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AMG GW&K Muni Income ETF
AMG GW&K Muni Income ETF
MUNX
This semi-annual shareholder report contains important information about AMG GW&K Muni Income ETF (the “Fund”) for the period of January 1, 2026 to June 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(1, 146, 113); font-family: 'arial'; font-size: 10pt; font-weight: normal;">https://amgefts.com/literature</span>. You can also request this information by contacting us at 844.545.1258.
https://amgefts.com/literature
844.545.1258
<div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 80, 64); font-size: 11pt; font-weight: bold; margin-bottom: 3pt;">Fund Expenses</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41); margin-bottom: 10pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41);">(Based on a hypothetical $10,000 investment)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; text-align: left; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 40%; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 25%; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG GW&K Muni Income ETF<br/>(MUNX)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>15</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.29<span>%</span></td> </tr> </table>
15
0.0029
<div style="font-family: 'arial'; color: rgb(0, 80, 64); font-size: 11pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics (as of<span style="white-space: nowrap;"> </span>June 30, 2026)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>20,136,128</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">75</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>24,061</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">12<span>%</span></td> </tr> </table>
20136128
75
24061
0.12
<div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 80, 64); font-size: 11pt; font-weight: bold; margin-bottom: 3pt;">Graphical Representation of Holdings (as of June 30, 2026)</div><div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41); margin-bottom: 10pt;">Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and ratings are shown as a percentage of total long-term investments of the Fund.</div><div style="font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt;"> <div style="font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41);"> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> </div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41);">
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Commonwealth Financing Authority, 4.000%, 06/01/39</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">County of Jefferson Sewer Revenue, 5.500%, 10/01/53</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Pennsylvania Economic Development Financing Authority, 5.250%, 06/30/35</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">City of Houston Hotel Occupancy Tax & Special Revenue, Series C, 5.000%, 09/01/38</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">North Dakota Housing Finance Agency, Series C, 4.700%, 07/01/45</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">New York Transportation Development Corp., 6.000%, 06/30/55</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Philadelphia Gas Works Co., 5.000%, 10/01/32</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">JEA Electric System Revenue, Series B, 4.000%, 10/01/37</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Massachusetts Development Finance Agency, Series A, 5.500%, 10/01/44</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Texas Private Activity Bond Surface Transportation Corp., 5.000%, 06/30/58</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 3pt;">Top Ten as a Group</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 3pt 12pt 3pt 3pt;">23.0<span>%</span></td> </tr> </table> </div> </div><div style="font-family: 'arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Portfolio Breakdown</b></div><div style="font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41);">
<img alt="Graphical Representation - Allocation 1 Chart" src="g164069chartimages_12187402.jpg" style="max-width: 166pt; width: 172.8pt;"/> </div><div style="font-family: 'arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Ratings</b></div><div style="font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41);">
<img alt="Graphical Representation - Allocation 2 Chart" src="g164069chartimages_12187398.jpg" style="max-width: 166pt; width: 172.8pt;"/> </div>
<div style="font-family: 'arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div>
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<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Commonwealth Financing Authority, 4.000%, 06/01/39</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">County of Jefferson Sewer Revenue, 5.500%, 10/01/53</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Pennsylvania Economic Development Financing Authority, 5.250%, 06/30/35</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">City of Houston Hotel Occupancy Tax & Special Revenue, Series C, 5.000%, 09/01/38</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">North Dakota Housing Finance Agency, Series C, 4.700%, 07/01/45</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">New York Transportation Development Corp., 6.000%, 06/30/55</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Philadelphia Gas Works Co., 5.000%, 10/01/32</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">JEA Electric System Revenue, Series B, 4.000%, 10/01/37</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Massachusetts Development Finance Agency, Series A, 5.500%, 10/01/44</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Texas Private Activity Bond Surface Transportation Corp., 5.000%, 06/30/58</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 3pt;">Top Ten as a Group</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 3pt 12pt 3pt 3pt;">23.0<span>%</span></td> </tr> </table>
0.031
0.026
0.026
0.022
0.022
0.021
0.021
0.021
0.020
0.020
0.230