate School District                                                                                                                   | CUSIP: 371712BT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30057.89     | 0.00%             | 2023-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                                  | Dallas Area Rapid Transit, Sales Tax, Senior Lien                                                                                                      | CUSIP: 235241NE2<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Washington WI                                                                    | County of Washington                                                                                                                                   | CUSIP: 938752NZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50059.48     | 0.00%             | 2023-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Provo UT Wastewater Revenue                                                        | City of Provo, Wastewater                                                                                                                              | CUSIP: 74414QAH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25103.52     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rancocas Valley Regional High School District                                              | Rancocas Valley Regional High School District                                                                                                          | CUSIP: 752176FW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60238.43     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lima OH Sanitary Sewer System Revenue                                              | City of Lima, Sanitary Sewer System                                                                                                                    | CUSIP: 532578CE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Susquehanna Township School District                                                       | Susquehanna Township School District                                                                                                                   | CUSIP: 869182LT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25165.33     | 0.00%             | 2023-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                                | Ohio Higher Educational Facility Commission, Case Western University Project                                                                           | CUSIP: 67756DRA6<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Village of Frankfort NY                                                                    | Village of Frankfort, Public Improvement                                                                                                               | CUSIP: 352370LL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25054.90     | 0.00%             | 2023-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                             | Lower Colorado River Authority, LCRA Transmission Services Corp. Project                                                                               | CUSIP: 54811BRL7<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51514.14     | 0.00%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                       | District of Columbia, Income Tax, Series 2012A                                                                                                         | CUSIP: 25477GJZ9<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     85000 | PA      | $85000.00     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sacramento County Sanitation Districts Financing Authority                                 | Sacramento County Sanitation Districts Financing Authority, Series 2014A                                                                               | CUSIP: 786134TX4<br>LEI: 549300MSDPX3EYMUYV38 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                     | California Municipal Finance Authority, St. John's Well Child and Family Center                                                                        | CUSIP: 13048TG80<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    110000 | PA      | $110000.00    | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of San Francisco CA                                                          | City and County of San Francisco, Series 2015A-1                                                                                                       | CUSIP: 79765DH94<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30257.72     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mesquite Independent School District                                                       | Mesquite Independent School District, Unlimited Tax, Series 2016C                                                                                      | CUSIP: 590760MV3<br>LEI: 549300M7COV11VUIZE16 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25436.44     | 0.00%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County Community College District No. 527 Morton                                      | Cook County Community College District No. 527 Morton                                                                                                  | CUSIP: 216135DW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25020.99     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of McAllen TX                                                                         | City of McAllen, Limited Tax                                                                                                                           | CUSIP: 579083QV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25124.21     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Garnet Valley School District                                                              | Garnet Valley School District                                                                                                                          | CUSIP: 366268NX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25113.20     | 0.00%             | 2023-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cypress-Fairbanks Independent School District                                              | Cypress-Fairbanks Independent School District, Unlimited Tax, Series 2019A                                                                             | CUSIP: 232769EY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75386.51     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Matanuska-Susitna AK                                                            | Borough of Matanuska-Susitna, Goose Creek Correctional Center Project                                                                                  | CUSIP: 576553CE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42117.46     | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tacoma WA Water Revenue                                                            | City of Tacoma                                                                                                                                         | CUSIP: 873547JA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                               | New Mexico Finance Authority, Senior Lien Public Project Revolving Fund                                                                                | CUSIP: 64711NE68<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25894.97     | 0.00%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 23 Prospect Heights                                        | Cook County School District No. 23 Prospect Heights                                                                                                    | CUSIP: 213260BM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25013.92     | 0.00%             | 2022-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ladue School District                                                                      | Ladue School District                                                                                                                                  | CUSIP: 505786JJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20076.61     | 0.00%             | 2023-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hutchinson Utilities Commission                                                            | Hutchinson Utilities Commission, Series 2017B                                                                                                          | CUSIP: 44835EDC9<br>LEI: 5493006H504KBMJSAU33 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Adams 12 Five Star Schools                                                                 | Adams 12 Five Star Schools, The City and County of Broomfield, Series A                                                                                | CUSIP: 006449GM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25023.30     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                         | Tennessee Energy Acquisition Corp., Commodity Project, Series 2021A                                                                                    | CUSIP: 88044TAD1<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    350000 | PA      | $359221.31    | 0.01%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Akron OH Income Tax Revenue                                                        | City of Akron, Income Tax, Community Learning Centers                                                                                                  | CUSIP: 010056HT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greene County Vocational School District                                                   | Greene County Vocational School District, School Facilities Construction and Improvement                                                               | CUSIP: 39466HAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hilliard OH                                                                        | City of Hilliard, Limited Tax, Various Purpose                                                                                                         | CUSIP: 431614WW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Ridgewood NJ                                                                    | Village of Ridgewood                                                                                                                                   | CUSIP: 766243YN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  34432500 | PA      | $34382820.79  | 1.32%             | 2023-01-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Salt Lake County Municipal Building Authority                                              | Salt Lake County Municipal Building Authority                                                                                                          | CUSIP: 795681GP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $160491.18    | 0.01%             | 2023-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Associated Municipal Power Systems                                                    | Utah Associated Municipal Power Systems, Horse Butte Wind                                                                                              | CUSIP: 917328RQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $777158.24    | 0.03%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Frisco TX                                                                          | City of Frisco                                                                                                                                         | CUSIP: 358776WD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130677.96    | 0.01%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                                    | Development Authority for Fulton County, Georgia Tech Facilities                                                                                       | CUSIP: 36005FAQ8<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25155.57     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Medina OH                                                                        | County of Medina, Limited Tax                                                                                                                          | CUSIP: 584717A85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Ventura County Public Financing Authority                                                  | Ventura County Public Financing Authority, Series 2013B                                                                                                | CUSIP: 923078BP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20446.59     | 0.00%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                        | State of California, Various Purpose                                                                                                                   | CUSIP: 13063BU26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90402.66     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Passaic NJ                                                                       | County of Passaic, Series 2016A                                                                                                                        | CUSIP: 702725WK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125000.00    | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Glendale Union High School District No. 205                                                | Glendale Union High School District No. 205, Project of 2020, Series 2021A                                                                             | CUSIP: 378334NN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25354.13     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                                  | Dallas Area Rapid Transit, Sales Tax, Senior Lien                                                                                                      | CUSIP: 235241SX5<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36604.72     | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Avon Community School Building Corp.                                                       | Avon Community School Building Corp., Ad Valorem Property Tax First Mortgage                                                                           | CUSIP: 054073CW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2270906.14   | 0.09%             | 2023-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Mason County School District No. 309 Shelton                                               | Mason County School District No. 309 Shelton, Unlimited Tax                                                                                            | CUSIP: 575141KS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                                         | City of Houston, Combined Utility System, First Lien, Series 2013B                                                                                     | CUSIP: 4424352C6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25347.35     | 0.00%             | 2023-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                             | New Jersey Transportation Trust Fund Authority, Transportation System                                                                                  | CUSIP: 6461355S8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    155000 | PA      | $155154.27    | 0.01%             | 2022-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Marquette Board of Light & Power                                                           | Marquette Board of Light and Power, Series 2016A                                                                                                       | CUSIP: 571498CK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45561.71     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Kendall IL                                                                       | County of Kendall                                                                                                                                      | CUSIP: 488638EW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $160149.12    | 0.01%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Public School and College Authority                                                | Alabama Public School and College Authority, Capital Improvement                                                                                       | CUSIP: 010609AJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30127.72     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Poway Unified School District Public Financing Authority                                   | Poway Unified School District Public Financing Authority, Special Tax Community Facilities District No. 2, Series 2015C                                | CUSIP: 73885QHP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40718.29     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                                         | County of Clark, Transportation Improvement, Limited Tax, Series 2018B                                                                                 | CUSIP: 180848XP3<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20484.00     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kitsap County School District No. 401 Central Kitsap                                       | Kitsap County School District No. 401 Central Kitsap, Unlimited Tax                                                                                    | CUSIP: 498098QU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $185000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Neches Valley Authority Industrial Development Corp.                                 | Lower Neches Valley Authority Industrial Development Corp., Exxon Capital Ventures, Inc.                                                               | CUSIP: 548351AC9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  14400000 | PA      | $14400000.00  | 0.55%             | 2038-11-01      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| Folsom Cordova Unified School District School Facilities Improvement District No. 4        | Folsom Cordova Unified School District School Facilities Improvement Dist No. 4, Election of 2012, Series A                                            | CUSIP: 34440TCA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20415.94     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                               | Mississippi Development Bank, Rankin County School District Project                                                                                    | CUSIP: 60534WKL1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36826.59     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ann Arbor School District                                                                  | Ann Arbor School District, Unlimited Tax                                                                                                               | CUSIP: 035519UC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40405.82     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Benton County School District No. 17 Kennewick                                             | Benton County School District No. 17 Kennewick, Unlimited Tax                                                                                          | CUSIP: 082887NY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $61457.98     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                 | Illinois Finance Authority, Regency Park at Lincolnwood, Series 1991A                                                                                  | CUSIP: 451913AJ6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     60000 | PA      | $59035.59     | 0.00%             | 2023-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financial Authority                                  | Florida Higher Educational Facilities Financial Authority, Rollins College Project                                                                     | CUSIP: 34073TDT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80000.00     | 0.00%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah State Building Ownership Authority                                                    | Utah State Building Ownership Authority, Facilities Master Lease Program                                                                               | CUSIP: 917547YU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40459.72     | 0.00%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                                | Long Island Power Authority, Electric System                                                                                                           | CUSIP: 542691DY3<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    315000 | PA      | $288009.13    | 0.01%             | 2025-09-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| County of Shelby TN                                                                        | County of Shelby, Series 2019B                                                                                                                         | CUSIP: 821686W65<br>LEI: 5493000UVZ1EF2SIPO10 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15126.86     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of West Fargo ND                                                                      | City of West Fargo, Series 2017A                                                                                                                       | CUSIP: 952718ZQ0<br>LEI: 549300V5NOGBRXUP7P25 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25248.45     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Troy Independent School District                                                           | Troy Independent School District, Unlimited Tax                                                                                                        | CUSIP: 897727KV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30074.94     | 0.00%             | 2023-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Bon Homme School District No. 4-2                                                          | Bon Homme School District No. 4-2, Limited Tax                                                                                                         | CUSIP: 09776FCB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma County Finance Authority                                                          | Oklahoma County Finance Authority, Western Heights Public Schools Project, Series 2018A                                                                | CUSIP: 67868UFZ1<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10163.14     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Boston MA                                                                          | City of Boston, Series 2013A                                                                                                                           | CUSIP: 100853SN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30113.42     | 0.00%             | 2028-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Borough of High Bridge NJ                                                                  | Borough of High Bridge                                                                                                                                 | CUSIP: 429646GJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2408350 | PA      | $2412097.87   | 0.09%             | 2023-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| City of Milwaukee WI                                                                       | City of Milwaukee, Promissory Notes, Series 2016N2                                                                                                     | CUSIP: 602366UP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30095.49     | 0.00%             | 2023-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| El Paso County School District No. 20 Academy                                              | El Paso County School District No. 20 Academy                                                                                                          | CUSIP: 283461E80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20018.64     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                        | State of Washington, Various Purpose                                                                                                                   | CUSIP: 93974D6C7<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45192.33     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson Sales Tax District                                                               | Jefferson Sales Tax District, Series 2019A                                                                                                             | CUSIP: 474176KQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $325000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                                    | County of Miami-Dade, Series 2016A                                                                                                                     | CUSIP: 59333FSF8<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25362.85     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                                        | California State Public Works Board, Series 2019B                                                                                                      | CUSIP: 13068L3Q6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35390.04     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                       | District of Columbia, Federal Highway                                                                                                                  | CUSIP: 25483VKG8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    320000 | PA      | $320656.38    | 0.01%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Oak Creek WI                                                                       | City of Oak Creek, Series 2021B                                                                                                                        | CUSIP: 671137F44<br>LEI: 549300FLUIG6KPZ61B39 | Long             | DBT              | MUN               | US        |   5020000 | PA      | $4945431.92   | 0.19%             | 2024-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                                         | Board of Regents of the University of Texas System, Financing System, Series 2016C                                                                     | CUSIP: 91514ADM4<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30523.72     | 0.00%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Asset Receivable Corp.                                                           | Sales Tax Asset Receivable Corp., Fiscal Year 2015, Series 2015A                                                                                       | CUSIP: 794665FZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40870.66     | 0.00%             | 2023-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglas County School District No. Re-1 Douglas & Elbert Counties                          | Douglas County School District No. Re-1 Douglas and Elbert Counties                                                                                    | CUSIP: 258885B68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20020.79     | 0.00%             | 2022-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Borough of Lakehurst NJ                                                                    | Borough of Lakehurst                                                                                                                                   | CUSIP: 511606DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                             | Charlotte-Mecklenburg Hospital Authority (The), Carolinas Healthcare System                                                                            | CUSIP: 160853SF5<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25042.70     | 0.00%             | 2023-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ivy Tech Community College of Indiana                                                      | Ivy Tech Community College of Indiana, Student Fee                                                                                                     | CUSIP: 46603AEH0<br>LEI: 5493009IUA8Z7VS7RL86 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35507.99     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Brewster MA                                                                        | Town of Brewster, Municipal Purpose Loan                                                                                                               | CUSIP: 107727TG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20211.23     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Lower Paxton PA                                                                | Township of Lower Paxton                                                                                                                               | CUSIP: 548383MN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30493.25     | 0.00%             | 2024-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Frisco TX                                                                          | City of Frisco                                                                                                                                         | CUSIP: 358776LM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36782.84     | 0.00%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Missouri City TX                                                                   | City of Missouri City                                                                                                                                  | CUSIP: 6060202Y0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20257.61     | 0.00%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                                      | California Infrastructure and Economic Development Bank, Colburn School (The)                                                                          | CUSIP: 13034AV64<br>LEI: 549300C1OG9RDIM8ET06 | Long             | STIV             | MUN               | US        |  28500000 | PA      | $27360894.90  | 1.05%             | 2072-08-01      | Floating      | 2.80%                 | No            |                  2 | On Loan: No      |
| Solano County Community College District                                                   | Solano County Community College District                                                                                                               | CUSIP: 83412PDR0<br>LEI: 549300P3BIFQULH2R110 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40662.39     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clear Fork Valley Local School District                                                    | Clear Fork Valley Local School District                                                                                                                | CUSIP: 184561AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Houston Independent School District                                                        | Houston Independent School District, Limited Tax Schoolhouse                                                                                           | CUSIP: 442403LY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $162623.40    | 0.01%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trust for Cultural Resources of The City of New York (The)                                 | Trust for Cultural Resources of City of New York (The), The Museum of Modern Art                                                                       | CUSIP: 649717VN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $240613.10    | 0.01%             | 2023-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grand Island Central School District                                                       | Grand Island Central School District                                                                                                                   | CUSIP: 385730JP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $135000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Auburn WA Utility System Revenue                                                   | City of Auburn, Utility System                                                                                                                         | CUSIP: 050625DR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35801.70     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Community Independent School District/TX                                                   | Community Independent School District, Unlimited Tax                                                                                                   | CUSIP: 203714PJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45050.67     | 0.00%             | 2023-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Tallahassee FL                                                                     | City of Tallahassee                                                                                                                                    | CUSIP: 874458JS2<br>LEI: 549300MPY4HDPK8B1G15 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| La Mirada Public Financing Authority                                                       | La Mirada Public Financing Authority                                                                                                                   | CUSIP: 503682BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25261.96     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                                 | Pennsylvania Turnpike Commission, Oil Franchise Tax, Series A                                                                                          | CUSIP: 709221TZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brentwood Infrastructure Financing Authority                                               | Brentwood Infrastructure Financing Authority, Civic Center Project                                                                                     | CUSIP: 10727YBA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41556.95     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                          | State of Colorado                                                                                                                                      | CUSIP: 196711QS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180167.76    | 0.01%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Water Authority                                                           | San Diego County Water Authority, Series 2013A                                                                                                         | CUSIP: 797412BS1<br>LEI: 549300Y0QN5OFKA1G520 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20027.25     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Will County School District No. 86 Joliet                                                  | Will County School District No. 86 Joliet                                                                                                              | CUSIP: 968767NB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6005000 | PA      | $6163511.58   | 0.24%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                                  | Metropolitan Government of Nashville and Davidson County                                                                                               | CUSIP: 592112LZ7<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25361.40     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ramsey School District                                                                     | Ramsey School District                                                                                                                                 | CUSIP: 751838FZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25021.42     | 0.00%             | 2023-01-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Hollywood Community Redevelopment Agency                                                   | Hollywood Community Redevelopment Agency                                                                                                               | CUSIP: 436150BC9<br>LEI: 549300RFFP0J3YK4W626 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40215.89     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Common Schools                                                                                                                          | CUSIP: 677522HS6<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    170000 | PA      | $170157.81    | 0.01%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Essex County Improvement Authority                                                         | Essex County Improvement Authority, Series 2006                                                                                                        | CUSIP: 29680PCF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $205207.07    | 0.01%             | 2022-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of McKinney TX                                                                        | City of McKinney                                                                                                                                       | CUSIP: 5816467V2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26477.28     | 0.00%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of South Windsor CT                                                                   | Town of South Windsor                                                                                                                                  | CUSIP: 840772Q83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25105.60     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Infrastructure Improvement                                                                                                              | CUSIP: 677522UY8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31873.64     | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pflugerville Independent School District                                                   | Pflugerville Independent School District, School Building, Unlimited Tax                                                                               | CUSIP: 7170953Y7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20099.77     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                  | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System                                                              | CUSIP: 414009PP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42613.46     | 0.00%             | 2032-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Humble Independent School District                                                         | Humble Independent School District, Unlimited Tax School Building, Series 2012B                                                                        | CUSIP: 445047BQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20104.30     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Barrington Board of Education                                                              | Barrington Board of Education                                                                                                                          | CUSIP: 068617DW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35158.48     | 0.00%             | 2023-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                             | Tender Option Bond Trust Receipts/Certificates                                                                                                         | CUSIP: 88033YVH1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  10220000 | PA      | $10220000.00  | 0.39%             | 2025-02-15      | Variable      | 1.95%                 | Yes           |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Series E                                                                                                                             | CUSIP: 64966KEQ2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    160000 | PA      | $160629.98    | 0.01%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Municipal Bond Bank Agency                                                        | New York Municipal Bond Bank Agency, Prior Year Claims                                                                                                 | CUSIP: 64988TFZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New York                                                                          | State of New York, Series 2013A                                                                                                                        | CUSIP: 649791HL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25156.82     | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Major New Infrastructure Project                                                                                                        | CUSIP: 677581GE4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25630.21     | 0.00%             | 2023-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Penn School District                                                                 | North Penn School District                                                                                                                             | CUSIP: 661517WW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20013.70     | 0.00%             | 2023-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                        | State of Washington, Motor Vehicle Fuel Tax, Series 2013E                                                                                              | CUSIP: 93974C6J4<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20080.44     | 0.00%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Olentangy Local School District                                                            | Olentangy Local School District                                                                                                                        | CUSIP: 680616XD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of The Colony TX                                                                      | City of The Colony, Combination Tax, Certificates of Obligation                                                                                        | CUSIP: 19624KMM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35168.13     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County High School District No. 203 New Trier Township                                | Cook County High School District No. 203, Thornton Township, Limited Tax, Series 2016A                                                                 | CUSIP: 215489MV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25022.38     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson CO                                                                     | County of Jefferson                                                                                                                                    | CUSIP: 472723FP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20478.02     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sayville Union Free School District                                                        | Sayville Union Free School District                                                                                                                    | CUSIP: 805839LY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25074.83     | 0.00%             | 2023-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                                  | Orange County Health Facilities Authority, Orlando Health Obligated Group                                                                              | CUSIP: 68450LEA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $116867.12    | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lee FL Water & Sewer Revenue                                                     | County of Lee, Water and Sewer, Series A                                                                                                               | CUSIP: 523530KQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40805.26     | 0.00%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Franklin City School District                                                              | Franklin City School District                                                                                                                          | CUSIP: 354172HK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Rochester Independent School District No. 535                                              | Rochester Independent School District No. 535                                                                                                          | CUSIP: 771617EF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25017.56     | 0.00%             | 2024-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                  | New Jersey Economic Development Authority, School Facilities Construction                                                                              | CUSIP: 645918T94<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   4650000 | PA      | $4671100.77   | 0.18%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                            | State of Oregon, University System, Series 2013A                                                                                                       | CUSIP: 68608UTZ9<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25113.14     | 0.00%             | 2038-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Maricopa County Elementary School District No. 79-Litchfield Elementary                    | Maricopa County Elementary School District No. 79, Litchfield Elementary, School Improvement                                                           | CUSIP: 567385HE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25057.92     | 0.00%             | 2023-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                                            | State of Louisiana Gasoline and Fuels Tax, Second Lien                                                                                                 | CUSIP: 546475VU5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   7940000 | PA      | $7705766.82   | 0.30%             | 2043-05-01      | Floating      | 3.17%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                                   | San Antonio Water System, Junior Lien                                                                                                                  | CUSIP: 79642BX73<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25847.46     | 0.00%             | 2024-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus Metropolitan Library                                                              | Columbus Metropolitan Library, Ohio Library Facilities, Special Obligation                                                                             | CUSIP: 199520CP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of York PA                                                                          | County of York                                                                                                                                         | CUSIP: 986370NY6<br>LEI: 549300PBUZSC8WBS4164 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Beaverton OR Special Revenue                                                       | City of Beaverton                                                                                                                                      | CUSIP: 075554AZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30364.71     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Dorado Union High School District                                                       | El Dorado Union High School District, 2021 Energy Efficiency Projects                                                                                  | CUSIP: 283082ET8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $160000.00    | 0.01%             | 2022-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fairport Central School District                                                           | Fairport Central School District                                                                                                                       | CUSIP: 305585MC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20163.57     | 0.00%             | 2023-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port of Greater Cincinnati Development Authority                                           | Port of Greater Cincinnati Development Authority, Mariemont City School District Project, Tax-Exempt                                                   | CUSIP: 73420RAD1<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bulloch County Board of Education                                                          | Bulloch County Board of Education, Sales Tax                                                                                                           | CUSIP: 120343DP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20075.52     | 0.00%             | 2023-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Rosemount-Apple Valley-Eagan Independent School District No. 196                           | Rosemount-Apple Valley-Eagan Independent School District No. 196                                                                                       | CUSIP: 777594YV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36768.28     | 0.00%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                               | Commonwealth of Pennsylvania                                                                                                                           | CUSIP: 70914PJ60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4008422.80   | 0.15%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                           | Pennsylvania Turnpike Commission, Senior Lien                                                                                                          | CUSIP: 7092232N0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    220000 | PA      | $220000.00    | 0.01%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Water Supply & Conservation Agency                                                | Bay Area Water Supply and Conservation Agency, Series 2013A                                                                                            | CUSIP: 072031BC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100139.69    | 0.00%             | 2024-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                              | New York State Environmental Facilities Corp., State Revolving Funds, Master Financing Program                                                         | CUSIP: 64985HZT7<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65212.73     | 0.00%             | 2023-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                       | State of Connecticut, SIFMA Index, Series 2013A                                                                                                        | CUSIP: 20772JMB5<br>LEI: 5493007GRO6CU0IKP741 | Long             | STIV             | MUN               | US        |    175000 | PA      | $177006.90    | 0.01%             | 2025-03-01      | Floating      | 2.89%                 | No            |                  2 | On Loan: No      |
| Linn-Mar Community School District                                                         | Linn-Mar Community School District                                                                                                                     | CUSIP: 536036PH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80834.93     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carroll City-County Hospital Authority                                                     | Carroll City-County Hospital Authority, Tanner Medical Center Project                                                                                  | CUSIP: 144709HY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20275.17     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of North Richland Hills TX                                                            | City of North Richland Hills                                                                                                                           | CUSIP: 661838HW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30023.39     | 0.00%             | 2023-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                       | State of Connecticut, Series 2018C                                                                                                                     | CUSIP: 20772KCD9<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10134.17     | 0.00%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                                       | School District of Broward County                                                                                                                      | CUSIP: 115065YN8<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |    215000 | PA      | $221950.31    | 0.01%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of San Francisco CA                                                          | City and County of San Francisco, Multi-Family, Eastern Park Apartments                                                                                | CUSIP: 79765PDX8<br>LEI: 549300RA28ZEFOB6M782 | Long             | STIV             | MUN               | US        |    520000 | PA      | $519323.79    | 0.02%             | 2023-07-01      | Variable      | 1.30%                 | No            |                  2 | On Loan: No      |
| San Jose Financing Authority                                                               | San Jose Financing Authority, Civic Center Project, Series 2013A                                                                                       | CUSIP: 798153LV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25322.58     | 0.00%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Camden SC Combined Public Utility System Revenue                                   | City of Camden                                                                                                                                         | CUSIP: 133159GF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $599039.22    | 0.02%             | 2023-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| County of Lorain OH                                                                        | County of Lorain, Various Purpose, Limited Tax, Series 2020B                                                                                           | CUSIP: 543553VL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Passaic County Improvement Authority (The)                                                 | Passaic County Improvement Authority (The), Preakness Healthcare Center Expansion Project                                                              | CUSIP: 702750DA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100001.95    | 0.00%             | 2023-05-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| County of Middlesex NJ                                                                     | County of Middlesex, Civic Square II Redevelopment Associates LLC                                                                                      | CUSIP: 596562JS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25184.46     | 0.00%             | 2023-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Williamson TN                                                                    | County of Williamson, Public Improvement and School                                                                                                    | CUSIP: 969872NH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25211.44     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                  | Indiana Finance Authority, State Revolving Fund Program                                                                                                | CUSIP: 45506DDF9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70303.84     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tacoma Metropolitan Park District                                                          | Tacoma Metropolitan Park District, Unlimited Tax                                                                                                       | CUSIP: 592240UH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                                               | District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien                                                                      | CUSIP: 254845LA6<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26064.21     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Piatt & Dewitt Counties Community Unit School District No. 57 Deland-Weldon                | Piatt and Dewitt Counties Community Unit School District No. 57 Deland-Weldon                                                                          | CUSIP: 719466AZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Sunshine State Governmental Financing Commission                                           | Sunshine State Governmental Financing Commission, Series 2010A-1                                                                                       | CUSIP: 867868FC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25456.41     | 0.00%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                                         | City of Houston, Public Improvement, Series 2013A                                                                                                      | CUSIP: 442331XT6<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20126.96     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Scago Educational Facilities Corp. for Union School District                               | SCAGO Educational Facilities Corp. for Pickens School District                                                                                         | CUSIP: 80585LBR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa Public Facilities Authority                                                          | Tulsa Public Facilities Authority, Capital Improvement                                                                                                 | CUSIP: 899673CS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110175.86    | 0.00%             | 2023-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fox Valley Technical College District                                                      | Fox Valley Technical College District, Promissory Notes                                                                                                | CUSIP: 351594TZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Derby KS                                                                           | City of Derby, Series 2019B                                                                                                                            | CUSIP: 249776DR3<br>LEI: 549300CONBN0WRKRFQ93 | Long             | DBT              | MUN               | US        |    105000 | PA      | $105000.00    | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Jacinto Community College District                                                     | San Jacinto Community College District, Limited Tax                                                                                                    | CUSIP: 798025QC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25130.38     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Polk County School District                                                                | Polk County School District, Sales Tax                                                                                                                 | CUSIP: 731127CS3<br>LEI: 549300N07FMPTRZO0044 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25486.67     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lexington-Fayette Urban County Government                                                  | Lexington-Fayette Urban County Government, Various Purpose                                                                                             | CUSIP: 52908ETY9<br>LEI: 549300CQQJVZ2ZU0TG79 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100007.61    | 0.00%             | 2024-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Town of Oak Island NC Enterprise System Revenue                                            | Town of Oak Island, Enterprise System                                                                                                                  | CUSIP: 67140PCP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10119.58     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Readington Township Board of Education                                                     | Readington Township Board of Education                                                                                                                 | CUSIP: 755672GA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25365.05     | 0.00%             | 2023-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chippewa Valley Schools                                                                    | Chippewa Valley Schools, Unlimited Tax                                                                                                                 | CUSIP: 170016A90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45216.86     | 0.00%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                                        | State of New Jersey, Various Purpose                                                                                                                   | CUSIP: 646039WL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20238.17     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                                  | Dallas Area Rapid Transit, Sales Tax, Senior Lien                                                                                                      | CUSIP: 235241NG7<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus GA Water & Sewerage Revenue                                               | City of Columbus, Water and Sewerage, Series 2013A                                                                                                     | CUSIP: 199144UQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20208.73     | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 414 Lake Washington                                        | King County School District No. 414 Lake Washington, Unlimited Tax                                                                                     | CUSIP: 495260C41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $270000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA                                                                       | County of Fairfax, Public Improvement, Series 2012B                                                                                                    | CUSIP: 3038207A6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25215.61     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Otselic Valley Central School District                                                     | Otselic Valley Central School District                                                                                                                 | CUSIP: 689163BW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4320000 | PA      | $4343652.43   | 0.17%             | 2023-06-29      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wayland-Cohocton Central School District                                                   | Wayland-Cohocton Central School District                                                                                                               | CUSIP: 944208FZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9012529.80   | 0.35%             | 2023-06-23      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                                           | State of Georgia, Series 2013A                                                                                                                         | CUSIP: 373384B96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50096.31     | 0.00%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rankin County School District                                                              | Rankin County School District, Limited Tax                                                                                                             | CUSIP: 753075LR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175049.58    | 0.01%             | 2023-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Town of Hamilton MA                                                                        | Town of Hamilton                                                                                                                                       | CUSIP: 407576GE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2257767 | PA      | $2254050.72   | 0.09%             | 2023-08-17      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| City of Manhattan Beach CA                                                                 | City of Manhattan Beach, Police and Fire Facility                                                                                                      | CUSIP: 562765DS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25010.60     | 0.00%             | 2023-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Port Washington Union Free School District                                                 | Port Washington Union Free School District                                                                                                             | CUSIP: 735581NF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, State Personal Income Tax, General Purpose                                                                         | CUSIP: 64990FC28<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    635000 | PA      | $635596.52    | 0.02%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                         | Health and Educational Facilities Authority of the State of Missouri, BJC Health System                                                                | CUSIP: 60637ATQ5<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   5375000 | PA      | $5538166.19   | 0.21%             | 2051-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Shaker Heights Public Library                                                              | Shaker Heights Public Library                                                                                                                          | CUSIP: 819080AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Village of Evendale OH                                                                     | Village of Evendale Ohio Public Infrastructure, Income Tax                                                                                             | CUSIP: 29976RAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 414 Lake Washington                                        | King County School District No. 414 Lake Washington, Unlimited Tax                                                                                     | CUSIP: 495260G62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Cary NC Combined Utility Systems Revenue                                           | Town of Cary, Combined Utility Enterprise System                                                                                                       | CUSIP: 147056HP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County Fire Protection District No. 2                                                 | King County Fire Protection District No. 2, Unlimited Tax                                                                                              | CUSIP: 49475BAY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cheltenham Township School District                                                        | Cheltenham Township School District                                                                                                                    | CUSIP: 1635013P2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20481.10     | 0.00%             | 2025-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma County Finance Authority                                                          | Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project                                          | CUSIP: 67868UFW8<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31632.73     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                       | Colorado Health Facilities Authority, Series 2019A                                                                                                     | CUSIP: 19648FPA6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25523.99     | 0.00%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                                    | Knox County Health Educational and Housing Facility Board, Covenant Health, Series 2012A                                                               | CUSIP: 499527BK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85130.87     | 0.00%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Municipal Facilities Corp.                                                     | San Antonio Municipal Facilities Corp., Public Safety Answering Point Project                                                                          | CUSIP: 796312BR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25029.64     | 0.00%             | 2023-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sylvania City School District                                                              | Sylvania City School District, School Improvement, Unlimited Tax                                                                                       | CUSIP: 871463SH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| County of Utah UT                                                                          | County of Utah, IHC Health Services, Inc.                                                                                                              | CUSIP: 917393CC2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  30000000 | PA      | $30000000.00  | 1.15%             | 2051-05-15      | Variable      | 1.88%                 | No            |                  2 | On Loan: No      |
| Corona-Norco Unified School District Public Financing Authority                            | Corona-Norco Unified School District Public Financing Authority, Senior Lien, Series A                                                                 | CUSIP: 21976TGB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20377.11     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern Minnesota Municipal Power Agency                                                  | Southern Minnesota Municipal Power Agency, Series 1994A                                                                                                | CUSIP: 843375QL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $48488.74     | 0.00%             | 2024-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Hoover AL                                                                          | City of Hoover, Warrants                                                                                                                               | CUSIP: 439238LG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $29406.14     | 0.00%             | 2025-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                  | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System                                                              | CUSIP: 414009GX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $555000.00    | 0.02%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St. Lucie County School Board                                                              | St. Lucie County School Board, Master Lease Program, Series 2013A                                                                                      | CUSIP: 792075MQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45624.36     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tallahassee FL Utility System Revenue                                              | City of Tallahassee, Utility System                                                                                                                    | CUSIP: 874461HX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30591.47     | 0.00%             | 2023-10-01      | 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: 64990FH98<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20147.83     | 0.00%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, School Discricts Financing Program                                                                                 | CUSIP: 65000BUP1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15027.65     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Culpeper County Economic Development Authority                                             | Culpeper County Economic Development Authority, Capital Projects                                                                                       | CUSIP: 230228AK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31056.03     | 0.00%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Education Facilities Corp.                                                     | San Antonio Education Facilities Corp., Trinity University Project                                                                                     | CUSIP: 796247BL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50625.26     | 0.00%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| William S Hart Union High School District                                                  | William S Hart Union High School District, Election of 2008, Series 2013C                                                                              | CUSIP: 969268CH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20337.85     | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                        | State of Washington, Various Purpose                                                                                                                   | CUSIP: 93974DJK5<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     80000 | PA      | $81184.39     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                        | County of Howard, Consolidated Public Improvement                                                                                                      | CUSIP: 44256PQH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20103.38     | 0.00%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC                                                                          | City of Durham                                                                                                                                         | CUSIP: 266778HK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10184.81     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vermont Municipal Bond Bank                                                                | Vermont Municipal Bond Bank, Series 5                                                                                                                  | CUSIP: 924214VX4<br>LEI: 54930081EMY8D1GYM846 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Series D                                                                                                                             | CUSIP: 64966KDX8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30118.12     | 0.00%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cypress-Fairbanks Independent School District                                              | Cypress-Fairbanks Independent School District, Unlimited Tax                                                                                           | CUSIP: 2327603D8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20103.07     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                                                  | County of Anne Arundel, Consolidated General Improvement                                                                                               | CUSIP: 03588HKD7<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10084.91     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Longmont CO Electric & Broadband Utility Revenue                                   | City of Longmont, Electric and Broadband Utility                                                                                                       | CUSIP: 543097AF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                            | Minnesota Higher Education Facilities Authority, St. Olaf College, Series 8-G                                                                          | CUSIP: 60416HJ88<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of West Newbury MA                                                                    | Town of West Newbury                                                                                                                                   | CUSIP: 954736JY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1061404.18   | 0.04%             | 2023-07-13      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Township of Lower Merion PA                                                                | Township of Lower Merion                                                                                                                               | CUSIP: 548254CK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20060.42     | 0.00%             | 2023-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cincinnati OH                                                                      | City of Cincinnati, Unlimited Tax, Series 2021A                                                                                                        | CUSIP: 172217R78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riverside County Transportation Commission Sales Tax Revenue                               | Riverside County Transportation Commission, Sales Tax, Series 2013A                                                                                    | CUSIP: 769125EP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25347.07     | 0.00%             | 2039-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                                         | Akron Bath Copley Joint Township Hospital District, Children's Hospital Medical Center of Akron                                                        | CUSIP: 009730QE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $511342.47    | 0.02%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                          | Palm Beach County School District, Series 2017B                                                                                                        | CUSIP: 696550C42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50781.45     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Akron OH                                                                           | City of Akron, Various Purpose, Series 2017A                                                                                                           | CUSIP: 010033X45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                        | State of Washington, Various Purpose, Series 2014A                                                                                                     | CUSIP: 93974DAW8<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35553.99     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Springboro OH                                                                      | City of Springboro, Various Purpose, Limited Tax                                                                                                       | CUSIP: 850221ST0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Village of Lyons IL                                                                        | Village of Lyons                                                                                                                                       | CUSIP: 552172GL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Winnebago & Boone Counties School District No. 205 Rockford                                | Winnebago and Boone Counties School District No. 205 Rockford                                                                                          | CUSIP: 974535KA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10960000 | PA      | $10985817.38  | 0.42%             | 2032-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Austin Community College District Public Facility Corp.                                    | Austin Community College District Public Facility Corp., Highland Campus - Building 3000 Project                                                       | CUSIP: 052405DE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25400.69     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                       | Colorado Health Facilities Authority, Children's Hospital Colorado Project                                                                             | CUSIP: 19648AK53<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Aurora CO                                                                          | City of Aurora                                                                                                                                         | CUSIP: 051556JZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Washington MD                                                                    | County of Washington, Consolidated Public Improvement                                                                                                  | CUSIP: 9377516F7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30249.79     | 0.00%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Clayton MO                                                                         | City of Clayton                                                                                                                                        | CUSIP: 184274FR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 405 Bellevue                                               | King County School District No. 405 Bellevue, Unlimited Tax                                                                                            | CUSIP: 495098A54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $167558.88    | 0.01%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Victor Central School District                                                             | Victor Central School District                                                                                                                         | CUSIP: 926009MF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2267382 | PA      | $2277997.88   | 0.09%             | 2023-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Sacramento Municipal Utility District                                                      | Sacramento Municipal Utility District, Electric                                                                                                        | CUSIP: 786005ZV3<br>LEI: E3GSVR6ZOU1MX2V7HF33 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1186502.90   | 0.05%             | 2049-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Brookfield WI                                                                      | City of Brookfield                                                                                                                                     | CUSIP: 112857GV3<br>LEI: 54930065QM6JRRYFFZ19 | Long             | DBT              | MUN               | US        |    455000 | PA      | $455000.00    | 0.02%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                           | Ohio Water Development Authority, Drinking Water Assistance                                                                                            | CUSIP: 67765QDF0<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio University                                                                            | Ohio University, General Receipts                                                                                                                      | CUSIP: 677704ZN1<br>LEI: 549300P1K3IH2L5SFY61 | Long             | DBT              | MUN               | US        |    130000 | PA      | $130000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hoboken NJ                                                                         | City of Hoboken, Packaging Utility                                                                                                                     | CUSIP: 434110SG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25045.86     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Weslaco TX                                                                         | City of Weslaco, Certificates of Obligation                                                                                                            | CUSIP: 950868TG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20526.61     | 0.00%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charter Township of Lyon MI                                                                | Charter Township of Lyon, Series 2006-A                                                                                                                | CUSIP: 552048LQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45295.92     | 0.00%             | 2023-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| DuPage County Forest Preserve District                                                     | DuPage County Forest Preserve District                                                                                                                 | CUSIP: 262651UJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $260534.66    | 0.01%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                        | State of Washington, Various Purpose, Series 2017D                                                                                                     | CUSIP: 93974DE20<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25106.85     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Portland TX                                                                        | City of Portland, Combination Tax, Certificates of Obligation                                                                                          | CUSIP: 736831RD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25246.02     | 0.00%             | 2023-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Turnpike Authority                                                                | Kentucky Turnpike Authority, Revitalization Projects                                                                                                   | CUSIP: 491552F75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70963.10     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of East Lyme CT                                                                       | Town of East Lyme                                                                                                                                      | CUSIP: 273587D44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35586.37     | 0.00%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                           | Pennsylvania Turnpike Commission, Series 2012B                                                                                                         | CUSIP: 709224Z51<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    110000 | PA      | $110000.00    | 0.00%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                       | Triborough Bridge and Tunnel Authority, Series 2013A                                                                                                   | CUSIP: 89602NH31<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     85000 | PA      | $85930.62     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Worthington City School District                                                           | Worthington City School District, School Facilities Construction and Improvement, Unlimited Tax                                                        | CUSIP: 982038RJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Midland TX                                                                         | City of Midland                                                                                                                                        | CUSIP: 597749R51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $73461.74     | 0.00%             | 2025-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                        | State of California, Various Purpose                                                                                                                   | CUSIP: 13063CKQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20141.86     | 0.00%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                               | County of Prince George's, Consolidated Public Improvement                                                                                             | CUSIP: 741701Q25<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25033.46     | 0.00%             | 2023-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                       | State of Connecticut, GAAP Conversion                                                                                                                  | CUSIP: 20772JRC8<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50984.34     | 0.00%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine School Administrative District No. 51                                                | Maine School Administrative District No. 51                                                                                                            | CUSIP: 807688KE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51717.04     | 0.00%             | 2025-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                      | Metropolitan Transportation Authority                                                                                                                  | CUSIP: 59259YXT1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20219.48     | 0.00%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX                                                                         | City of Lubbock                                                                                                                                        | CUSIP: 549188WY2<br>LEI: 549300I1QTL3QZV4BX74 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15075.14     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                  | Indiana Finance Authority, Goshen Health                                                                                                               | CUSIP: 45471ATB8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | STIV             | MUN               | US        |     60000 | PA      | $57650.48     | 0.00%             | 2049-11-01      | Variable      | 2.10%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                           | Pennsylvania Turnpike Commission, Series A-1                                                                                                           | CUSIP: 7092235Q0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70000.00     | 0.00%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake Michigan College District                                                             | Lake Michigan College District, Building and Site, Limited Tax                                                                                         | CUSIP: 510175EY4<br>LEI: 5493004MDX24YTYZPF53 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25268.97     | 0.00%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Canton IL                                                                          | City of Canton                                                                                                                                         | CUSIP: 138195EJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25009.69     | 0.00%             | 2022-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - University of Texas System                                     | Permanent University Fund - University of Texas System, Series 2015B                                                                                   | CUSIP: 9151155V7<br>LEI: 549300GZUEUTLKVGLF98 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25367.21     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County (The)                                                    | School Board of Miami-Dade County (The), Series 2015A                                                                                                  | CUSIP: 59333MP74<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |     85000 | PA      | $89315.43     | 0.00%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charleston Educational Excellence Finance Corp.                                            | Charleston Educational Excellence Finance Corp.                                                                                                        | CUSIP: 160131DK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dearborn School District                                                                   | Dearborn School District, School Building and Site, Series 2014A                                                                                       | CUSIP: 242595SH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35435.67     | 0.00%             | 2029-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Long Beach Community College District                                                      | Long Beach Community College District, Series 2017G                                                                                                    | CUSIP: 542411LV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35591.24     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westminster Public Schools                                                                 | Westminster Public Schools, District No. 50                                                                                                            | CUSIP: 960667AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                                       | Pennsylvania Higher Educational Facilities Authority, BRYN MAWR College                                                                                | CUSIP: 70917SKN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $73098.14     | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Madison MS                                                                       | County of Madison                                                                                                                                      | CUSIP: 557259UJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $29999.70     | 0.00%             | 2023-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Harbor Revenue                                                       | City of Long Beach Harbor                                                                                                                              | CUSIP: 542424TH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70804.52     | 0.00%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Public Finance Authority                                                      | North Dakota Public Finance Authority, State Revolving Fund Program                                                                                    | CUSIP: 65887PJW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35068.84     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sandy Creek Central School District                                                        | Sandy Creek Central School District                                                                                                                    | CUSIP: 800307GK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4757648 | PA      | $4761639.67   | 0.18%             | 2023-06-23      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Orange County Water District                                                               | Orange County Water District, Series 2019A                                                                                                             | CUSIP: 684421FB1<br>LEI: 549300KBQTX6CMJ3U708 | Long             | DBT              | MUN               | US        |    200000 | PA      | $199172.50    | 0.01%             | 2023-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Elizabeth Forward School District                                                          | Elizabeth Forward School District, Series 2021C                                                                                                        | CUSIP: 286663TQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| County of Maricopa AZ                                                                      | County of Maricopa                                                                                                                                     | CUSIP: 566746DC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25882.80     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 320 Sumner                                               | Pierce County School District No. 320 Sumner, Unlimited Tax                                                                                            | CUSIP: 720526YA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Hamilton County Public Building Corp.                                                      | Hamilton County Public Building Corp., First Mortgage                                                                                                  | CUSIP: 407219JA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75170.85     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado                                                                     | University of Colorado                                                                                                                                 | CUSIP: 91417KC66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $62040.40     | 0.00%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 405 Bellevue                                               | King County School District No. 405 Bellevue, Unlimited Tax                                                                                            | CUSIP: 495098ZJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25607.49     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Richmond VA Public Utility Revenue                                                 | City of Richmond, Public Utility Revenue, Series 2020A                                                                                                 | CUSIP: 765433KV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25078.57     | 0.00%             | 2023-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Municipal Bond Bank Agency                                                        | New York Municipal Bond Bank Agency, Prior Year Claims, Series 2012A                                                                                   | CUSIP: 64988TFR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Auburn WA Utility System Revenue                                                   | City of Auburn, Utility System                                                                                                                         | CUSIP: 050625DQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Infrastructure Improvement, Series 2015A                                                                                                | CUSIP: 677522CG7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25460.16     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Culpeper VA                                                                      | County of Culpeper                                                                                                                                     | CUSIP: 230219DJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25662.01     | 0.00%             | 2024-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa Metropolitan Utility Authority                                                       | Tulsa Metropolitan Utility Authority, Series 2019A                                                                                                     | CUSIP: 899656RW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10082.91     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of New Hanover NC                                                                   | County of New Hanover, Limited Obligation                                                                                                              | CUSIP: 64480PBG3<br>LEI: 549300TDDH9O6TH23823 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mountain Regional Water Special Service District                                           | Mountain Regional Water Special Service District                                                                                                       | CUSIP: 62426VCB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75014.45     | 0.00%             | 2022-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Township of Moorestown NJ                                                                  | Township of Moorestown, Water and Sewer Utility                                                                                                        | CUSIP: 616004UG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25104.35     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                            | State of Oregon, Article XI-Q State Projects                                                                                                           | CUSIP: 68609TKW7<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45477.13     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha Public Facilities Corp.                                                              | Omaha Public Facilities Corp., Omaha Baseball Stadium Project                                                                                          | CUSIP: 681785GH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25302.68     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County School Facilities, Inc.                                                         | Lee County School Facilities, Inc.                                                                                                                     | CUSIP: 523743AX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                                         | City of Houston, Combined Utility System, Junior Lien                                                                                                  | CUSIP: 4424365X5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90000.00     | 0.00%             | 2022-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                             | Black Belt Energy Gas District, Gas Supply                                                                                                             | CUSIP: 09182NCC2<br>LEI: 549300I8V0Z68JQCB679 | Long             | STIV             | MUN               | US        |  25575000 | PA      | $25232072.50  | 0.97%             | 2052-07-01      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH Sewer System Revenue                                                 | County of Hamilton, Sewer System, The Metropolitan Sewer District of Greater Cincinnati                                                                | CUSIP: 407288ZD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $165000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, University Hospitals Health System, Inc., Series 2020B                                                                                  | CUSIP: 67756CEJ3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    295000 | PA      | $305348.22    | 0.01%             | 2050-01-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark Department of Aviation                                                     | County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien, McCarran International Airport                                       | CUSIP: 18085PRE6<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    190000 | PA      | $192603.10    | 0.01%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Public Finance Authority                                                      | North Dakota Public Finance Authority, Capital Financing Program, Series 2019A                                                                         | CUSIP: 65887PVC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $425147.75    | 0.02%             | 2023-11-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Shaker Heights City School District                                                        | Shaker Heights City School District, School Facilities Improvement, Unlimited Tax, Series 2018A                                                        | CUSIP: 819071QR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $49994.92     | 0.00%             | 2022-12-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                             | State of Maryland Department of Transportation, Third Issue                                                                                            | CUSIP: 574204B36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150140.36    | 0.01%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                                | Shelby County Health Educational and Housing Facilities Board, The Village of Germantown                                                               | CUSIP: 82169JAH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $325000.00    | 0.01%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                                        | California State Public Works Board, Various Capital Projects                                                                                          | CUSIP: 13068LSS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alief Independent School District                                                          | Alief Independent School District, Unlimited Tax                                                                                                       | CUSIP: 016249PS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50252.53     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of La Vergne TN                                                                       | City of La Vergne, Sewage Works                                                                                                                        | CUSIP: 519442FU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25049.29     | 0.00%             | 2033-03-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| University of Colorado                                                                     | University of Colorado, Enterprise System                                                                                                              | CUSIP: 91417KA84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70868.40     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio University                                                                            | Ohio University, General Receipts                                                                                                                      | CUSIP: 677704ZR2<br>LEI: 549300P1K3IH2L5SFY61 | Long             | DBT              | MUN               | US        |     95000 | PA      | $95000.00     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Toms River NJ                                                                  | Township of Toms River                                                                                                                                 | CUSIP: 89012REB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125000.00    | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| St. Francis Independent School District No. 15                                             | St. Francis Independent School District No. 15, Series 2018A                                                                                           | CUSIP: 789466SB6<br>LEI: 549300BB7QRM8G4EBA90 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35142.01     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Kansas City MO Water Revenue                                                       | City of Kansas City, Series 2020A                                                                                                                      | CUSIP: 485116YK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Penn Water Authority                                                                 | North Penn Water Authority                                                                                                                             | CUSIP: 661524JA7<br>LEI: 549300IX1LCUK2KJN052 | Long             | STIV             | MUN               | US        |   1225000 | PA      | $1224030.66   | 0.05%             | 2024-11-01      | Floating      | 2.46%                 | No            |                  2 | On Loan: No      |
| Spokane County School District No. 356 Central Valley                                      | Spokane County School District No. 356 Central Valley, Unlimited Tax                                                                                   | CUSIP: 848797PY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46093.49     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC                                                                         | City of Raleigh, Limited Obligation                                                                                                                    | CUSIP: 751120DM5<br>LEI: 549300I7RPBIIRI16112 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51380.33     | 0.00%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County Community School District No. 97 Oak Park                                      | Cook County Community School District No. 97, Oak Park                                                                                                 | CUSIP: 213287BS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90111.96     | 0.00%             | 2023-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN Electric Revenue                 | Metropolitan Government of Nashville and Davidson County, Electric System, Series 2014A                                                                | CUSIP: 592030ZZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20230.77     | 0.00%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                                         | Virginia Public Building Authority, Public Facilities, Series A                                                                                        | CUSIP: 928172N35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20321.88     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Belton Independent School District                                                         | Belton Independent School District                                                                                                                     | CUSIP: 081077E21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100314.99    | 0.00%             | 2023-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hudson County Improvement Authority                                                        | Hudson County Improvement Authority, Capital Appreciation                                                                                              | CUSIP: 443728BM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $149858.66    | 0.01%             | 2022-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Janesville Consolidated School District                                                    | Janesville Consolidated School District                                                                                                                | CUSIP: 470784AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25058.41     | 0.00%             | 2023-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Westminster Public Schools                                                                 | Westminster Public Schools, District No. 50                                                                                                            | CUSIP: 005698TC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - Texas A&M University System                                    | Permanent University Fund - Texas A&M University System, Series 2012A                                                                                  | CUSIP: 882117X33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65130.94     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                                         | Virginia Public Building Authority, Public Facilities, Series C                                                                                        | CUSIP: 928172E68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25531.24     | 0.00%             | 2026-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX                                                                         | City of Lubbock                                                                                                                                        | CUSIP: 549188PL8<br>LEI: 549300I1QTL3QZV4BX74 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35175.33     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                             | Washington Metropolitan Area Transit Authority                                                                                                         | CUSIP: 938782FD6<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20728.29     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Morris Plains NJ                                                                | Borough of Morris Plains                                                                                                                               | CUSIP: 618210FQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1341360 | PA      | $1348372.63   | 0.05%             | 2023-08-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Union OH                                                                         | County of Union, Memorial Hospital, Various Purpose                                                                                                    | CUSIP: 906412QA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No. 1                                                 | Denver City and County School District No. 1                                                                                                           | CUSIP: 249174SC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $210000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Village of Northbrook IL                                                                   | Village of Northbrook, Series 2014A                                                                                                                    | CUSIP: 663821VB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $215000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mentor OH                                                                          | City of Mentor, Limited tax, Various Purpose                                                                                                           | CUSIP: 587210W84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                           | Pennsylvania Turnpike Commission                                                                                                                       | CUSIP: 709225BE5<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                           | California Health Facilities Financing Authority, Providence St. Joseph Health, Series 2016B-2                                                         | CUSIP: 13032UGN2<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    160000 | PA      | $163335.78    | 0.01%             | 2036-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Casa Grande AZ                                                                     | City of Casa Grande, Series 2016B                                                                                                                      | CUSIP: 147069EW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20196.46     | 0.00%             | 2023-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grand Valley State University                                                              | Grand Valley State University                                                                                                                          | CUSIP: 386545KQ9<br>LEI: 5493004492FRREYG5M95 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Will County Township High School District No. 204 Joliet                                   | Will County Township High School District No. 204 Joliet, Limited Tax, Series 2013A                                                                    | CUSIP: 969037KN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.45     | 0.00%             | 2023-01-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Municipal Improvement Corp. of Los Angeles                                                 | Municipal Improvement Corp. of Los Angeles, Real Property                                                                                              | CUSIP: 544587F94<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25576.54     | 0.00%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of South Holland IL                                                                | Village of South Holland                                                                                                                               | CUSIP: 838345KW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $195069.87    | 0.01%             | 2022-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Piedmont Municipal Power Agency                                                            | Piedmont Municipal Power Agency                                                                                                                        | CUSIP: 720175SC3<br>LEI: 549300C7VOBGIG4OD375 | Long             | DBT              | MUN               | US        |     75000 | PA      | $74821.46     | 0.00%             | 2023-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Milwaukee Area Technical College District                                                  | Milwaukee Area Technical College District, Promissory Notes, Series B                                                                                  | CUSIP: 6023688F2<br>LEI: 54930048I544G4TM9P14 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25191.07     | 0.00%             | 2023-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gilmer County Schools                                                                      | Gilmer County Schools, Sales Tax                                                                                                                       | CUSIP: 375866BY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fox Valley Technical College District                                                      | Fox Valley Technical College District, Promissory Notes                                                                                                | CUSIP: 351594TD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Everett WA Water & Sewer Revenue                                                   | City of Everett, Water and Sewer                                                                                                                       | CUSIP: 300060PB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25592.55     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                      | Metropolitan Transportation Authority, Dedicated Tax Fund                                                                                              | CUSIP: 59259NR54<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    380000 | PA      | $380463.30    | 0.01%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                            | California County Tobacco Securitization Agency, Gold Country Settlement Funding Corp.                                                                 | CUSIP: 13016NHH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1137738.40   | 0.04%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Papillion-La Vista School District No. 27                                                  | Papillion-La Vista School District No. 27, Series 2020B                                                                                                | CUSIP: 698873D45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250000.00    | 0.01%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Township of Allamuchy NJ                                                                   | Township of Allamuchy, General Improvement                                                                                                             | CUSIP: 016721DC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Sunshine State Governmental Financing Commission                                           | Sunshine State Governmental Financing Commission, Miami Dade County Program, Series 2011B-1                                                            | CUSIP: 867868GJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20357.65     | 0.00%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Albany Plain Local School District                                                     | New Albany Plain Local School District, School Improvement                                                                                             | CUSIP: 64184PFW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2038-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Clarkston Community Schools                                                                | Clarkston Community Schools, Unlimited Tax, Series 2016A                                                                                               | CUSIP: 182252UQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40404.16     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                       | Colorado Health Facilities Authority, Commonspirit Health                                                                                              | CUSIP: 19648FJJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    440000 | PA      | $458130.46    | 0.02%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                                        | California State Public Works Board, Judicial Council of California, Series A                                                                          | CUSIP: 13068LCG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50304.89     | 0.00%             | 2025-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Passaic County Utilities Authority                                                         | Passaic County Utilities Authority, Solid Waste Disposal                                                                                               | CUSIP: 702766FW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76709.39     | 0.00%             | 2024-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Rankin County School District                                                              | Rankin County School District, Limited Tax                                                                                                             | CUSIP: 753075MA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26483.98     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Walled Lake Consolidated School District                                                   | Walled Lake Consolidated School District, School Building and Site                                                                                     | CUSIP: 932423SJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30647.96     | 0.00%             | 2028-05-01      | 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: 494619EU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26181.08     | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                   | State of Connecticut, Special Tax Transportation Infrastructure Purposes                                                                               | CUSIP: 207758NW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $956963.86    | 0.04%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Spokane WA                                                                         | City of Spokane, Unlimited Tax                                                                                                                         | CUSIP: 849067V26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN Electric Utility Revenue                                              | City of Rochester, Electric Utility                                                                                                                    | CUSIP: 77158PDY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maine                                                                             | State of Maine, Series 2017B                                                                                                                           | CUSIP: 56052AZG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10129.53     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Water Works Board of the City of Birmingham (The)                                          | Water Works Board of the City of Birmingham (The)                                                                                                      | CUSIP: 091096KH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20040.80     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakota Local School District/Butler County                                                 | Lakota Local School District                                                                                                                           | CUSIP: 512804YN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Allen Multi School Building Corp.                                                     | East Allen Multi School Building Corp., Indiana Ad Valorem Property Tax, First Mortgage                                                                | CUSIP: 270456GA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40523.37     | 0.00%             | 2024-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                        | Wisconsin Health and Educational Facilities Authority, Unity Point Health                                                                              | CUSIP: 97670FAZ4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    185000 | PA      | $192218.03    | 0.01%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                             | New Jersey Transportation Trust Fund Authority, Transportation System, Series 2006A                                                                    | CUSIP: 646136FC0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    190000 | PA      | $190189.11    | 0.01%             | 2022-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Santa Cruz CA Water Revenue                                                        | City of Santa Cruz                                                                                                                                     | CUSIP: 801784GW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45285.66     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Reynoldsburg OH                                                                    | City of Reynoldsburg, Limited Tax, Capital Facilities                                                                                                  | CUSIP: 761848SK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                   | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC                                                                          | CUSIP: 04052FAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $98407.07     | 0.00%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                               | Orlando Utilities Commission, Utility System, Series 2018A                                                                                             | CUSIP: 686507HP2<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25499.13     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                     | New York State Urban Development Corp., State Sales Tax, Series 2021A                                                                                  | CUSIP: 64985TBU4<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50369.58     | 0.00%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington County Industrial Development Authority                                          | Arlington County Industrial Development Authority                                                                                                      | CUSIP: 04144RDT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35182.53     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hays TX                                                                          | County of Hays, Limited Tax                                                                                                                            | CUSIP: 421020WJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20060.44     | 0.00%             | 2026-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                   | Public Finance Authority, Coral Academy of Science, Series 2021A                                                                                       | CUSIP: 74442EGL8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    315000 | PA      | $311472.47    | 0.01%             | 2025-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lubbock Independent School District                                                        | Lubbock Independent School District                                                                                                                    | CUSIP: 549220Z95<br>LEI: 549300SBJI5UDVLE3F39 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50159.55     | 0.00%             | 2023-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pioneer Valley Transit Authority                                                           | Pioneer Valley Transit Authority                                                                                                                       | CUSIP: 724025CT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9500000 | PA      | $9553522.05   | 0.37%             | 2023-07-14      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Minnehaha SD                                                                     | County of Minnehaha, Series 2017A                                                                                                                      | CUSIP: 603850GU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Westminster School District                                                                | Westminster School District, Refinancing of 2015 Energy Conservation Projects                                                                          | CUSIP: 960622BU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35190.34     | 0.00%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                                       | Allegheny County Higher Education Building Authority, Duquesne University, Series 2014A                                                                | CUSIP: 01728RKN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50261.12     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenwood Fifty Schools Facilities, Inc.                                                   | Greenwood Fifty Schools Facilities, Inc., Installment Purchase                                                                                         | CUSIP: 39715RBE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Westerly RI                                                                        | Town of Westerly, Series 2014A                                                                                                                         | CUSIP: 957569XV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45645.28     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Portland Community College District                                                        | Portland Community College District                                                                                                                    | CUSIP: 736688JF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55141.12     | 0.00%             | 2028-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| San Diego Community College District                                                       | San Diego Community College District, Election of 2006                                                                                                 | CUSIP: 797272NP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $55720.71     | 0.00%             | 2031-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                        | Virginia College Building Authority, 21st Century College and Equipment Programs, Series 2020A                                                         | CUSIP: 92778VJB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25104.77     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Governors of Colorado State University System                                     | Board of Governors of Colorado State University System, Series A                                                                                       | CUSIP: 196707VN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105145.73    | 0.00%             | 2023-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                         | New York State Dormitory Authority, School Districts Financing Program, Series A                                                                       | CUSIP: 649906XG4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    105000 | PA      | $105216.04    | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                                        | Allegheny County Sanitary Authority, Sewer                                                                                                             | CUSIP: 017357ZQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $345000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Turnpike & Infrastructure Commission                                                  | Ohio Turnpike and Infrastructure Commission, Infrastructure Project                                                                                    | CUSIP: 67760HJZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8045358.40   | 0.31%             | 2039-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| St. Johns County Industrial Development Authority                                          | St. Johns County Industrial Development Authority, Vicar's Landing Project, Series 2021A                                                               | CUSIP: 79041LAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $142250.76    | 0.01%             | 2024-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                          | State of Illinois, Series B                                                                                                                            | CUSIP: 4521522Y6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25978.41     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                                         | State of Wisconsin, Series 2018A                                                                                                                       | CUSIP: 97705MLD5<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25265.07     | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chaska MN                                                                          | City of Chaska, Series 2020C                                                                                                                           | CUSIP: 161664MD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20079.48     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sonoma County Junior College District                                                      | Sonoma County Junior College District, Series 2013A                                                                                                    | CUSIP: 835569DS0<br>LEI: 549300C1BQ28FZTVYK25 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45760.16     | 0.00%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Smith TX                                                                         | County of Smith                                                                                                                                        | CUSIP: 832033JC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20060.13     | 0.00%             | 2023-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Alabama (The)                                                                | University of Alabama (The), Series 2014B                                                                                                              | CUSIP: 914026RP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51868.05     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                     | Maine Health and Higher Educational Facilities Authority, Series 2020A                                                                                 | CUSIP: 56042RS45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     39310 | PA      | $39855.41     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Juan Water District                                                                    | San Juan Water District                                                                                                                                | CUSIP: 798326AY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47147.43     | 0.00%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                                | Connecticut State Health and Educational Facilities Authority, Yale University, Series 2017C-2                                                         | CUSIP: 20774Y3D7<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | STIV             | MUN               | US        |    345000 | PA      | $346434.23    | 0.01%             | 2057-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Health Facility Financing Authority                                                | Indiana Health Facility Financing Authority, Ascension Health Credit Group                                                                             | CUSIP: 454798UP2<br>LEI: 549300P2SI60HN6M7V39 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30923.26     | 0.00%             | 2025-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cobb-Marietta Coliseum & Exhibit Hall Authority                                            | Cobb-Marietta Coliseum and Exhibit Hall Authority, Performing Arts Center Project                                                                      | CUSIP: 190760GP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85100.99     | 0.00%             | 2024-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                              | Main Street Natural Gas, Inc., Gas Supply, Series 2018B                                                                                                | CUSIP: 56035DAL6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | STIV             | MUN               | US        |    370000 | PA      | $368017.17    | 0.01%             | 2048-04-01      | Floating      | 3.27%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                  | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series 2020C-2                                              | CUSIP: 414009PN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $62169.50     | 0.00%             | 2032-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                              | Main Street Natural Gas, Inc., Gas Supply, Series 2018C                                                                                                | CUSIP: 56035DAV4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100449.52    | 0.00%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kettering City School District                                                             | Kettering City School District                                                                                                                         | CUSIP: 49269PAW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Worcester Regional Transit Authority                                                       | Worcester Regional Transit Authority                                                                                                                   | CUSIP: 981325CL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11300000 | PA      | $11315731.86  | 0.43%             | 2023-06-23      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| City of Oshkosh WI                                                                         | City of Oshkosh, Promissory Notes, Series 2017B                                                                                                        | CUSIP: 68825WER6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cook County Community Unit School District No. 401 Elmwood Park                            | Cook County Community Unit School District No. 401, Elmwood Park                                                                                       | CUSIP: 216048GK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $520000.00    | 0.02%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Hutto TX                                                                           | City of Hutto                                                                                                                                          | CUSIP: 448474QV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21160.72     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vicksburg Community Schools                                                                | Vicksburg Community Schools, Unlimited Tax, Series 2020-I                                                                                              | CUSIP: 925717KP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40309.16     | 0.00%             | 2023-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Fort Myers FL                                                                      | City of Fort Myers, Series 2018A                                                                                                                       | CUSIP: 348073DU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of DeSoto TX                                                                          | City of DeSoto                                                                                                                                         | CUSIP: 24170PGH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110566.87    | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                                | New Hampshire Health and Education Facilities Authority Act, Southern New Hampshire University                                                         | CUSIP: 6446145D7<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40080.61     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Roswell NM Joint Water & Sewer Revenue                                             | City of Roswell, Joint Water and Sewer Improvement, Series B                                                                                           | CUSIP: 778561JM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25303.93     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington County-St George Interlocal Agency                                              | Washington County-St George Interlocal Agency, Series 2012A                                                                                            | CUSIP: 938625BC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $185000.00    | 0.01%             | 2022-12-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No. 1                                                 | Denver City and County School District No. 1                                                                                                           | CUSIP: 249174VA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kendall County Community Unit School District No. 88 Plano                                 | Kendall County Community Unit School District No. 88 Plano                                                                                             | CUSIP: 488683JR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Series 2016A                                                                                                                            | CUSIP: 677522HT4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35878.66     | 0.00%             | 2023-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fond Du Lac School District                                                                | Fond Du Lac School District, Promissory Notes, Series 2019A                                                                                            | CUSIP: 344496JX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40057.20     | 0.00%             | 2023-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Fiscal Year 2018                                                                                                                     | CUSIP: 64966MZE2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30926.33     | 0.00%             | 2025-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of New York                                                                          | State of New York                                                                                                                                      | CUSIP: 649791MV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25130.38     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 401 Peninsula                                            | Pierce County School District No. 401 Peninsula, Unlimited Tax                                                                                         | CUSIP: 720577XP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berlin Central School District                                                             | Berlin Central School District                                                                                                                         | CUSIP: 085113CK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8635000 | PA      | $8638574.03   | 0.33%             | 2023-06-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 87 Berkeley                                                | Cook County School District No. 87 Berkeley, Series 2012B                                                                                              | CUSIP: 214165HN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Padre Dam Municipal Water District                                                         | Padre Dam Municipal Water District                                                                                                                     | CUSIP: 695283CY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52082.78     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Cary NC Combined Utility Systems Revenue                                           | Town of Cary, Combined Utility Enterprise System                                                                                                       | CUSIP: 147056DL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95000.00     | 0.00%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Streetsboro City School District                                                           | Streetsboro City School District, School Improvement, Unlimited Tax                                                                                    | CUSIP: 863302KT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| West Virginia State School Building Authority Lottery Revenue                              | West Virginia State School Building Authority, Lottery Capital Improvement                                                                             | CUSIP: 95667NBL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100201.45    | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Elk Grove Village IL                                                            | Village of Elk Grove Village                                                                                                                           | CUSIP: 287299KL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20039.81     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                    | Port Authority of New York and New Jersey, Consolidated                                                                                                | CUSIP: 73358WWM2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |     45000 | PA      | $47381.62     | 0.00%             | 2025-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                       | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series 2013A                                                                          | CUSIP: 89602NE91<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    390000 | PA      | $394269.92    | 0.02%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Infrastructure Improvement                                                                                                              | CUSIP: 677522FP4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25159.33     | 0.00%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Scott IA                                                                         | County of Scott, Solid Waste Disposal                                                                                                                  | CUSIP: 809486GA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25181.17     | 0.00%             | 2023-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hudson County Improvement Authority                                                        | Hudson County Improvement Authority, County Secured, Vocational-Technical Schools Project                                                              | CUSIP: 443730LN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $272817.88    | 0.01%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Weld County School District No. RE-2 Eaton                                                 | Weld County School District No. RE-2 Eaton                                                                                                             | CUSIP: 949255GJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York, Fiscal Year 2012                                                                                                                     | CUSIP: 64966JL20<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    615000 | PA      | $616227.97    | 0.02%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Winfield Building Corp.                                                                    | Winfield Building Corp., Indiana Lease Rental, Sewage Works Treatment Plant Project                                                                    | CUSIP: 97401DBD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35663.51     | 0.00%             | 2024-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Sports & Exposition Authority                                                   | New Jersey Sports and Exposition Authority                                                                                                             | CUSIP: 64603RWS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $196156.25    | 0.01%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Marcos Unified School District                                                         | San Marcos Unified School, District No. 4, Community Facilities, Special Tax                                                                           | CUSIP: 798762KV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25272.69     | 0.00%             | 2023-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hamilton City School District                                                              | Hamilton City School District, Various Purpose, Unlimited Tax                                                                                          | CUSIP: 407774FQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, University Hospitals Health System, Inc., Series 2021B                                                                                  | CUSIP: 67756CFG8<br>LEI: 5493005LEB5E170OMX59 | Long             | STIV             | MUN               | US        |  15500000 | PA      | $15500000.00  | 0.59%             | 2049-01-15      | Variable      | 2.27%                 | No            |                  2 | On Loan: No      |
| City of McMinnville OR                                                                     | City of McMinnville                                                                                                                                    | CUSIP: 582363HY6<br>LEI: 549300KG76ZCMPH7EQ88 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45182.58     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Aurora Union Free School District                                                     | East Aurora Union Free School District                                                                                                                 | CUSIP: 270555FC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45589.27     | 0.00%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Municipal Bond Bank                                                                  | Maine Municipal Bond Bank                                                                                                                              | CUSIP: 56045RPF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26119.74     | 0.00%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                                       | City of Colorado Springs, Utilities System Improvement, Series 2015A                                                                                   | CUSIP: 196632WB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40910.86     | 0.00%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Adams Community Schools Renovation Building Corp.                                    | North Adams Community Schools Renovation Building Corp., First Mortgage, Ad Valorem Property Tax                                                       | CUSIP: 65659NDN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20056.77     | 0.00%             | 2023-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Dauphin PA                                                                       | County of Dauphin                                                                                                                                      | CUSIP: 238253E79<br>LEI: 549300E86X2H9JIHEX42 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35456.51     | 0.00%             | 2023-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Conroe TX                                                                          | City of Conroe                                                                                                                                         | CUSIP: 208399Q57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26102.42     | 0.00%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Loup River Public Power District                                                           | Loup River Public Power District                                                                                                                       | CUSIP: 547116NF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hidalgo TX                                                                       | County of Hidalgo                                                                                                                                      | CUSIP: 429326ZB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20339.29     | 0.00%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of York PA                                                                          | County of York                                                                                                                                         | CUSIP: 986370JV7<br>LEI: 549300PBUZSC8WBS4164 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20250.10     | 0.00%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Pequannock NJ                                                                  | Township of Pequannock                                                                                                                                 | CUSIP: 713482JV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3752000 | PA      | $3769685.05   | 0.14%             | 2023-07-12      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Missouri State Board of Public Buildings                                                   | Missouri State Board of Public Buildings, Series 2020B                                                                                                 | CUSIP: 606341LZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30598.95     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Valley State University                                                              | Grand Valley State University, Series 2015A                                                                                                            | CUSIP: 386545KA4<br>LEI: 5493004492FRREYG5M95 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Highland Park Park District                                                                | Highland Park District, Limited Tax                                                                                                                    | CUSIP: 430470GU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25014.20     | 0.00%             | 2022-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Wastewater Transmission Revenue                                         | City of Chicago, Wastewater Transmission, Second Lien                                                                                                  | CUSIP: 167727UW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25048.94     | 0.00%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Perkiomen Valley School District                                                           | Perkiomen Valley School District                                                                                                                       | CUSIP: 714145YF0<br>LEI: 549300TFNU3F3MK8X955 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25154.95     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Strongsville City School District                                                          | Strongsville City School District, Unlimited Tax Improvement                                                                                           | CUSIP: 863387NG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Airport Passenger Facility Charge                                       | City of Atlanta Airport Passenger Facility Charge, Sub Lien, Series 2014A                                                                              | CUSIP: 04780TCP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20483.92     | 0.00%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pearland TX                                                                        | City of Pearland, Permanent Improvement                                                                                                                | CUSIP: 704865MN1<br>LEI: 549300UYAWZP0LF3EF82 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25149.32     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                                          | City of Dallas, Series 2013A                                                                                                                           | CUSIP: 235219JH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25115.80     | 0.00%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Madison District Public Schools                                                            | Madison District Public Schools, School Building and Site                                                                                              | CUSIP: 557786HL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20117.03     | 0.00%             | 2028-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                      | Metropolitan Transportation Authority, Series 2012F                                                                                                    | CUSIP: 59259YTT6<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    295000 | PA      | $295310.61    | 0.01%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Abington School District                                                                   | Abington School District, Series 2021AA                                                                                                                | CUSIP: 003554U42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40277.15     | 0.00%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County Community Consolidated School District No. 65 Evanston                         | Cook County Community Consolidated School District No. 65, Evanston, Limited Tax                                                                       | CUSIP: 213687NT9<br>LEI: 549300H6EG18CC8TGB88 | Long             | DBT              | MUN               | US        |     85000 | PA      | $85000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Major New Infrastructure Project                                                                                                        | CUSIP: 677581GR5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    120000 | PA      | $123024.98    | 0.00%             | 2023-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                           | Kentucky Public Energy Authority                                                                                                                       | CUSIP: 74440DDB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1054098.68   | 0.04%             | 2023-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Utah UT Transportation Sales Tax Revenue                                         | County of Utah, Transportation Sales Tax                                                                                                               | CUSIP: 91739RCZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts School Building Authority                                                    | Massachusetts School Building Authority, Dedicated Sales Tax, Series 2018A                                                                             | CUSIP: 576000VT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20551.03     | 0.00%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ingham County Building Authority                                                           | Ingham County Building Authority, Limited Tax                                                                                                          | CUSIP: 457003KR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $34854.84     | 0.00%             | 2023-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of New Haven CT                                                                       | City of New Haven, Series 2013B                                                                                                                        | CUSIP: 6450206S2<br>LEI: 549300U4OHEAZ124LQ06 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25215.62     | 0.00%             | 2024-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                     | North Carolina Medical Care Commission, Caromont Health                                                                                                | CUSIP: 65820HN90<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    325000 | PA      | $343877.40    | 0.01%             | 2051-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio                                                                                                                                          | CUSIP: 677522KD5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52439.86     | 0.00%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                                       | City of Charlotte, Convention Facility Project                                                                                                         | CUSIP: 161037W85<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |     60000 | PA      | $62067.26     | 0.00%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lake OH                                                                          | County of Lake, Various Purpose                                                                                                                        | CUSIP: 5094263K6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Anderson Redevelopment District                                                            | Anderson Redevelopment District, Series 2018A                                                                                                          | CUSIP: 033893FV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175637.14    | 0.01%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Westmoreland PA                                                                  | County of Westmoreland                                                                                                                                 | CUSIP: 960895YL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Elizabeth NJ                                                                       | City of Elizabeth                                                                                                                                      | CUSIP: 286678BU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $24988.94     | 0.00%             | 2023-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Township of Campton IL                                                                     | Township of Campton                                                                                                                                    | CUSIP: 134655DK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40035.66     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH Excise Tax Revenue                                                   | County of Cuyahoga, Sports Facilities Improvement Project, Excise Tax                                                                                  | CUSIP: 23227EAG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Newark NJ                                                                          | City of Newark                                                                                                                                         | CUSIP: 650367PK5<br>LEI: 5493008RBPM01QHRYX34 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017476.50   | 0.04%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harmony Technology Park Metropolitan District                                              | Harmony Technology Park Metropolitan District                                                                                                          | CUSIP: 41329DAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $973350.00    | 0.04%             | 2032-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| University of Utah (The)                                                                   | University of Utah (The)                                                                                                                               | CUSIP: 915183YH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46787.32     | 0.00%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                                      | California Infrastructure and Economic Development Bank, Infrastructure State Revolving Fund, Series 2014A                                             | CUSIP: 13034AEL0<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25519.92     | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pearland TX                                                                        | City of Pearland, Permanent Improvement                                                                                                                | CUSIP: 704865MP6<br>LEI: 549300UYAWZP0LF3EF82 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41125.46     | 0.00%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                                       | Central Florida Expressway Authority, Senior Lien                                                                                                      | CUSIP: 153476DP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10132.94     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada Highway Improvement Revenue                                                | State of Nevada Highway Improvement, Motor Vehicle Fuel Tax                                                                                            | CUSIP: 641480HJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arapahoe County Water & Wastewater Public Improvement District                             | Arapahoe County Water and Wastewater Public Improvement District                                                                                       | CUSIP: 03871LBE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| McHenry County Conservation District                                                       | McHenry County Conservation District                                                                                                                   | CUSIP: 580818GD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20531.20     | 0.00%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 10 Tacoma                                                | Pierce County School District No. 10 Tacoma, Unlimited Tax                                                                                             | CUSIP: 720424YS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Winnebago IL                                                                     | County of Winnebago, Public Safety Sales Tax Alternative Revenue Source, Series 2013A                                                                  | CUSIP: 974450ZF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60067.32     | 0.00%             | 2022-12-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of DeKalb GA                                                                        | County of DeKalb, Special Transportation, Parks and Greenspace and Libraries Tax                                                                       | CUSIP: 240451YF5<br>LEI: 54930077BXREPE6WKC96 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42734.90     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Conroe TX                                                                          | City of Conroe                                                                                                                                         | CUSIP: 208399S97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36762.16     | 0.00%             | 2025-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                     | New York State Urban Development Corp., State Personal Income Tax, General Purpose, Series 2013C                                                       | CUSIP: 650035C22<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45326.98     | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio University                                                                            | Ohio University, General Receipts                                                                                                                      | CUSIP: 677704A24<br>LEI: 549300P1K3IH2L5SFY61 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60000.00     | 0.00%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                           | Pennsylvania Turnpike Commission, Motor License Fund, Enhanced, Subordinate                                                                            | CUSIP: 7092236N6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Sanitation District                                                          | Orange County Sanitation District, Wastewater, Series 2014A                                                                                            | CUSIP: 68428TBL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85359.03     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA                                                                         | City of Seattle, Limited Tax, Series 2016A                                                                                                             | CUSIP: 812627AG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30252.72     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charter Township of Canton MI                                                              | Charter Township of Canton, Limited Tax                                                                                                                | CUSIP: 138128KU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20161.81     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Boulder CO                                                                       | County of Boulder, Series 2021A                                                                                                                        | CUSIP: 10146LCN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                     | New York State Urban Development Corp., State Personal Income Tax, General Purpose, Series 2013E-A                                                     | CUSIP: 650035F52<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60443.49     | 0.00%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spokane County School District No. 354 Mead                                                | Spokane County School District No. 354 Mead, Unlimited Tax                                                                                             | CUSIP: 848780SK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                             | Black Belt Energy Gas District, Gas Project                                                                                                            | CUSIP: 09182TBL0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  27795000 | PA      | $28979631.24  | 1.11%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of El Paso TX Water & Sewer Revenue                                                   | City of El Paso, Water and Sewer System                                                                                                                | CUSIP: 283822MP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25159.33     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Capital Facilities Lease Appropriation, Series 2017A                                                                                    | CUSIP: 67760ADN3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                                     | City of Mesa, Utility System                                                                                                                           | CUSIP: 590545UF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20063.58     | 0.00%             | 2023-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Borough of Morris Plains NJ                                                                | Borough of Morris Plains                                                                                                                               | CUSIP: 618210FP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415880 | PA      | $1415569.92   | 0.05%             | 2022-12-09      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                                | Omaha Public Power District, Electric System, Series 2016A                                                                                             | CUSIP: 682001EU2<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |     80000 | PA      | $80332.58     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                             | American Municipal Power, Inc., Combined Hydroelectric Projects                                                                                        | CUSIP: 02765ULT9<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |    660000 | PA      | $663102.53    | 0.03%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota State Building Authority                                                      | South Dakota State Building Authority, Series 2020C                                                                                                    | CUSIP: 83755LQ58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35081.78     | 0.00%             | 2023-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Henderson NV                                                                       | City of Henderson, Series 2012A                                                                                                                        | CUSIP: 4252004L3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                    | Los Angeles Department of Water and Power, Water System, Series 2013A                                                                                  | CUSIP: 544495ZE7<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1052141.90   | 0.04%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                        | State of Washington, State and Local Agency Real and Personal Property                                                                                 | CUSIP: 939720ZP6<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36269.00     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                                       | Central Florida Expressway Authority, Senior Lien                                                                                                      | CUSIP: 153476BE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26351.19     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Pitman NJ                                                                       | Borough of Pitman, Series A                                                                                                                            | CUSIP: 724428FG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4287927 | PA      | $4286576.30   | 0.16%             | 2022-12-13      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| City of Long Branch NJ                                                                     | City of Long Branch, Series 2020A                                                                                                                      | CUSIP: 542620PJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31757.36     | 0.00%             | 2025-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chula Vista Elementary School District                                                     | Chula Vista Elementary School District                                                                                                                 | CUSIP: 171314JY4<br>LEI: 5493007W74ET6MX0FN28 | Long             | DBT              | MUN               | US        |     20000 | PA      | $19640.01     | 0.00%             | 2023-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                        | Wisconsin Health and Educational Facilities Authority, Unitypoint Health, Series 2014A                                                                 | CUSIP: 97670FAX9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    180000 | PA      | $180000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                               | West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Appalachian Power Co. Amos Project                                      | CUSIP: 95648VBH1<br>LEI: 549300WW88TKKF5H1220 | Long             | STIV             | MUN               | US        |    100000 | PA      | $89262.39     | 0.00%             | 2038-12-01      | Variable      | 0.62%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                        | City of New York                                                                                                                                       | CUSIP: 64966J2Z8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    190000 | PA      | $190411.03    | 0.01%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee Memorial Health System                                                                 | Lee Memorial Health System                                                                                                                             | CUSIP: 52385LCY3<br>LEI: 54930018FIX4OVLGH070 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20135.85     | 0.00%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Orange Township NJ                                                                 | City of Orange Township                                                                                                                                | CUSIP: 685312KC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                           | Pennsylvania Turnpike Commission, Motor License Fund, Enhanced, Subordinate                                                                            | CUSIP: 7092236F3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    110000 | PA      | $110000.00    | 0.00%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dublin City School District                                                                | Dublin City School District, School Facilities Construction and Improvement                                                                            | CUSIP: 26371GVE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20538.18     | 0.00%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                        | State of Washington, Various Purpose                                                                                                                   | CUSIP: 93974C8D5<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50705.36     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                      | Metropolitan Transportation Authority, Series A-1                                                                                                      | CUSIP: 59259YQ69<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35526.13     | 0.00%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Transportation Fund Revenue                                  | Commonwealth of Massachusetts Transportation Fund, Series 2016A                                                                                        | CUSIP: 57604TEH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20243.14     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Campbell Union High School District                                                        | Campbell Union High School District                                                                                                                    | CUSIP: 134159SV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25413.99     | 0.00%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parish of St. John the Baptist LA                                                          | Parish of St. John the Baptist, Marathon Oil Corp., Project, Series 2017A-1                                                                            | CUSIP: 79020FAW6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   3665000 | PA      | $3634262.01   | 0.14%             | 2037-06-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Contra Costa Community College District                                                    | Contra Costa Community College District, Election of 2014, Series C                                                                                    | CUSIP: 212204KP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25242.27     | 0.00%             | 2023-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| East Baton Rouge Sewerage Commission                                                       | East Baton Rouge Sewerage Commission, Series 2021A                                                                                                     | CUSIP: 270618GZ8<br>LEI: 5493006BC84VNIRSCG97 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75316.79     | 0.00%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Council                                                                       | Metropolitan Council, Minneapolis St. Paul Metropolitan Area, Series 2017B                                                                             | CUSIP: 591852C97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35217.80     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                     | University of Arkansas, Various Facility Fayetteville Campus                                                                                           | CUSIP: 9140723K7<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35675.06     | 0.00%             | 2023-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                               | Mississippi Development Bank, Madison County, Mississippi Highway Refunding Project, Series 2013C                                                      | CUSIP: 60534TNC5<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20470.98     | 0.00%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                                       | City of Charlotte                                                                                                                                      | CUSIP: 161037U38<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |    270000 | PA      | $270000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Capital Facilities Lease Appropriation Park and Recreation Improvement Fund Projects                                                    | CUSIP: 67760AEW2<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    260000 | PA      | $260000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Home Corp.                                                                     | Mississippi Home Corp., Single Family Mortgage                                                                                                         | CUSIP: 60535QNP1<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| City of Kansas City MO Water Revenue                                                       | City of Kansas City                                                                                                                                    | CUSIP: 485116UT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                      | Metropolitan Transportation Authority, Series 2013A                                                                                                    | CUSIP: 59259YYQ6<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30329.22     | 0.00%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of South Orange Village NJ                                                        | Township of South Orange Village                                                                                                                       | CUSIP: 839134GV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20868000 | PA      | $21034994.08  | 0.81%             | 2023-07-05      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Burlington County Bridge Commission                                                        | Burlington County Bridge Commission, Governmental Leasing Program                                                                                      | CUSIP: 121651MV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20101.17     | 0.00%             | 2023-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                              | State of Ohio, Infrastructure Improvement                                                                                                              | CUSIP: 677522FD1<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25460.16     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Du Page County High School District No. 88                                                 | Du Page County High School District No. 88, Villa Park                                                                                                 | CUSIP: 263327HY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45083.94     | 0.00%             | 2023-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                           | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                                    | CUSIP: 20282EAE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3465000 | PA      | $3568915.35   | 0.14%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cuyahoga Community College District                                                        | Cuyahoga Community College District, Facilities Construction Improvement, Unlimited Tax                                                                | CUSIP: 232392AH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20086.65     | 0.00%             | 2023-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Lakeland FL Department of Electric Utilities                                       | City of Lakeland, Department of Electric Utilities                                                                                                     | CUSIP: 51166FDX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21406.52     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sedgwick County Unified School District No. 266 Maize                                      | Sedgwick County Unified School District No. 266 Maize, Series 2015A                                                                                    | CUSIP: 815670LW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25268.97     | 0.00%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                                                | Ohio Housing Finance Agency, RAD Post Oak LLC                                                                                                          | CUSIP: 676900VW0<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   4740000 | PA      | $4710984.09   | 0.18%             | 2025-07-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| City of Lewisville TX                                                                      | City of Lewisville                                                                                                                                     | CUSIP: 528815FD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25078.24     | 0.00%             | 2023-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northside Independent School District                                                      | Northside Independent School District, Unlimited Tax, Series 2019B                                                                                     | CUSIP: 66702RXE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25130.38     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                       | Colorado Health Facilities Authority, Commonspirit Health                                                                                              | CUSIP: 19648FKD5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5328964.50   | 0.20%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon Department of Administrative Services                                      | State of Oregon, Department of Administrative Services                                                                                                 | CUSIP: 68608BDA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2460000 | PA      | $2460000.00   | 0.09%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St. Johns County Industrial Development Authority                                          | St. Johns County Industrial Development Authority, Vicar's Landing Project, Series 2021A                                                               | CUSIP: 79041LAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $119050.85    | 0.00%             | 2023-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Buda TX                                                                            | City of Buda                                                                                                                                           | CUSIP: 118828GQ9<br>LEI: 549300M2WWWL7K4QS327 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20774.53     | 0.00%             | 2024-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Richmond VA Public Utility Revenue                                                 | City of Richmond, Public Utility Revenue, Series 2013A                                                                                                 | CUSIP: 765433JL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30091.55     | 0.00%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                                                  | County of Anne Arundel, Arundel Mills Project                                                                                                          | CUSIP: 03589PBY2<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50734.43     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Country Central School District at Brookhaven                                        | South Country Central School District at Brookhaven                                                                                                    | CUSIP: 837489KS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35702.56     | 0.00%             | 2023-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sarasota FL                                                                      | County of Sarasota                                                                                                                                     | CUSIP: 803297CA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25509.52     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                       | District of Columbia, Income Tax, Series 2012C                                                                                                         | CUSIP: 25477GKS3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Wachusett Regional School District/MA                                                      | Wachusett Regional School District, State Qualified School                                                                                             | CUSIP: 929777HL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Mesa University                                                                   | Colorado Mesa University, Series 2009A                                                                                                                 | CUSIP: 19652PDW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45482.48     | 0.00%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                       | Colorado Health Facilities Authority                                                                                                                   | CUSIP: 19648FXC3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1368413.95   | 0.05%             | 2049-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO                                                                 | City and County of Denver, Series 2018A                                                                                                                | CUSIP: 249183XQ2<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20243.14     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Redevelopment Agency Successor Agency                                            | San Diego Redevelopment Agency Successor Agency, Series 2017A                                                                                          | CUSIP: 79730WCD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10179.57     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX                                                                         | City of Lubbock                                                                                                                                        | CUSIP: 549188TD2<br>LEI: 549300I1QTL3QZV4BX74 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20961.76     | 0.00%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-30

**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