# EDGAR Filing Document

**Accession Number:** 0001418144
**File Stem:** 0001418144-25-000123
**Filing Date:** 2025-9
**Character Count:** 72795
**Document Hash:** 0016123024e1886f0121b52958d3bcaf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001418144-25-000123.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0001418144-25-000123

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INVESCO ACTIVELY MANAGED EXCHANGE-TRADED FUND TRUST
- **CENTRAL INDEX KEY:** 0001418144

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22148
- **FILM NUMBER:** 251356148

**BUSINESS ADDRESS:**
- **STREET 1:** 3500 LACEY ROAD
- **STREET 2:** SUITE 700
- **CITY:** DOWNERS GROVE
- **STATE:** IL
- **ZIP:** 60515
- **BUSINESS PHONE:** 800-983-0903

**MAIL ADDRESS:**
- **STREET 1:** 3500 LACEY ROAD
- **STREET 2:** SUITE 700
- **CITY:** DOWNERS GROVE
- **STATE:** IL
- **ZIP:** 60515

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Powershares Actively Managed Exchange-Traded Fund Trust
- **DATE OF NAME CHANGE:** 20071109

## Series and Classes Contracts Data

### Invesco Rochester High Yield Municipal ETF (Series ID: S000078943)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000239745 | Invesco Rochester High Yield Municipal ETF | IROC            |

## Nport-Ex

Schedule of Investments

**Invesco Intermediate Municipal ETF (INTM)**

July 31, 2025

*(Unaudited)*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations-82.43%** |  |  |  |  |
| **Alabama-2.39%** |  |  |  |  |
| Southeast Energy Authority A Cooperative District No. 1, Series 2021 A, RB<sup>(a)</sup> | 4.00% | 10/01/2028 | $230 | &nbsp;&nbsp; $231104 |
| Southeast Energy Authority, A Cooperative District (No. 3), Series 2022 A-1, RB<sup>(a)</sup> | 5.50% | 12/01/2029 | 120 | &nbsp;&nbsp; 127700 |
|  |  |  |  | &nbsp;&nbsp; 358804 |
| **Arizona-1.42%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), <br> Series 2016, Ref. RB<br>| 5.00% | 01/01/2038 | 210 | &nbsp;&nbsp; 213480 |
| **California-2.67%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; California (State of) School Finance Authority (Alliance for College-Ready Public Schools), Series 2016, <br> Ref. RB<sup>(b)</sup><br>| 5.00% | 07/01/2036 | 250 | &nbsp;&nbsp; 250094 |
| California (State of) School Finance Authority (KIPP LA), Series 2017 A, RB<sup>(b)</sup> | 5.00% | 07/01/2037 | 150 | &nbsp;&nbsp; 151565 |
|  |  |  |  | &nbsp;&nbsp; 401659 |
| **Colorado-2.57%** |  |  |  |  |
| Denver City & County School District No. 1, Series 2017, GO Bonds | 5.00% | 12/01/2038 | 150 | &nbsp;&nbsp; 152066 |
| Raindance Metropolitan District No. 2, Series 2024, Ref. GO Bonds, (INS - BAM)<sup>(c)</sup> | 5.00% | 12/01/2039 | 225 | &nbsp;&nbsp; 233556 |
|  |  |  |  | &nbsp;&nbsp; 385622 |
| **Connecticut-13.32%** |  |  |  |  |
| Connecticut State Health & Educational Facilities Authority, Series 2010, VRD RB<sup>(d)</sup> | 0.40% | 07/01/2049 | 2000 | &nbsp;&nbsp; 2000000 |
| **Florida-7.28%** |  |  |  |  |
| East Central Regional Wastewater Treatment Facilities Operation Board, Series 2017, Ref. RB | 5.00% | 10/01/2036 | 100 | &nbsp;&nbsp; 102643 |
| Miami-Dade (County of), FL Expressway Authority, Series 2010 A, RB | 5.00% | 07/01/2040 | 120 | &nbsp;&nbsp; 120029 |
| Orlando Utilities Commission, Series 2008, VRD RB<sup>(d)</sup> | 2.53% | 10/01/2033 | 500 | &nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp; Palm Beach (County of), FL Health Facilities Authority (ACTS Retirement-Life Communities, Inc.), <br> Series 2016, Ref. RB<br>| 5.00% | 11/15/2032 | 200 | &nbsp;&nbsp; 202209 |
| Peace River Manasota Regional Water Supply Authority, Series 2025 A, RB<sup>(e)</sup> | 5.00% | 10/01/2035 | 150 | &nbsp;&nbsp; 168479 |
|  |  |  |  | &nbsp;&nbsp; 1093360 |
| **Guam-2.16%** |  |  |  |  |
| Guam Government Waterworks Authority, Series 2025 A, RB<sup>(e)</sup> | 5.00% | 07/01/2035 | 300 | &nbsp;&nbsp; 324941 |
| **Idaho-2.24%** |  |  |  |  |
| Idaho Housing & Finance Association, Series 2025 C, RB, (CEP - GNMA) | 6.25% | 01/01/2056 | 300 | &nbsp;&nbsp; 336031 |
| **Illinois-7.31%** |  |  |  |  |
| Chicago (City of), IL (O'Hare International Airport), Series 2016 C, Ref. RB | 5.00% | 01/01/2037 | 150 | &nbsp;&nbsp; 150452 |
| Illinois (State of), Series 2016, GO Bonds | 4.00% | 06/01/2035 | 300 | &nbsp;&nbsp; 291574 |
| Illinois (State of), Series 2020, GO Bonds | 5.50% | 05/01/2039 | 150 | &nbsp;&nbsp; 155905 |
| &nbsp;&nbsp;&nbsp; Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2022, <br> Ref. VRD RB<sup>(d)</sup><br>| 0.75% | 08/15/2057 | 500 | &nbsp;&nbsp; 500000 |
|  |  |  |  | &nbsp;&nbsp; 1097931 |
| **Michigan-7.16%** |  |  |  |  |
| Lansing School District, Series 2016, GO Bonds | 5.00% | 05/01/2037 | 75 | &nbsp;&nbsp; 75762 |
| Michigan (State of) Building Authority (Facilities Program), Series 2023 I-M, VRD RB<sup>(d)</sup> | 2.39% | 04/15/2058 | 500 | &nbsp;&nbsp; 500000 |
| Michigan (State of) Finance Authority (Corewell Health), Series 2025, VRD RB<sup>(d)</sup> | 2.60% | 01/15/2055 | 500 | &nbsp;&nbsp; 500000 |
|  |  |  |  | &nbsp;&nbsp; 1075762 |
| **New York-15.89%** |  |  |  |  |
| Hempstead Town Local Development Corp. (Molloy College), Series 2017, Ref. RB | 5.00% | 07/01/2038 | 150 | &nbsp;&nbsp; 150373 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 DD, Ref. VRD RB<sup>(d)</sup> | 0.75% | 06/15/2033 | 1000 | &nbsp;&nbsp; 1000000 |
| New York (City of), NY Transitional Finance Authority, Subseries 2010 A-4, VRD RB<sup>(d)</sup> | 0.60% | 08/01/2039 | 500 | &nbsp;&nbsp; 500000 |
| New York Liberty Development Corp. (Goldman Sachs Headquarters), Series 2005, Ref. RB | 5.25% | 10/01/2035 | 150 | &nbsp;&nbsp; 167894 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), <br> Series 2016, RB, (INS - AGI)<sup>(c)(f)</sup><br>| 4.00% | 07/01/2037 | 120 | &nbsp;&nbsp; 113718 |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2022, RB<sup>(f)</sup> | 5.00% | 12/01/2029 | 150 | &nbsp;&nbsp; 161088 |
| Westchester Tobacco Asset Securitization Corp., Series 2016 B, Ref. RB | 5.00% | 06/01/2041 | 300 | &nbsp;&nbsp; 293401 |
|  |  |  |  | &nbsp;&nbsp; 2386474 |
| **Ohio-1.55%** |  |  |  |  |
| Hamilton (County of), OH (Life Enriching Communities), Series 2023, RB | 5.25% | 01/01/2038 | 225 | &nbsp;&nbsp; 233219 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco Intermediate Municipal ETF (INTM)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Puerto Rico-0.16%** |  |  |  |  |  |
| Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds | 4.00% | 07/01/2041 | $| 28 | &nbsp;&nbsp; $24423 |
| **Texas-14.24%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forney Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<sup>(e)</sup><br>| 5.00% | 08/15/2035 |  | 150 | &nbsp;&nbsp; 167181 |
| Houston (City of), TX, Series 2025 A, RB<sup>(e)(f)</sup> | 5.25% | 07/01/2036 |  | 175 | &nbsp;&nbsp; 189037 |
| Mission Economic Development Corp. (Natgasoline), Series 2018, Ref. RB<sup>(b)(f)</sup> | 4.63% | 10/01/2031 |  | 225 | &nbsp;&nbsp; 225068 |
| Port of Port Arthur Navigation District, Series 2010 C, VRD RB<sup>(d)</sup> | 0.90% | 04/01/2040 |  | 500 | &nbsp;&nbsp; 500000 |
| Sherman Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<sup>(e)</sup> | 5.00% | 02/15/2036 |  | 150 | &nbsp;&nbsp; 165235 |
| Texas (State of), Series 2022, VRD GO Bonds, (LOC - Sumitomo Mitsui Banking)<sup>(d)(g)</sup> | 2.55% | 06/01/2053 |  | 500 | &nbsp;&nbsp; 500000 |
| Willow Creek Farms Municipal Utility District, Series 2025, GO Bonds, (INS - BAM)<sup>(c)(e)</sup> | 6.50% | 03/01/2031 |  | 125 | &nbsp;&nbsp; 144953 |
| Willow Creek Farms Municipal Utility District, Series 2025, GO Bonds, (INS - BAM)<sup>(c)(e)</sup> | 6.50% | 03/01/2032 |  | 210 | &nbsp;&nbsp; 246587 |
|  |  |  |  |  | &nbsp;&nbsp; 2138061 |
| **Wisconsin-2.07%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), <br> Series 2016, Ref. RB<br>| 5.00% | 11/15/2035 |  | 150 | &nbsp;&nbsp; 151165 |
| Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance), Series 2012, RB | 5.00% | 06/01/2039 |  | 160 | &nbsp;&nbsp; 160134 |
|  |  |  |  |  | &nbsp;&nbsp; 311299 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(h)</sup>-82.43% <br>(Cost $12,367,670) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(h)</sup>-82.43% <br>(Cost $12,367,670) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(h)</sup>-82.43% <br>(Cost $12,367,670) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(h)</sup>-82.43% <br>(Cost $12,367,670) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(h)</sup>-82.43% <br>(Cost $12,367,670) | &nbsp;&nbsp; 12381066 |
| OTHER ASSETS LESS LIABILITIES-17.57% | OTHER ASSETS LESS LIABILITIES-17.57% | OTHER ASSETS LESS LIABILITIES-17.57% | OTHER ASSETS LESS LIABILITIES-17.57% | OTHER ASSETS LESS LIABILITIES-17.57% | &nbsp;&nbsp; 2639312 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $15020378 |

---

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

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| AGI | -Assured Guaranty, Inc. |
| BAM | -Build America Mutual Assurance Co. |
| CEP | -Credit Enhancement Provider |
| GNMA | -Government National Mortgage Association |
| GO | -General Obligation |
| INS | -Insurer |
| LOC | -Letter of Credit |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| VRD | -Variable Rate Demand |

---

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

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| <sup>(b)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> July 31, 2025 was $626,727, which represented 4.17% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | Principal and/or interest payments are secured by the bond insurance company listed. |
| <sup>(d)</sup> | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by <br> the issuer or agent based on current market conditions. Rate shown is the rate in effect on July 31, 2025.<br>|
| <sup>(e)</sup> | All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. |
| <sup>(f)</sup> | Security subject to the alternative minimum tax. |
| <sup>(g)</sup> | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| <sup>(h)</sup> | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer's <br> obligations but may be called upon to satisfy the issuer's obligations. No concentration of any single entity was greater than 5% each.<br>|

---

The valuation policy and a listing of other significant accounting policies are available in the most recent Statement of Additional Information.

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments

**Invesco Rochester High Yield Municipal ETF (IROC)**

July 31, 2025

*(Unaudited)*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations-99.79%** |  |  |  |  |
| **Alabama-1.54%** |  |  |  |  |
| Mobile (County of), AL Industrial Development Authority (AM/NS Calvert LLC), Series 2024, RB<sup>(a)</sup> | &nbsp;&nbsp; 5.00% | 06/01/2054 | $500 | &nbsp;&nbsp; $455430 |
| **Arizona-3.28%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Pima (County of), AZ Industrial Development Authority (American Leadership Academy) (The), <br> Series 2022, Ref. RB<sup>(b)</sup><br>| &nbsp;&nbsp; 4.00% | 06/15/2031 | 500 | &nbsp;&nbsp; 487552 |
| &nbsp;&nbsp;&nbsp; Sierra (City of), AZ Vista Industrial Development Authority (Wake Preparatory Academy), Series 2025, <br> RB<br>| &nbsp;&nbsp; 6.25% | 06/15/2050 | 500 | &nbsp;&nbsp; 483850 |
|  |  |  |  | &nbsp;&nbsp; 971402 |
| **Arkansas-1.70%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Arkansas (State of) Development Finance Authority (U.S. Steel Corp.) (Green Bonds), Series 2023, <br> RB<sup>(a)</sup><br>| &nbsp;&nbsp; 5.70% | 05/01/2053 | 500 | &nbsp;&nbsp; 501954 |
| **California-8.31%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; California (State of) Infrastructure & Economic Development Bank (Brightline West Passenger Rail) <br> (Green Bonds), Series 2025 B, Ref. RB<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 9.50% | 01/01/2035 | 500 | &nbsp;&nbsp; 446085 |
| California (State of) Municipal Finance Authority (California Baptist University), Series 2025, RB<sup>(b)</sup> | &nbsp;&nbsp; 5.63% | 11/01/2054 | 500 | &nbsp;&nbsp; 494296 |
| &nbsp;&nbsp;&nbsp; California (State of) Pollution Control Financing Authority (Poseidon Resources L.P.), Series 2023, <br> RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 5.00% | 07/01/2038 | 500 | &nbsp;&nbsp; 511482 |
| &nbsp;&nbsp;&nbsp; California (State of) Public Finance Authority (California University of Science and Medicine), <br> Series 2019 A, RB<sup>(b)</sup><br>| &nbsp;&nbsp; 6.25% | 07/01/2054 | 500 | &nbsp;&nbsp; 509657 |
| &nbsp;&nbsp;&nbsp; California (State of) Statewide Communities Development Authority (Loma Linda University Medical <br> Center), Series 2014, RB<br>| &nbsp;&nbsp; 5.25% | 12/01/2034 | 500 | &nbsp;&nbsp; 500254 |
|  |  |  |  | &nbsp;&nbsp; 2461774 |
| **Colorado-1.69%** |  |  |  |  |
| Centerra Metropolitan District No. 1 (In the City of Loveland), Series 2017, RB<sup>(b)</sup> | &nbsp;&nbsp; 5.00% | 12/01/2037 | 500 | &nbsp;&nbsp; 499935 |
| **District of Columbia-1.06%** |  |  |  |  |
| District of Columbia (Provident Group - Howard Properties LLC), Series 2013, RB | &nbsp;&nbsp; 5.00% | 10/01/2045 | 350 | &nbsp;&nbsp; 313995 |
| **Florida-6.61%** |  |  |  |  |
| Capital Projects Finance Authority (Millenia Orlando), Series 2025 A, RB<sup>(b)</sup> | &nbsp;&nbsp; 6.75% | 01/01/2045 | 500 | &nbsp;&nbsp; 477495 |
| Capital Trust Authority (St.Johns Classical Academy, Inc.), Series 2025, Ref. RB<sup>(b)</sup> | &nbsp;&nbsp; 5.13% | 06/15/2050 | 250 | &nbsp;&nbsp; 218684 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), Series 2024, Ref. <br> RB<sup>(a)(b)(c)</sup><br>| 12.00% | 07/15/2028 | 250 | &nbsp;&nbsp; 150000 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), Series 2024, Ref. <br> RB<sup>(a)</sup><br>| &nbsp;&nbsp; 5.50% | 07/01/2053 | 500 | &nbsp;&nbsp; 407458 |
| &nbsp;&nbsp;&nbsp; Lee (County of), FL Industrial Development Authority (Shell Point Obligated Group), Series 2024 B-3, <br> RB<br>| &nbsp;&nbsp; 4.13% | 11/15/2029 | 200 | &nbsp;&nbsp; 201385 |
| Miami Beach (City of), FL, Series 2017, Ref. RB | &nbsp;&nbsp; 5.00% | 09/01/2047 | 500 | &nbsp;&nbsp; 503992 |
|  |  |  |  | &nbsp;&nbsp; 1959014 |
| **Illinois-5.68%** |  |  |  |  |
| Chicago (City of), IL Board of Education, Series 2012 B, Ref. GO Bonds | &nbsp;&nbsp; 5.00% | 12/01/2033 | 500 | &nbsp;&nbsp; 500005 |
| Chicago (City of), IL Board of Education, Series 2015 C, GO Bonds | &nbsp;&nbsp; 5.25% | 12/01/2035 | 500 | &nbsp;&nbsp; 500003 |
| Illinois (State of) Finance Authority (Rush University Medical Center), Series 2015 A, Ref. RB | &nbsp;&nbsp; 5.00% | 11/15/2038 | 445 | &nbsp;&nbsp; 444934 |
| Marion (City of), IL (Star Bond District Project Area No. 1), Series 2025, RB | &nbsp;&nbsp; 6.38% | 06/01/2045 | 250 | &nbsp;&nbsp; 238042 |
|  |  |  |  | &nbsp;&nbsp; 1682984 |
| **Indiana-2.55%** |  |  |  |  |
| Indiana (State of) Finance Authority (U.S. Steel Corp.), Series 2021 A, Ref. RB | &nbsp;&nbsp; 4.13% | 12/01/2026 | 500 | &nbsp;&nbsp; 501176 |
| Whiting (City of), IN (BP Products North America, Inc.), Series 2015, RB<sup>(a)(c)</sup> | &nbsp;&nbsp; 4.40% | 06/10/2031 | 250 | &nbsp;&nbsp; 254754 |
|  |  |  |  | &nbsp;&nbsp; 755930 |
| **Iowa-1.80%** |  |  |  |  |
| Iowa (State of) Finance Authority (Iowa Fertilizer Co.), Series 2022, Ref. RB<sup>(c)(d)</sup> | &nbsp;&nbsp; 4.00% | 12/01/2032 | 500 | &nbsp;&nbsp; 532010 |
| **Kentucky-1.66%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky <br> Information Highway), Series 2015 A, RB<br>| &nbsp;&nbsp; 4.25% | 07/01/2035 | 500 | &nbsp;&nbsp; 491785 |
| **Louisiana-2.57%** |  |  |  |  |
| Louisiana (State of) Public Facilities Authority (I-10 Calcasieu River Bridge), Series 2024, RB<sup>(a)</sup> | &nbsp;&nbsp; 5.75% | 09/01/2064 | 750 | &nbsp;&nbsp; 761970 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco Rochester High Yield Municipal ETF (IROC)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Maryland-3.34%** |  |  |  |  |
| Maryland Economic Development Corp. (Purple Line) (Green Bonds), Series 2022 A, RB<sup>(a)</sup> | 5.00% | 11/12/2028 | $500 | &nbsp;&nbsp; $505363 |
| Rockville (City of), MD (Ingleside at King Farm), Series 2017 A-1, Ref. RB | 5.00% | 11/01/2037 | 500 | &nbsp;&nbsp; 483726 |
|  |  |  |  | &nbsp;&nbsp; 989089 |
| **Massachusetts-1.60%** |  |  |  |  |
| Massachusetts (Commonwealth of) Development Finance Agency (Lasell Village, Inc.), Series 2025, RB | 5.25% | 07/01/2055 | 500 | &nbsp;&nbsp; 475234 |
| **Michigan-1.68%** |  |  |  |  |
| Michigan (State of) Strategic Fund (Green Bonds), Series 2021, RB<sup>(a)(c)</sup> | 4.00% | 10/01/2026 | 500 | &nbsp;&nbsp; 497033 |
| **Missouri-0.71%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Missouri (State of) Health & Educational Facilities Authority (Missouri Baptist University), Series 2025, <br> Ref. RB<sup>(b)</sup><br>| 5.00% | 10/01/2035 | 215 | &nbsp;&nbsp; 209735 |
| **New Jersey-1.53%** |  |  |  |  |
| Tobacco Settlement Financing Corp., Series 2018 B, Ref. RB | 5.00% | 06/01/2046 | 470 | &nbsp;&nbsp; 453564 |
| **New York-9.40%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp. (Brooklyn Navy Yard), Series 2019, Ref. RB, <br> (LOC - Santander Bank N.A.)<sup>(a)(b)(e)</sup><br>| 5.25% | 12/31/2033 | 250 | &nbsp;&nbsp; 249201 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International <br> Airport), Series 2021, Ref. RB<sup>(a)</sup><br>| 3.00% | 08/01/2031 | 500 | &nbsp;&nbsp; 459599 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (John F. Kennedy International Airport New Terminal One) <br> (Green Bonds), Series 2023, RB<sup>(a)</sup><br>| 6.00% | 06/30/2054 | 500 | &nbsp;&nbsp; 508111 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), <br> Series 2023, RB<sup>(a)</sup><br>| 6.00% | 04/01/2035 | 1000 | &nbsp;&nbsp; 1083444 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (Terminal 4 JFK International Airport) (Green Bonds), <br> Series 2024, Ref. RB<sup>(a)</sup><br>| 5.50% | 12/31/2060 | 500 | &nbsp;&nbsp; 483836 |
|  |  |  |  | &nbsp;&nbsp; 2784191 |
| **North Dakota-1.38%** |  |  |  |  |
| Ward (County of), ND (Trinity Obligated Group), Series 2017 C, RB | 5.00% | 06/01/2034 | 410 | &nbsp;&nbsp; 408876 |
| **Ohio-1.69%** |  |  |  |  |
| Ohio (State of) Housing Finance Agency (Haven's Edge Apartments), Series 2025, RB<sup>(b)</sup> | 5.70% | 08/01/2043 | 500 | &nbsp;&nbsp; 501684 |
| **Oregon-2.48%** |  |  |  |  |
| Portland (Port of), OR (Green Bonds), Twenty Ninth Series 2023, RB<sup>(a)</sup> | 5.25% | 07/01/2039 | 700 | &nbsp;&nbsp; 733002 |
| **Pennsylvania-5.05%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Allentown (City of), PA Neighborhood Improvement Zone Development Authority, Series 2022, Ref. <br> RB<br>| 5.00% | 05/01/2033 | 525 | &nbsp;&nbsp; 561577 |
| &nbsp;&nbsp;&nbsp; Montgomery (County of), PA Industrial Development Authority (Constellation Energy Generation, LLC), <br> Series 2023 B, Ref. RB<br>| 4.10% | 06/01/2029 | 400 | &nbsp;&nbsp; 413299 |
| &nbsp;&nbsp;&nbsp; Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major Bridges <br> (The)), Series 2022, RB<sup>(a)</sup><br>| 5.50% | 06/30/2038 | 500 | &nbsp;&nbsp; 520325 |
|  |  |  |  | &nbsp;&nbsp; 1495201 |
| **Puerto Rico-3.39%** |  |  |  |  |
| Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds | 4.00% | 07/01/2033 | 500 | &nbsp;&nbsp; 487896 |
| Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority, Series 2022 A, Ref. RB<sup>(b)</sup> | 5.00% | 07/01/2028 | 500 | &nbsp;&nbsp; 515924 |
|  |  |  |  | &nbsp;&nbsp; 1003820 |
| **South Carolina-1.79%** |  |  |  |  |
| Patriots Energy Group Financing Agency, Series 2023 A-1, RB<sup>(c)</sup> | 5.25% | 08/01/2031 | 500 | &nbsp;&nbsp; 528842 |
| **Texas-8.59%** |  |  |  |  |
| Arlington Higher Education Finance Corp. (Newman International Academy), Series 2021, RB | 5.00% | 08/15/2051 | 150 | &nbsp;&nbsp; 101929 |
| Houston (City of), TX, Series 2023 A, Ref. RB, (INS - AGI)<sup>(a)(f)</sup> | 5.25% | 07/01/2048 | 500 | &nbsp;&nbsp; 501023 |
| Houston (City of), TX (United Airlines, Inc.), Series 2021 B-1, RB<sup>(a)</sup> | 4.00% | 07/15/2041 | 500 | &nbsp;&nbsp; 429608 |
| Houston (City of), TX (United Airlines, Inc.), Series 2024 B, RB<sup>(a)</sup> | 5.50% | 07/15/2038 | 500 | &nbsp;&nbsp; 516544 |
| Mission Economic Development Corp. (Green Bonds), Series 2025, RB<sup>(a)(c)</sup> | 5.00% | 06/01/2030 | 250 | &nbsp;&nbsp; 254020 |
| Mission Economic Development Corp. (Natgasoline), Series 2018, Ref. RB<sup>(a)(b)</sup> | 4.63% | 10/01/2031 | 500 | &nbsp;&nbsp; 500150 |
| New Hope Cultural Education Facilities Finance Corp., Series 2025 A, RB | 6.50% | 10/01/2060 | 250 | &nbsp;&nbsp; 239991 |
|  |  |  |  | &nbsp;&nbsp; 2543265 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco Rochester High Yield Municipal ETF (IROC)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Utah-2.47%** |  |  |  |  |  |
| Black Desert Public Infrastructure District, Series 2021 A, GO Bonds<sup>(b)</sup> | 3.25% | 03/01/2031 | $| 500 | &nbsp;&nbsp; $476532 |
| Mida Cormont Public Infrastructure District, Series 2025 A-1, GO Bonds<sup>(b)</sup> | 6.25% | 06/01/2055 |  | 250 | &nbsp;&nbsp; 255124 |
|  |  |  |  |  | &nbsp;&nbsp; 731656 |
| **Virgin Islands-0.82%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Virgin Islands (Government of) Public Finance Authority (Frenchman's Reef Hotel Development), <br> Series 2024 A, RB<sup>(b)</sup><br>| 6.00% | 04/01/2053 |  | 250 | &nbsp;&nbsp; 244158 |
| **Virginia-5.10%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Norfolk (City of), VA Redevelopment & Housing Authority (Fort Norfolk Retirement Community, Inc. - <br> Harbor's Edge), Series 2019 A, RB<br>| 5.00% | 01/01/2034 |  | 500 | &nbsp;&nbsp; 501254 |
| &nbsp;&nbsp;&nbsp; Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay), Series 2023 B-3, <br> RB<br>| 5.38% | 09/01/2029 |  | 1000 | &nbsp;&nbsp; 1010450 |
|  |  |  |  |  | &nbsp;&nbsp; 1511704 |
| **Washington-4.91%** |  |  |  |  |  |
| Washington (State of) Convention Center Public Facilities District, Series 2018, RB | 5.00% | 07/01/2043 |  | 500 | &nbsp;&nbsp; 488674 |
| Washington (State of) Convention Center Public Facilities District, Series 2018, RB | 5.00% | 07/01/2048 |  | 500 | &nbsp;&nbsp; 476703 |
| &nbsp;&nbsp;&nbsp; Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2012 A, <br> RB<br>| 5.00% | 10/01/2042 |  | 500 | &nbsp;&nbsp; 488954 |
|  |  |  |  |  | &nbsp;&nbsp; 1454331 |
| **West Virginia-0.86%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; West Virginia (State of) Economic Development Authority (Core Natural Resources, Inc.), Series 2025, <br> Ref. RB<sup>(a)(b)(c)</sup><br>| 5.45% | 03/27/2035 |  | 250 | &nbsp;&nbsp; 254182 |
| **Wisconsin-4.55%** |  |  |  |  |  |
| Public Finance Authority (KSU Bixby Real Estate Foundation LLC), Series 2025, RB | 5.25% | 06/15/2055 |  | 500 | &nbsp;&nbsp; 487934 |
| Public Finance Authority (Milo Farms Project), Series 2025, RB<sup>(b)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -% | 12/15/2039 |  | 750 | &nbsp;&nbsp; 244521 |
| &nbsp;&nbsp;&nbsp; Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System), Series 2019, <br> Ref. RB<br>| 5.00% | 11/01/2046 |  | 500 | &nbsp;&nbsp; 431988 |
| Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.), Series 2018 A, RB | 5.00% | 12/01/2027 |  | 180 | &nbsp;&nbsp; 183062 |
|  |  |  |  |  | &nbsp;&nbsp; 1347505 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(h)</sup>-99.79% <br>(Cost $29,745,834) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(h)</sup>-99.79% <br>(Cost $29,745,834) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(h)</sup>-99.79% <br>(Cost $29,745,834) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(h)</sup>-99.79% <br>(Cost $29,745,834) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<sup>(h)</sup>-99.79% <br>(Cost $29,745,834) | &nbsp;&nbsp; 29555255 |
| OTHER ASSETS LESS LIABILITIES-0.21% | OTHER ASSETS LESS LIABILITIES-0.21% | OTHER ASSETS LESS LIABILITIES-0.21% | OTHER ASSETS LESS LIABILITIES-0.21% | OTHER ASSETS LESS LIABILITIES-0.21% | &nbsp;&nbsp; 61463 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $29616718 |

---

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

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| AGI | -Assured Guaranty, Inc. |
| GO | -General Obligation |
| INS | -Insurer |
| LOC | -Letter of Credit |
| RB | -Revenue Bonds |
| Ref. | -Refunding |

---

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

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Security subject to the alternative minimum tax. |
| <sup>(b)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> July 31, 2025 was $7,246,397, which represented 24.47% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| <sup>(d)</sup> | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| <sup>(e)</sup> | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| <sup>(f)</sup> | Principal and/or interest payments are secured by the bond insurance company listed. |
| <sup>(g)</sup> | Denotes a zero coupon security issued at a substantial discount from its value at maturity. |
| <sup>(h)</sup> | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer's <br> obligations but may be called upon to satisfy issuer's obligations. No concentration of any single entity was greater than 5% each.<br>|
| Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the nine months ended July 31, 2025. | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the nine months ended July 31, 2025. |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco Rochester High Yield Municipal ETF (IROC)—(continued)**

July 31, 2025

*(Unaudited)*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**July 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Premier <br> U.S. Government Money <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $5364404 | &nbsp;&nbsp;&nbsp; $(5364404)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $7237 |

---

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

------

**Notes to Quarterly Schedules of Portfolio Holdings**

July 31, 2025

*(Unaudited)*

**NOTE 1—Additional Valuation Information**

Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Capital Management LLC's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of July 31, 2025, all of the securities in each Fund were valued based on Level 2 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Invesco Actively Managed Exchange-Traded Fund Trust

- **b. Investment Company Act file number:** 811-22148

- **c. CIK number of Registrant:** 0001418144

- **d. LEI of Registrant:** 549300S7YWBLZ3UGI217

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

  - **Street Address 1:** 3500 Lacey Road

  - **City:** Downers Grove

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60515

  - **Telephone number:** 800-983-0903

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

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

- **b. EDGAR series identifier (if any):** S000078943

- **c. LEI of Series:** 5493006RURMGCZH0OI34

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $29616757.05

**Total Liabilities:** $39.00

**Net Assets:** $29616718.05

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -37.42054201 | **1-Year:** -535.89268426 | **5-Year:** -2227.62967547 | **10-Year:** -4503.27932498 | **30-Year:** -1843.05522318

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

- **3-Month:** -54.42824732 | **1-Year:** -781.72429702 | **5-Year:** -2368.14592658 | **10-Year:** -4294.04244236 | **30-Year:** -1857.20831033

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000239745 | 0.03%                | 0.68%                | -0.93%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5550.00                 | $-113658.10                                |
| Month 2  | $387.90                  | $78751.12                                  |
| Month 3  | $-44876.55               | $-366155.77                                |

**Designated Index Information**

- **Index Name:** Securities Portfolio

- **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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| New Hope Cultural Education Facilities Finance Corp.                                                              | New Hope Cultural Education Facilities Finance Corp., Series 2025, RB                                                                   | CUSIP: 64542UHG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $239990.55    | 0.81%             | 2060-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport) (Green Bonds)                    | New York Transportation Development Corp. (Terminal 4 JFK International Airport) (Green Bonds), Series 2024, Ref. RB                    | CUSIP: 650116HW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $483836.20    | 1.63%             | 2060-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                                                             | Capital Projects Finance Authority/FL, Series 2025, RB                                                                                  | CUSIP: 14043HAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $477495.05    | 1.61%             | 2045-01-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                          | Public Finance Authority, Series 2025, RB                                                                                               | CUSIP: 74442PP25<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $244520.70    | 0.83%             | 2039-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Indiana (State of) Finance Authority (U.S. Steel Corp.)                                                           | Indiana (State of) Finance Authority (U.S. Steel Corp.), Series 2021 A, Ref. RB                                                         | CUSIP: 455054BE5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501176.15    | 1.69%             | 2026-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp. (Natgasoline)                                                                  | Mission Economic Development Corp. (Natgasoline), Series 2018, Ref. RB                                                                  | CUSIP: 605156AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500150.35    | 1.69%             | 2031-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Black Desert Public Infrastructure District                                                                       | Black Desert Public Infrastructure District, Series 2021 A, GO Bonds                                                                    | CUSIP: 09204PAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $476531.85    | 1.61%             | 2031-03-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp. (Purple Line) (Green Bonds)                                                   | Maryland Economic Development Corp. (Purple Line) (Green Bonds), Series 2022 A, RB                                                      | CUSIP: 57422JBH0<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505362.90    | 1.71%             | 2028-11-12      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California (State of) Infrastructure & Economic Development Bank (Brightline West Passenger Rail) (Green Bonds)   | California (State of) Infrastructure & Economic Development Bank (Brightline West Passenger Rail) (Green Bonds), Series 2025 B, Ref. RB | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    500000 | PA      | $446085.45    | 1.51%             | 2035-01-01      | Variable      | 9.50%                 | No            |                  2 | On Loan: No      |
| Montgomery (County of), PA Industrial Development Authority (Constellation Energy Generation, LLC)                | Montgomery (County of), PA Industrial Development Authority (Constellation Energy Generation, LLC), Series 2023 B, Ref. RB              | CUSIP: 61361TAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $413298.84    | 1.40%             | 2029-06-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                          | Public Finance Authority, Series 2025, RB                                                                                               | CUSIP: 74439YFV8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $487934.00    | 1.65%             | 2055-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Washington (State of) Convention Center Public Facilities District                                                | Washington (State of) Convention Center Public Facilities District, Series 2018, RB                                                     | CUSIP: 93976ACF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $476703.05    | 1.61%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay)                                   | Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay), Series 2023 B-3, RB                                    | CUSIP: 92774NBF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010450.30   | 3.41%             | 2029-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority                                                          | Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority, Series 2022 A, Ref. RB                                                        | CUSIP: 745160UA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515923.80    | 1.74%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Portland (Port of), OR (Green Bonds)                                                                              | Portland (Port of), OR (Green Bonds), Twenty Ninth Series 2023, RB                                                                      | CUSIP: 7352403D3<br>LEI: 549300BRH7XZ3ZK0DS46 | Long             | DBT              | MUN               | US        |    700000 | PA      | $733002.13    | 2.47%             | 2039-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp. (John F. Kennedy International Airport New Terminal One) (Green Bonds)  | New York Transportation Development Corp. (John F. Kennedy International Airport New Terminal One) (Green Bonds), Series 2023, RB       | CUSIP: 650116GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508111.15    | 1.72%             | 2054-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Allentown (City of), PA Neighborhood Improvement Zone Development Authority                                       | Allentown (City of), PA Neighborhood Improvement Zone Development Authority, Series 2022, Ref. RB                                       | CUSIP: 018444BV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $561576.65    | 1.90%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Marion IL Sales Tax Revenue                                                                               | City of Marion IL Sales Tax Revenue, Series 2025, RB                                                                                    | CUSIP: 569498AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $238042.25    | 0.80%             | 2045-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport)         | New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport), Series 2021, Ref. RB         | CUSIP: 650116EZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $459599.45    | 1.55%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp. (Brooklyn Navy Yard)                                                                     | Build NYC Resource Corp. (Brooklyn Navy Yard), Series 2019, Ref. RB                                                                     | CUSIP: 12008EPN0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    250000 | PA      | $249200.73    | 0.84%             | 2033-12-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mobile (County of), AL Industrial Development Authority (AM/NS Calvert LLC)                                       | Mobile (County of), AL Industrial Development Authority (AM/NS Calvert LLC), Series 2024, RB                                            | CUSIP: 60733UAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $455429.65    | 1.54%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico (Commonwealth of)                                                                                     | Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds                                                                                | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    500000 | PA      | $487896.35    | 1.65%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Centerra Metropolitan District No. 1 (In the City of Loveland)                                                    | Centerra Metropolitan District No. 1 (In the City of Loveland), Series 2017, RB                                                         | CUSIP: 15200XAF0<br>LEI: 549300SHE5ZPSMGZH793 | Long             | DBT              | MUN               | US        |    500000 | PA      | $499934.95    | 1.69%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion)                                   | Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), Series 2024, Ref. RB                                   | CUSIP: 340618DT1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $407457.85    | 1.38%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Michigan (State of) Strategic Fund (Green Bonds)                                                                  | Michigan (State of) Strategic Fund (Green Bonds), Series 2021, RB                                                                       | CUSIP: 594698SR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $497033.30    | 1.68%             | 2026-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Norfolk (City of), VA Redevelopment & Housing Authority (Fort Norfolk Retirement Community, Inc. - Harbor's Edge) | Norfolk (City of), VA Redevelopment & Housing Authority (Fort Norfolk Retirement Community, Inc. - Harbor's Edge), Series 2019 A, RB    | CUSIP: 655909CK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501253.95    | 1.69%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston (City of), TX                                                                                             | Houston (City of), TX, Series 2023 A, Ref. RB                                                                                           | CUSIP: 442349GV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501022.80    | 1.69%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Houston (City of), TX Airport System (United Airlines, Inc.)                                                      | Houston (City of), TX Airport System (United Airlines, Inc.), Series 2024 B, RB                                                         | CUSIP: 442349HY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516543.85    | 1.74%             | 2038-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California (State of) Public Finance Authority (California University of Science and Medicine)                    | California (State of) Public Finance Authority (California University of Science and Medicine), Series 2019 A, RB                       | CUSIP: 13057EDH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509657.55    | 1.72%             | 2054-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Louisiana (State of) Public Facilities Authority (I-10 Calcasieu River Bridge)                                    | Louisiana (State of) Public Facilities Authority (I-10 Calcasieu River Bridge), Series 2024, RB                                         | CUSIP: 546399SZ0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    750000 | PA      | $761969.70    | 2.57%             | 2064-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Illinois (State of) Finance Authority (Rush University Medical Center)                                            | Illinois (State of) Finance Authority (Rush University Medical Center), Series 2015 A, Ref. RB                                          | CUSIP: 45203HS52<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    445000 | PA      | $444933.61    | 1.50%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee (County of), FL Industrial Development Authority (Shell Point Obligated Group)                                | Lee (County of), FL Industrial Development Authority (Shell Point Obligated Group), Series 2024 B-3, RB                                 | CUSIP: 52349EET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201385.38    | 0.68%             | 2029-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway)  | Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway), Series 2015 A, RB     | CUSIP: 49126PEN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $491784.70    | 1.66%             | 2035-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Chicago (City of), IL Board of Education                                                                          | Chicago (City of), IL Board of Education, Series 2012 B, Ref. GO Bonds                                                                  | CUSIP: 167505PT7<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500005.05    | 1.69%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ward (County of), ND (Trinity Obligated Group)                                                                    | Ward (County of), ND (Trinity Obligated Group), Series 2017 C, RB                                                                       | CUSIP: 934023ES7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $408875.90    | 1.38%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                                                                       | Ohio Housing Finance Agency, Series 2025, RB                                                                                            | CUSIP: 676900XN8<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501683.85    | 1.69%             | 2043-08-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Pima (County of), AZ Industrial Development Authority (American Leadership Academy)                               | Pima (County of), AZ Industrial Development Authority (American Leadership Academy), Series 2022, Ref. RB                               | CUSIP: 72177MUN5<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    500000 | PA      | $487552.00    | 1.65%             | 2031-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California (State of) Pollution Control Financing Authority (Poseidon Resources L.P.)                             | California (State of) Pollution Control Financing Authority (Poseidon Resources L.P.), Series 2023, RB                                  | CUSIP: 13054WBD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511481.85    | 1.73%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.)                                 | Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.), Series 2018 A, RB                                    | CUSIP: 74442PFS9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    180000 | PA      | $183061.57    | 0.62%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp.                                                                                | Mission Economic Development Corp., Series 2025, RB                                                                                     | CUSIP: 605155BW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254020.50    | 0.86%             | 2030-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago (City of), IL Board of Education                                                                          | Chicago (City of), IL Board of Education, Series 2015 C, GO Bonds                                                                       | CUSIP: 167505QP4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500003.25    | 1.69%             | 2035-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                                          | Massachusetts Development Finance Agency, Series 2025, RB                                                                               | CUSIP: 57585BJU3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $475233.60    | 1.60%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Iowa (State of) Finance Authority (Iowa Fertilizer Co.)                                                           | Iowa (State of) Finance Authority (Iowa Fertilizer Co.), Series 2022, Ref. RB                                                           | CUSIP: 46246SAW5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    500000 | PA      | $532009.90    | 1.80%             | 2032-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Whiting (City of), IN (BP Products North America, Inc.)                                                           | Whiting (City of), IN (BP Products North America, Inc.), Series 2015, RB                                                                | CUSIP: 96634RAW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254753.98    | 0.86%             | 2031-06-10      | Variable      | 4.40%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                                                | Health & Educational Facilities Authority of the State of Missouri, Series 2025, RB                                                     | CUSIP: 60636AXT5<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    215000 | PA      | $209735.17    | 0.71%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion)                                   | Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), Series 2024, Ref. RB                                   | CUSIP: 340618DK0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    250000 | PA      | $150000.00    | 0.51%             | 2028-07-15      | Variable      | 12.00%                | No            |                  2 | On Loan: No      |
| Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System)                           | Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System), Series 2019, Ref. RB                           | CUSIP: 97712D4C7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    500000 | PA      | $431988.55    | 1.46%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mida Cormont Public Infrastructure District                                                                       | Mida Cormont Public Infrastructure District, Series 2025, GO Bonds                                                                      | CUSIP: 59561JAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255123.73    | 0.86%             | 2055-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Miami Beach (City of), FL                                                                                         | Miami Beach (City of), FL, Series 2017, Ref. RB                                                                                         | CUSIP: 59324PEC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503992.25    | 1.70%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sierra Vista Industrial Development Authority                                                                     | Sierra Vista Industrial Development Authority, Series 2025, RB                                                                          | CUSIP: 82652UBF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $483849.55    | 1.63%             | 2050-06-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major Bridges (The))             | Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major Bridges (The)), Series 2022, RB                  | CUSIP: 70868YAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $520325.05    | 1.76%             | 2038-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority (St.Johns Classical Academy, Inc.)                                                        | Capital Trust Authority (St.Johns Classical Academy, Inc.), Series 2025, Ref. RB                                                        | CUSIP: 14054WBQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $218683.65    | 0.74%             | 2050-06-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp. (Newman International Academy)                                           | Arlington Higher Education Finance Corp. (Newman International Academy), Series 2021, RB                                                | CUSIP: 041806F39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $101928.71    | 0.34%             | 2051-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center)          | California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center), Series 2014, RB               | CUSIP: 13080SEV2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500253.55    | 1.69%             | 2034-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| District of Columbia (Provident Group - Howard Properties LLC)                                                    | District of Columbia (Provident Group - Howard Properties LLC), Series 2013, RB                                                         | CUSIP: 25483WAK8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    350000 | PA      | $313995.08    | 1.06%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virgin Islands (Government of) Public Finance Authority (Frenchman's Reef Hotel Development)                      | Virgin Islands (Government of) Public Finance Authority (Frenchman's Reef Hotel Development), Series 2024 A, RB                         | CUSIP: 927677AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $244158.33    | 0.82%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment)                            | New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2023, RB                                 | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1083443.90   | 3.66%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Arkansas (State of) Development Finance Authority (U.S. Steel Corp.) (Green Bonds)                                | Arkansas (State of) Development Finance Authority (U.S. Steel Corp.) (Green Bonds), Series 2023, RB                                     | CUSIP: 04110FAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501954.25    | 1.69%             | 2053-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Rockville (City of), MD (Ingleside at King Farm)                                                                  | Rockville (City of), MD (Ingleside at King Farm), Series 2017 A-1, Ref. RB                                                              | CUSIP: 774223BB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $483726.45    | 1.63%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington (State of) Health Care Facilities Authority (Providence Health & Services)                             | Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2012 A, RB                                | CUSIP: 93978HFW0<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    500000 | PA      | $488954.25    | 1.65%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                                                            | Patriots Energy Group Financing Agency, Series 2023 A-1, RB                                                                             | CUSIP: 70342PAN4<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |    500000 | PA      | $528842.20    | 1.79%             | 2031-08-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                                                | Tobacco Settlement Financing Corp., Series 2018 B, Ref. RB                                                                              | CUSIP: 888808HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $453564.05    | 1.53%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                                                      | West Virginia Economic Development Authority, Series 2025, RB                                                                           | CUSIP: 95648VBU2<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    250000 | PA      | $254181.80    | 0.86%             | 2035-03-27      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                                            | California Municipal Finance Authority, Series 2025, RB                                                                                 | CUSIP: 13048V3G1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $494295.85    | 1.67%             | 2054-11-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Washington (State of) Convention Center Public Facilities District                                                | Washington (State of) Convention Center Public Facilities District, Series 2018, RB                                                     | CUSIP: 93976ABF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $488673.85    | 1.65%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston (City of), TX (United Airlines, Inc.)                                                                     | Houston (City of), TX (United Airlines, Inc.), Series 2021 B-1, RB                                                                      | CUSIP: 442349GA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $429608.40    | 1.45%             | 2041-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-30

**Name of Applicant:** Invesco Actively Managed Exchange-Traded Fund Trust

**Signature:** Adrien Deberghes

**Name of Signer:** Adrien Deberghes

**Title:** Vice President