# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0001752724-25-180635
**Filing Date:** 2025-7
**Character Count:** 632705
**Document Hash:** 893394a50c7217e48c3ba2d5071d0d35
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180635.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180635

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** J.P. Morgan Exchange-Traded Fund Trust
- **CENTRAL INDEX KEY:** 0001485894

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22903
- **FILM NUMBER:** 251154585

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

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

## Series and Classes Contracts Data

### JPMorgan Short Duration Core Plus ETF (Series ID: S000071090)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000225677 | JPMorgan Short Duration Core Plus ETF | JSCP            |

## Nport-Ex

**JPMorgan Short Duration Core Plus ETF**

**Schedule of Portfolio Investments as of May 31, 2025**

**(Unaudited)** 

---

| |
|:---|
| &nbsp;&nbsp; THE "UNAUDITED EXCHANGE-TRADED FUNDS HOLDINGS" <br> LIST ("the List") IS TO BE USED FOR REPORTING PURPOSES <br> ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS <br> ADVERTISING OR SALES LITERATURE WITH THE GENERAL <br> PUBLIC. The list is submitted for the general information of the <br> shareholders of the Fund. It is not authorized for distribution to <br> prospective investors in the Fund unless preceded or accompanied by a <br> prospectus. The list has been created from the books and records of <br> the Fund. Holdings are available 60 days after the fund's fiscal quarter, <br> using a trade date accounting convention, by contacting the appropriate <br> service center. The list is subject to change without notice. The list is <br> for informational purposes only and is not intended as an offer or <br> solicitation with respect to the purchase or sale of any security.<br>|
| &nbsp;&nbsp; JPMorgan Asset Management is the marketing name for the asset <br> management business of J.P. Morgan Chase & Co.<br>|
| J.P. Morgan Distribution Services, Inc., member FINRA. |
|© J.P. Morgan Chase & Co., 2025. |

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — 33.3%** | **Corporate Bonds — 33.3%** | **Corporate Bonds — 33.3%** |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| &nbsp;&nbsp;&nbsp; ATI, Inc. 5.88%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 108000 | &nbsp;&nbsp;&nbsp;&nbsp; 107990 |
| &nbsp;&nbsp;&nbsp; Axon Enterprise, Inc. 6.13%, 3/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 66294 |
| &nbsp;&nbsp;&nbsp; Bombardier, Inc. (Canada) | &nbsp;&nbsp;&nbsp; Bombardier, Inc. (Canada) | &nbsp;&nbsp;&nbsp; Bombardier, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 4/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 16074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 139000 | &nbsp;&nbsp;&nbsp;&nbsp; 138909 |
| &nbsp;&nbsp;&nbsp; RTX Corp. 5.75%, 11/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 864598 |
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc. 9.38%, 11/30/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 30879 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc. 6.38%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp; 350622 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1575366 |
| **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |
| &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd.  | &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd.  | &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 4/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 153101 |
| &nbsp;&nbsp;&nbsp; Allison Transmission, Inc. 5.88%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 189000 | &nbsp;&nbsp;&nbsp;&nbsp; 189757 |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc. 6.88%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 124000 | &nbsp;&nbsp;&nbsp;&nbsp; 122947 |
| &nbsp;&nbsp;&nbsp; Clarios Global LP  | &nbsp;&nbsp;&nbsp; Clarios Global LP  | &nbsp;&nbsp;&nbsp; Clarios Global LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 5/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 59006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 163018 |
| &nbsp;&nbsp;&nbsp; Dana, Inc.  | &nbsp;&nbsp;&nbsp; Dana, Inc.  | &nbsp;&nbsp;&nbsp; Dana, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp; 61793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 21517 |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The) 5.25%, 4/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 167000 | &nbsp;&nbsp;&nbsp;&nbsp; 155949 |
| &nbsp;&nbsp;&nbsp; Icahn Enterprises LP 5.25%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 152253 |
| &nbsp;&nbsp;&nbsp; ZF North America Capital, Inc. (Germany) 6.88%, 4/14/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 173437 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1303880 |
| **Automobiles — 0.9%** | **Automobiles — 0.9%** | **Automobiles — 0.9%** |
| &nbsp;&nbsp;&nbsp; BMW US Capital LLC (Germany) 4.65%, 8/13/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 955000 | &nbsp;&nbsp;&nbsp;&nbsp; 950197 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America  | &nbsp;&nbsp;&nbsp; Hyundai Capital America  | &nbsp;&nbsp;&nbsp; Hyundai Capital America  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 197692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/8/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 965000 | &nbsp;&nbsp;&nbsp;&nbsp; 969643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 9/26/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1930000 | &nbsp;&nbsp;&nbsp;&nbsp; 1892115 |
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC (Germany) 5.10%, 11/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1390000 | &nbsp;&nbsp;&nbsp;&nbsp; 1404568 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5414215 |
| **Banks — 14.8%** | **Banks — 14.8%** | **Banks — 14.8%** |
| &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands) | &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands) | &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.54%, 6/16/2027 (a) (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 386685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 6.34%, 9/18/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 509449 |
| &nbsp;&nbsp;&nbsp; AIB Group plc (Ireland) | &nbsp;&nbsp;&nbsp; AIB Group plc (Ireland) | &nbsp;&nbsp;&nbsp; AIB Group plc (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.33%), 6.61%, 9/13/2029 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1840751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.65%), 5.32%, 5/15/2031 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp;&nbsp; 796965 |
| &nbsp;&nbsp;&nbsp; ASB Bank Ltd. (New Zealand) | &nbsp;&nbsp;&nbsp; ASB Bank Ltd. (New Zealand) | &nbsp;&nbsp;&nbsp; ASB Bank Ltd. (New Zealand) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 6/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/29/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022668 |
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) | &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) | &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 5.86%, 9/14/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 801731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1228464 |

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp; Banco Continental SAECA (Paraguay) 2.75%, 12/10/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 542231 |
| &nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) | &nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) | &nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 192250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59%, 8/8/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 822376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.61%, 11/7/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 212384 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.  | &nbsp;&nbsp;&nbsp; Bank of America Corp.  | &nbsp;&nbsp;&nbsp; Bank of America Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.96%), 1.73%, 7/22/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 222478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%), 5.93%, 9/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.05%), 2.55%, 2/4/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp; 333453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.04%), 4.95%, 7/22/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 477986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.99%), 6.20%, 11/10/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 414139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.63%), 5.20%, 4/25/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp;&nbsp; 884069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.57%), 5.82%, 9/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1554044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FIX, (SOFR + 1.00%), 5.16%, 1/24/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1268521 |
| &nbsp;&nbsp;&nbsp; Bank of Ireland Group plc (Ireland) | &nbsp;&nbsp;&nbsp; Bank of Ireland Group plc (Ireland) | &nbsp;&nbsp;&nbsp; Bank of Ireland Group plc (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.65%), 6.25%, 9/16/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 336238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.03%, 9/30/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 236117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.62%), 5.60%, 3/20/2030 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1480000 | &nbsp;&nbsp;&nbsp;&nbsp; 1511339 |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) (Canada) | &nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) (Canada) | &nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 12/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 728892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.00%), 4.40%, 9/8/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 995000 | &nbsp;&nbsp;&nbsp;&nbsp; 991494 |
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA (France) 5.90%, 7/13/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 506903 |
| &nbsp;&nbsp;&nbsp; Barclays plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Barclays plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Barclays plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 2.28%, 11/24/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp;&nbsp; 791267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%), 4.94%, 9/10/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp;&nbsp; 968312 |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.07%), 2.22%, 6/9/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 795000 | &nbsp;&nbsp;&nbsp;&nbsp; 794593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.34%, 6/12/2029 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 508777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%), 5.28%, 11/19/2030 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1470000 | &nbsp;&nbsp;&nbsp;&nbsp; 1484177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.68%), 5.09%, 5/9/2031 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1150680 |
| &nbsp;&nbsp;&nbsp; BPCE SA (France) | &nbsp;&nbsp;&nbsp; BPCE SA (France) | &nbsp;&nbsp;&nbsp; BPCE SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.52%), 1.65%, 10/6/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 741110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.10%), 5.98%, 1/18/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 503104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.98%), 6.61%, 10/19/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1525000 | &nbsp;&nbsp;&nbsp;&nbsp; 1559182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%), 5.39%, 5/28/2031 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp;&nbsp; 917709 |
| &nbsp;&nbsp;&nbsp; Caixa Economica Federal (Brazil) 5.63%, 5/13/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 198750 |
| &nbsp;&nbsp;&nbsp; CaixaBank SA (Spain) | &nbsp;&nbsp;&nbsp; CaixaBank SA (Spain) | &nbsp;&nbsp;&nbsp; CaixaBank SA (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.08%), 6.68%, 9/13/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 805000 | &nbsp;&nbsp;&nbsp;&nbsp; 823568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.70%), 6.21%, 1/18/2029 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1550967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.78%), 5.67%, 3/15/2030 (a) (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 702000 | &nbsp;&nbsp;&nbsp;&nbsp; 720987 |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce (Canada) | &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce (Canada) | &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.26%, 4/8/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp; 675313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%), 4.63%, 9/11/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1094004 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc.  | &nbsp;&nbsp;&nbsp; Citigroup, Inc.  | &nbsp;&nbsp;&nbsp; Citigroup, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.55%), 5.61%, 9/29/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1754030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%), 1.12%, 1/28/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 82980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%), 3.07%, 2/24/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 486529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.87%), 4.79%, 3/4/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3004079 |

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.36%), 5.17%, 2/13/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1130000 | &nbsp;&nbsp;&nbsp;&nbsp; 1144520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%), 4.54%, 9/19/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1110000 | &nbsp;&nbsp;&nbsp;&nbsp; 1096335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.46%), 4.95%, 5/7/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1180000 | &nbsp;&nbsp;&nbsp;&nbsp; 1179195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.22%), <br> 3.65%, 4/6/2028 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 526024 |
| &nbsp;&nbsp;&nbsp; Credit Agricole SA (France) | &nbsp;&nbsp;&nbsp; Credit Agricole SA (France) | &nbsp;&nbsp;&nbsp; Credit Agricole SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.68%), 1.91%, 6/16/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp;&nbsp; 764122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.13%), 5.23%, 1/9/2029 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 945000 | &nbsp;&nbsp;&nbsp;&nbsp; 954961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.46%), 5.22%, 5/27/2031 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 955000 | &nbsp;&nbsp;&nbsp;&nbsp; 963383 |
| &nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) | &nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) | &nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.18%), 6.26%, 9/22/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 805000 | &nbsp;&nbsp;&nbsp;&nbsp; 808033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.40%), 5.71%, 3/1/2030 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1391096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 4.61%, 10/2/2030 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp;&nbsp; 608289 |
| &nbsp;&nbsp;&nbsp; DNB Bank ASA (Norway) (SOFRINDX + 1.95%), 5.90%, 10/9/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 501912 |
| &nbsp;&nbsp;&nbsp; Federation des Caisses Desjardins du Quebec (Canada) | &nbsp;&nbsp;&nbsp; Federation des Caisses Desjardins du Quebec (Canada) | &nbsp;&nbsp;&nbsp; Federation des Caisses Desjardins du Quebec (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 3/14/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 334843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/26/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp; 723090 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) | &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) | &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.57%), 5.89%, 8/14/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 855000 | &nbsp;&nbsp;&nbsp;&nbsp; 865608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.97%), 6.16%, 3/9/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1809312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.46%), 5.55%, 3/4/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 306793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 5.29%, 11/19/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 860000 | &nbsp;&nbsp;&nbsp;&nbsp; 868543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 5.13%, 3/3/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp;&nbsp; 586487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.57%), 5.24%, 5/13/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1305000 | &nbsp;&nbsp;&nbsp;&nbsp; 1310886 |
| &nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) | &nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) | &nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.40%, 7/1/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 498577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.01%), 1.73%, 4/1/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 195209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.23%), 5.07%, 3/25/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1385000 | &nbsp;&nbsp;&nbsp;&nbsp; 1392817 |
| &nbsp;&nbsp;&nbsp; KBC Group NV (Belgium) | &nbsp;&nbsp;&nbsp; KBC Group NV (Belgium) | &nbsp;&nbsp;&nbsp; KBC Group NV (Belgium) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 5.80%, 1/19/2029 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1030000 | &nbsp;&nbsp;&nbsp;&nbsp; 1058058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.07%), 4.93%, 10/16/2030 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003437 |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Lloyds Banking Group plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Lloyds Banking Group plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.48%), 5.99%, 8/7/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.70%), 5.87%, 3/6/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 755000 | &nbsp;&nbsp;&nbsp;&nbsp; 777129 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 1.54%, 7/20/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 512000 | &nbsp;&nbsp;&nbsp;&nbsp; 494447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.83%), 2.34%, 1/19/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 385656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.17%), 5.16%, 4/24/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 471421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.82%), 5.10%, <br> 5/13/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1425000 | &nbsp;&nbsp;&nbsp;&nbsp; 1440004 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank NA (SOFR + 0.87%), 5.50%, 5/26/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 636220 |
| &nbsp;&nbsp;&nbsp; National Bank of Canada (Canada) | &nbsp;&nbsp;&nbsp; National Bank of Canada (Canada) | &nbsp;&nbsp;&nbsp; National Bank of Canada (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 12/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1620000 | &nbsp;&nbsp;&nbsp;&nbsp; 1673544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 990219 |
| &nbsp;&nbsp;&nbsp; NatWest Group plc (United Kingdom) | &nbsp;&nbsp;&nbsp; NatWest Group plc (United Kingdom) | &nbsp;&nbsp;&nbsp; NatWest Group plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 4/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 501111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.22%), 4.96%, 8/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 5.11%, 5/23/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 752915 |

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp; NatWest Markets plc (United Kingdom) | &nbsp;&nbsp;&nbsp; NatWest Markets plc (United Kingdom) | &nbsp;&nbsp;&nbsp; NatWest Markets plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 5/17/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp;&nbsp; 758459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 5/17/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 805000 | &nbsp;&nbsp;&nbsp;&nbsp; 825500 |
| &nbsp;&nbsp;&nbsp; Nordea Bank Abp (Finland) 1.50%, 9/30/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 480389 |
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc (United Kingdom) (SOFRINDX + 1.52%), 5.69%, 4/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1425000 | &nbsp;&nbsp;&nbsp;&nbsp; 1457407 |
| &nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB (Sweden) 5.38%, 3/5/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 940000 | &nbsp;&nbsp;&nbsp;&nbsp; 963618 |
| &nbsp;&nbsp;&nbsp; Societe Generale SA (France) | &nbsp;&nbsp;&nbsp; Societe Generale SA (France) | &nbsp;&nbsp;&nbsp; Societe Generale SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.49%, 12/14/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp; 559305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.65%), 5.51%, 5/22/2031 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1620000 | &nbsp;&nbsp;&nbsp;&nbsp; 1631945 |
| &nbsp;&nbsp;&nbsp; Standard Chartered plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Standard Chartered plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Standard Chartered plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.85%), 6.19%, 7/6/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 476192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 5.69%, 5/14/2028 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 755000 | &nbsp;&nbsp;&nbsp;&nbsp; 765487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.15%), 5.01%, 10/15/2030 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1605000 | &nbsp;&nbsp;&nbsp;&nbsp; 1603685 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) 5.52%, 1/13/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 795543 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd. (Japan) 5.20%, 3/7/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp;&nbsp; 835533 |
| &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (Sweden) 5.50%, 6/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 770886 |
| &nbsp;&nbsp;&nbsp; Swedbank AB (Sweden) 5.08%, 5/21/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1030000 | &nbsp;&nbsp;&nbsp;&nbsp; 1038650 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  | &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  | &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.51%), 3.53%, 3/24/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 279527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.07%), 5.71%, 4/22/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1245000 | &nbsp;&nbsp;&nbsp;&nbsp; 1268003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.98%), 4.81%, 7/25/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 945000 | &nbsp;&nbsp;&nbsp;&nbsp; 947596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%), 5.57%, 7/25/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.79%), 6.30%, 10/23/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 220372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.50%), 5.20%, 1/23/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3150670 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 90515320 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc. 4.80%, 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1348742 |
| &nbsp;&nbsp;&nbsp; Primo Water Holdings, Inc. 6.25%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60081 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1408823 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. 5.05%, 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1115000 | &nbsp;&nbsp;&nbsp;&nbsp; 1120601 |
| &nbsp;&nbsp;&nbsp; Grifols SA (Spain) 4.75%, 10/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 190252 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1310853 |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Nordstrom, Inc. 4.38%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 39698 |
| &nbsp;&nbsp;&nbsp; Wayfair LLC 7.25%, 10/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 102263 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 141961 |
| **Building Products — 0.2%** | **Building Products — 0.2%** | **Building Products — 0.2%** |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc. 4.25%, 2/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 149000 | &nbsp;&nbsp;&nbsp;&nbsp; 135188 |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP 6.63%, 12/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 242427 |
| &nbsp;&nbsp;&nbsp; Griffon Corp. 5.75%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 124246 |
| &nbsp;&nbsp;&nbsp; JELD-WEN, Inc. 4.88%, 12/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 79000 | &nbsp;&nbsp;&nbsp;&nbsp; 68976 |
| &nbsp;&nbsp;&nbsp; Masterbrand, Inc. 7.00%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99437 |
| &nbsp;&nbsp;&nbsp; Miter Brands Acquisition Holdco, Inc. 6.75%, 4/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80602 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc. 6.38%, 3/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 177828 |

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Building Products — continued** | **Building Products — continued** | **Building Products — continued** |
| &nbsp;&nbsp;&nbsp; Smyrna Ready Mix Concrete LLC 8.88%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 174572 |
| &nbsp;&nbsp;&nbsp; Standard Industries, Inc. 4.75%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 194000 | &nbsp;&nbsp;&nbsp;&nbsp; 190497 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1293773 |
| **Capital Markets — 3.3%** | **Capital Markets — 3.3%** | **Capital Markets — 3.3%** |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) (SOFR + 1.03%), 4.95%, 4/26/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 381750 |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Inc. 3.38%, 10/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 69747 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) | &nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) | &nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.87%), 2.13%, 11/24/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 345103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.52%), 7.15%, 7/13/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 358308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%), 2.31%, 11/16/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 144392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.51%), 6.82%, 11/20/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1303000 | &nbsp;&nbsp;&nbsp;&nbsp; 1378716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.72%), 5.30%, 5/9/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 1326832 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%), 1.95%, 10/21/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 423000 | &nbsp;&nbsp;&nbsp;&nbsp; 407425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 2.64%, 2/24/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 376761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%), 5.05%, 7/23/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2705000 | &nbsp;&nbsp;&nbsp;&nbsp; 2728108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%), 4.69%, 10/23/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 895000 | &nbsp;&nbsp;&nbsp;&nbsp; 891793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%), 5.22%, 4/23/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp;&nbsp; 618891 |
| &nbsp;&nbsp;&nbsp; Macquarie Bank Ltd. (Australia) 5.21%, 6/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008213 |
| &nbsp;&nbsp;&nbsp; Macquarie Group Ltd. (Australia) | &nbsp;&nbsp;&nbsp; Macquarie Group Ltd. (Australia) | &nbsp;&nbsp;&nbsp; Macquarie Group Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%), 1.63%, 9/23/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 134512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.13%), 4.10%, 6/21/2028 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 374853 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  | &nbsp;&nbsp;&nbsp; Morgan Stanley  | &nbsp;&nbsp;&nbsp; Morgan Stanley  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.72%), 0.99%, 12/10/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 147001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.86%), 1.51%, 7/20/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 323229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.00%), 2.48%, 1/21/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 386166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.24%), 6.30%, 10/18/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 985000 | &nbsp;&nbsp;&nbsp;&nbsp; 1021604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.59%), 5.16%, 4/20/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp; 572885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.63%), 5.45%, 7/20/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 613711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%), 5.66%, 4/18/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp;&nbsp; 960039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.10%), 4.65%, 10/18/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1510000 | &nbsp;&nbsp;&nbsp;&nbsp; 1499930 |
| &nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan) 1.85%, 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199275 |
| &nbsp;&nbsp;&nbsp; UBS AG (Switzerland) 7.50%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 290181 |
| &nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) | &nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) | &nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.34%), 6.37%, 7/15/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp;&nbsp;&nbsp; 405565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 5.71%, 1/12/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 297000 | &nbsp;&nbsp;&nbsp;&nbsp; 298547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.05%), 4.70%, 8/5/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 409691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.70%), 6.44%, 8/11/2028 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp;&nbsp; 900671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD SOFR ICE Swap Rate 1 Year + 1.34%), 5.62%, 9/13/2030 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1585000 | &nbsp;&nbsp;&nbsp;&nbsp; 1632409 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 20206308 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| &nbsp;&nbsp;&nbsp; Braskem Netherlands Finance BV (Brazil) | &nbsp;&nbsp;&nbsp; Braskem Netherlands Finance BV (Brazil) | &nbsp;&nbsp;&nbsp; Braskem Netherlands Finance BV (Brazil) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/31/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 164800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 10/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 178500 |
| &nbsp;&nbsp;&nbsp; Chemours Co. (The) 5.75%, 11/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 116403 |
| &nbsp;&nbsp;&nbsp; INEOS Finance plc (Luxembourg) 6.75%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 195835 |

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp. (Canada) | &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp. (Canada) | &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 11/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 284403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 64054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 48448 |
| &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The) 4.50%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 273000 | &nbsp;&nbsp;&nbsp;&nbsp; 259561 |
| &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC  | &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC  | &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 114000 | &nbsp;&nbsp;&nbsp;&nbsp; 112399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 110140 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1534543 |
| **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |
| &nbsp;&nbsp;&nbsp; ACCO Brands Corp. 4.25%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 122000 | &nbsp;&nbsp;&nbsp;&nbsp; 107768 |
| &nbsp;&nbsp;&nbsp; ADT Security Corp. (The) 4.88%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 94919 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC 4.63%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 191041 |
| &nbsp;&nbsp;&nbsp; Aramark Services, Inc. 5.00%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 58372 |
| &nbsp;&nbsp;&nbsp; Brink's Co. (The) 6.75%, 6/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76950 |
| &nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp. 3.88%, 7/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 139000 | &nbsp;&nbsp;&nbsp;&nbsp; 132367 |
| &nbsp;&nbsp;&nbsp; Element Fleet Management Corp. (Canada) | &nbsp;&nbsp;&nbsp; Element Fleet Management Corp. (Canada) | &nbsp;&nbsp;&nbsp; Element Fleet Management Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 6/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 3/13/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1845000 | &nbsp;&nbsp;&nbsp;&nbsp; 1871686 |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp. (Canada) 4.63%, 2/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 83905 |
| &nbsp;&nbsp;&nbsp; GFL Environmental, Inc.  | &nbsp;&nbsp;&nbsp; GFL Environmental, Inc.  | &nbsp;&nbsp;&nbsp; GFL Environmental, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 153810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 69270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 103730 |
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC 4.13%, 6/30/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 186000 | &nbsp;&nbsp;&nbsp;&nbsp; 179028 |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC  | &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC  | &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 82204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 144852 |
| &nbsp;&nbsp;&nbsp; Williams Scotsman, Inc.  | &nbsp;&nbsp;&nbsp; Williams Scotsman, Inc.  | &nbsp;&nbsp;&nbsp; Williams Scotsman, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56087 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3654639 |
| **Communications Equipment — 0.0% ^** | **Communications Equipment — 0.0% ^** | **Communications Equipment — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; CommScope LLC  | &nbsp;&nbsp;&nbsp; CommScope LLC  | &nbsp;&nbsp;&nbsp; CommScope LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp; 69900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 12/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 103942 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 173842 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| &nbsp;&nbsp;&nbsp; Bioceanico Sovereign Certificate Ltd. (Paraguay) Zero Coupon, 6/5/2034 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 158358 | &nbsp;&nbsp;&nbsp;&nbsp; 124317 |
| &nbsp;&nbsp;&nbsp; Dycom Industries, Inc. 4.50%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 42334 |
| &nbsp;&nbsp;&nbsp; Global Infrastructure Solutions, Inc. 5.63%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 134000 | &nbsp;&nbsp;&nbsp;&nbsp; 130784 |
| &nbsp;&nbsp;&nbsp; Kingston Airport Revenue Finance Ltd. (Jamaica) 6.75%, 12/15/2036 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 197562 |
| &nbsp;&nbsp;&nbsp; Weekley Homes LLC 4.88%, 9/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 56706 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 551703 |
| **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Knife River Corp. 7.75%, 5/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 104671 |

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC (Ireland) 6.45%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp; 715198 |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc. 5.75%, 11/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65111 |
| &nbsp;&nbsp;&nbsp; American Express Co.  | &nbsp;&nbsp;&nbsp; American Express Co.  | &nbsp;&nbsp;&nbsp; American Express Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.33%), 6.34%, 10/30/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp;&nbsp; 916231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.44%), 5.02%, 4/25/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp;&nbsp; 1087197 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. (Ireland) | &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. (Ireland) | &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 875114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp;&nbsp; 987620 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. (SOFR + 2.08%), 5.47%, 2/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp; 351129 |
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp.  | &nbsp;&nbsp;&nbsp; OneMain Finance Corp.  | &nbsp;&nbsp;&nbsp; OneMain Finance Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 67907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 141561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; 56195 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5263263 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc.  | &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc.  | &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 1/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 216000 | &nbsp;&nbsp;&nbsp;&nbsp; 213875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 124888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 55432 |
| &nbsp;&nbsp;&nbsp; Performance Food Group, Inc. 5.50%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 149378 |
| &nbsp;&nbsp;&nbsp; Rite Aid Corp.  | &nbsp;&nbsp;&nbsp; Rite Aid Corp.  | &nbsp;&nbsp;&nbsp; Rite Aid Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 10/18/2024 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 19023 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/2026 ‡ (e) | &nbsp;&nbsp;&nbsp;&nbsp; 66000 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 7.00%), 11.32%, 8/30/2031 ‡ (a) (c) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 6931 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 15.00%, 8/30/2031 ‡ (e) | &nbsp;&nbsp;&nbsp;&nbsp; 20465 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 15.00%, 8/30/2031 ‡ (e) | &nbsp;&nbsp;&nbsp;&nbsp; 9401 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc. 3.45%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 122237 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 665810 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance plc 4.13%, 8/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 181814 |
| &nbsp;&nbsp;&nbsp; Graphic Packaging International LLC  | &nbsp;&nbsp;&nbsp; Graphic Packaging International LLC  | &nbsp;&nbsp;&nbsp; Graphic Packaging International LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.51%, 4/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 67757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80118 |
| &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co. 7.88%, 4/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 173000 | &nbsp;&nbsp;&nbsp;&nbsp; 174641 |
| &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 152000 | &nbsp;&nbsp;&nbsp;&nbsp; 152076 |
| &nbsp;&nbsp;&nbsp; TriMas Corp. 4.13%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 122358 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 778764 |
| **Distributors — 0.0% ^** | **Distributors — 0.0% ^** | **Distributors — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; RB Global Holdings, Inc. (Canada) 7.75%, 3/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 104680 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Wand NewCo 3, Inc. 7.63%, 1/30/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 140441 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; Altice Financing SA (Luxembourg) 5.00%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 156595 |
| &nbsp;&nbsp;&nbsp; Altice France SA (France) 5.13%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 168763 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC  | &nbsp;&nbsp;&nbsp; CCO Holdings LLC  | &nbsp;&nbsp;&nbsp; CCO Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 5/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 148453 |

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 802000 | &nbsp;&nbsp;&nbsp;&nbsp; 765580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 670420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 91591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 12034 |
| &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC 5.88%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 227000 | &nbsp;&nbsp;&nbsp;&nbsp; 227592 |
| &nbsp;&nbsp;&nbsp; Intelsat Jackson Holdings SA (Luxembourg) 6.50%, 3/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 332000 | &nbsp;&nbsp;&nbsp;&nbsp; 326485 |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.  | &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.  | &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 91408 | &nbsp;&nbsp;&nbsp;&nbsp; 88780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/15/2030 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 91417 | &nbsp;&nbsp;&nbsp;&nbsp; 88789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 22810 | &nbsp;&nbsp;&nbsp;&nbsp; 22154 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2767236 |
| **Electric Utilities — 1.1%** | **Electric Utilities — 1.1%** | **Electric Utilities — 1.1%** |
| &nbsp;&nbsp;&nbsp; Alliant Energy Finance LLC 5.40%, 6/6/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1145000 | &nbsp;&nbsp;&nbsp;&nbsp; 1156940 |
| &nbsp;&nbsp;&nbsp; Enel Finance International NV (Italy) 4.63%, 6/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 445232 |
| &nbsp;&nbsp;&nbsp; EnfraGen Energia Sur SA (Colombia) 5.38%, 12/30/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 345900 |
| &nbsp;&nbsp;&nbsp; Fells Point Funding Trust 3.05%, 1/31/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2535000 | &nbsp;&nbsp;&nbsp;&nbsp; 2465242 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Pennsylvania Electric Co.  | &nbsp;&nbsp;&nbsp; FirstEnergy Pennsylvania Electric Co.  | &nbsp;&nbsp;&nbsp; FirstEnergy Pennsylvania Electric Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 3/30/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 225784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 4/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 243928 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Transmission LLC 4.55%, 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 322014 |
| &nbsp;&nbsp;&nbsp; Instituto Costarricense de Electricidad (Costa Rica) 6.75%, 10/7/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 202938 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc. 5.75%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 446154 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc.  | &nbsp;&nbsp;&nbsp; NRG Energy, Inc.  | &nbsp;&nbsp;&nbsp; NRG Energy, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 42973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp;&nbsp; 229268 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 141477 |
| &nbsp;&nbsp;&nbsp; Trans-Allegheny Interstate Line Co. 5.00%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 372852 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC  | &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC  | &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/31/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 89738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 26102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 206766 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6963308 |
| **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp; EnerSys 6.63%, 1/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 96970 |
| &nbsp;&nbsp;&nbsp; Sensata Technologies BV 5.88%, 9/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 197791 |
| &nbsp;&nbsp;&nbsp; Vertiv Group Corp. 4.13%, 11/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 42626 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 337387 |
| **Electronic Equipment, Instruments & Components — 0.0% ^** | **Electronic Equipment, Instruments & Components — 0.0% ^** | **Electronic Equipment, Instruments & Components — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Coherent Corp. 5.00%, 12/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 166000 | &nbsp;&nbsp;&nbsp;&nbsp; 160848 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Archrock Partners LP 6.25%, 4/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99838 |
| &nbsp;&nbsp;&nbsp; Diamond Foreign Asset Co. 8.50%, 10/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50087 |
| &nbsp;&nbsp;&nbsp; Nabors Industries, Inc. 7.38%, 5/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 81604 |
| &nbsp;&nbsp;&nbsp; Noble Finance II LLC 8.00%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 79716 |
| &nbsp;&nbsp;&nbsp; Precision Drilling Corp. (Canada) 7.13%, 1/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 18979 |
| &nbsp;&nbsp;&nbsp; Transocean, Inc. 8.75%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 81100 |

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Energy Equipment & Services — continued** | **Energy Equipment & Services — continued** | **Energy Equipment & Services — continued** |
| &nbsp;&nbsp;&nbsp; USA Compression Partners LP 6.88%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 74973 |
| &nbsp;&nbsp;&nbsp; Valaris Ltd. 8.38%, 4/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 115447 |
| &nbsp;&nbsp;&nbsp; Yinson Boronia Production BV (Brazil) 8.95%, 7/31/2042 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 198236 | &nbsp;&nbsp;&nbsp;&nbsp; 206290 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 808034 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Cinemark USA, Inc. 5.25%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 88788 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.  | &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.  | &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 136600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 191962 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. 5.00%, 3/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 103000 | &nbsp;&nbsp;&nbsp;&nbsp; 103224 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 520574 |
| **Financial Services — 0.9%** | **Financial Services — 0.9%** | **Financial Services — 0.9%** |
| &nbsp;&nbsp;&nbsp; Block, Inc.  | &nbsp;&nbsp;&nbsp; Block, Inc.  | &nbsp;&nbsp;&nbsp; Block, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 34336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 178848 |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC 7.50%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 211612 |
| &nbsp;&nbsp;&nbsp; CFIN 2022-RTL1 Issuer LLC Class A Shares, 0.00%, 8/17/2027 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 185000 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc.  | &nbsp;&nbsp;&nbsp; Global Payments, Inc.  | &nbsp;&nbsp;&nbsp; Global Payments, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 403899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 336503 |
| &nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings, Inc. 6.00%, 1/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 157000 | &nbsp;&nbsp;&nbsp;&nbsp; 157024 |
| &nbsp;&nbsp;&nbsp; Nationwide Building Society (United Kingdom) | &nbsp;&nbsp;&nbsp; Nationwide Building Society (United Kingdom) | &nbsp;&nbsp;&nbsp; Nationwide Building Society (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 2.97%, 2/16/2028 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2590000 | &nbsp;&nbsp;&nbsp;&nbsp; 2517801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 7/29/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015973 |
| &nbsp;&nbsp;&nbsp; NCR Atleos Corp. 9.50%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 131078 |
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC  | &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC  | &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 55201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 119000 | &nbsp;&nbsp;&nbsp;&nbsp; 111025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4319 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC 6.75%, 8/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102030 |
| &nbsp;&nbsp;&nbsp; Street Capital Group, Inc. (Canada) 0.00%, 2/15/2030 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5624649 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Post Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Post Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 74069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 91000 | &nbsp;&nbsp;&nbsp;&nbsp; 86121 |
| &nbsp;&nbsp;&nbsp; Viterra Finance BV (Netherlands) | &nbsp;&nbsp;&nbsp; Viterra Finance BV (Netherlands) | &nbsp;&nbsp;&nbsp; Viterra Finance BV (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/21/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 194799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 4/21/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp; 569858 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 924847 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; AmeriGas Partners LP 9.38%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45445 |
| &nbsp;&nbsp;&nbsp; Superior Plus LP (Canada) 4.50%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 66547 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 111992 |

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC  | &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC  | &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 144000 | &nbsp;&nbsp;&nbsp;&nbsp; 142077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 29692 |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc. 9.00%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 171292 |
| &nbsp;&nbsp;&nbsp; First Student Bidco, Inc. 4.00%, 7/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 109000 | &nbsp;&nbsp;&nbsp;&nbsp; 101905 |
| &nbsp;&nbsp;&nbsp; Hertz Corp. (The)  | &nbsp;&nbsp;&nbsp; Hertz Corp. (The)  | &nbsp;&nbsp;&nbsp; Hertz Corp. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 153000 | &nbsp;&nbsp;&nbsp;&nbsp; 135113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.63%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 96732 |
| &nbsp;&nbsp;&nbsp; RXO, Inc. 7.50%, 11/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51063 |
| &nbsp;&nbsp;&nbsp; Transnet SOC Ltd. (South Africa) 8.25%, 2/6/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 203912 |
| &nbsp;&nbsp;&nbsp; XPO, Inc.  | &nbsp;&nbsp;&nbsp; XPO, Inc.  | &nbsp;&nbsp;&nbsp; XPO, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 6/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 150128 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1102114 |
| **Health Care Equipment & Supplies — 0.4%** | **Health Care Equipment & Supplies — 0.4%** | **Health Care Equipment & Supplies — 0.4%** |
| &nbsp;&nbsp;&nbsp; Avantor Funding, Inc. 4.63%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 97462 |
| &nbsp;&nbsp;&nbsp; Hologic, Inc. 4.63%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 98794 |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP  | &nbsp;&nbsp;&nbsp; Medline Borrower LP  | &nbsp;&nbsp;&nbsp; Medline Borrower LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 292165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 37650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 87953 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. 5.05%, 2/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1555000 | &nbsp;&nbsp;&nbsp;&nbsp; 1577992 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2192016 |
| **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc. 5.50%, 7/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 126000 | &nbsp;&nbsp;&nbsp;&nbsp; 124157 |
| &nbsp;&nbsp;&nbsp; AdaptHealth LLC 4.63%, 8/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 49875 |
| &nbsp;&nbsp;&nbsp; Community Health Systems, Inc.  | &nbsp;&nbsp;&nbsp; Community Health Systems, Inc.  | &nbsp;&nbsp;&nbsp; Community Health Systems, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 3/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 98000 | &nbsp;&nbsp;&nbsp;&nbsp; 96563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 132000 | &nbsp;&nbsp;&nbsp;&nbsp; 126823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 77000 | &nbsp;&nbsp;&nbsp;&nbsp; 65909 |
| &nbsp;&nbsp;&nbsp; DaVita, Inc. 4.63%, 6/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 248000 | &nbsp;&nbsp;&nbsp;&nbsp; 231741 |
| &nbsp;&nbsp;&nbsp; Encompass Health Corp. 4.75%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 136000 | &nbsp;&nbsp;&nbsp;&nbsp; 132585 |
| &nbsp;&nbsp;&nbsp; HCA, Inc.  | &nbsp;&nbsp;&nbsp; HCA, Inc.  | &nbsp;&nbsp;&nbsp; HCA, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 527455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1390000 | &nbsp;&nbsp;&nbsp;&nbsp; 1410857 |
| &nbsp;&nbsp;&nbsp; Owens & Minor, Inc. 4.50%, 3/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 102167 |
| &nbsp;&nbsp;&nbsp; Star Parent, Inc. 9.00%, 10/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 108525 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.  | &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.  | &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 58633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 553000 | &nbsp;&nbsp;&nbsp;&nbsp; 531009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3566299 |
| **Health Care Technology — 0.0% ^** | **Health Care Technology — 0.0% ^** | **Health Care Technology — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; IQVIA, Inc. 5.00%, 5/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 198714 |
| **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP  | &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP  | &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 66206 |

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Hotel & Resort REITs — continued** | **Hotel & Resort REITs — continued** | **Hotel & Resort REITs — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 57927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 253431 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 377564 |
| **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** |
| &nbsp;&nbsp;&nbsp; 1011778 BC ULC (Canada) 3.88%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 44526 |
| &nbsp;&nbsp;&nbsp; Acushnet Co. 7.38%, 10/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 77716 |
| &nbsp;&nbsp;&nbsp; Boyne USA, Inc. 4.75%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 134539 |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.  | &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.  | &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 177432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 146167 |
| &nbsp;&nbsp;&nbsp; Carnival Corp.  | &nbsp;&nbsp;&nbsp; Carnival Corp.  | &nbsp;&nbsp;&nbsp; Carnival Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 110290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 2/15/2033 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 230568 |
| &nbsp;&nbsp;&nbsp; Churchill Downs, Inc. 5.50%, 4/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 124566 |
| &nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. 4.55%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp;&nbsp; 510368 |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc.  | &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc.  | &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 72000 | &nbsp;&nbsp;&nbsp;&nbsp; 70571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 184927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 4/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 105709 |
| &nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc. 4.75%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 72621 |
| &nbsp;&nbsp;&nbsp; MGM Resorts International  | &nbsp;&nbsp;&nbsp; MGM Resorts International  | &nbsp;&nbsp;&nbsp; MGM Resorts International  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 127154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 89825 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.  | &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.  | &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 9/30/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 79071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150538 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.  | &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.  | &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 7/1/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 55875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 106796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76463 |
| &nbsp;&nbsp;&nbsp; Station Casinos LLC 4.50%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 164000 | &nbsp;&nbsp;&nbsp;&nbsp; 159056 |
| &nbsp;&nbsp;&nbsp; Vail Resorts, Inc. 6.50%, 5/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76830 |
| &nbsp;&nbsp;&nbsp; VOC Escrow Ltd. 5.00%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 98638 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC 5.13%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 355925 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3655845 |
| **Household Durables — 0.3%** | **Household Durables — 0.3%** | **Household Durables — 0.3%** |
| &nbsp;&nbsp;&nbsp; Lennar Corp. 5.20%, 7/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp;&nbsp; 1186036 |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc. 6.38%, 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 235474 |
| &nbsp;&nbsp;&nbsp; Somnigroup International, Inc. 4.00%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 131861 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1553371 |

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Household Products — 0.0% ^** | **Household Products — 0.0% ^** | **Household Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co.  | &nbsp;&nbsp;&nbsp; Central Garden & Pet Co.  | &nbsp;&nbsp;&nbsp; Central Garden & Pet Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 54562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/30/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 28258 |
| &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 101000 | &nbsp;&nbsp;&nbsp;&nbsp; 97391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 41332 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 221543 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| &nbsp;&nbsp;&nbsp; Calpine Corp. 4.50%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 83369 |
| &nbsp;&nbsp;&nbsp; Saavi Energia Sarl (Mexico) 8.88%, 2/10/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 203600 |
| &nbsp;&nbsp;&nbsp; Termocandelaria Power SA (Colombia) 7.75%, 9/17/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 485969 |
| **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** |
| &nbsp;&nbsp;&nbsp; Prologis LP 4.75%, 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp;&nbsp; 927903 |
| **Insurance — 1.4%** | **Insurance — 1.4%** | **Insurance — 1.4%** |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC 6.75%, 4/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 111540 |
| &nbsp;&nbsp;&nbsp; Athene Global Funding 5.62%, 5/8/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1675000 | &nbsp;&nbsp;&nbsp;&nbsp; 1689563 |
| &nbsp;&nbsp;&nbsp; CNO Global Funding 5.88%, 6/4/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1145000 | &nbsp;&nbsp;&nbsp;&nbsp; 1170977 |
| &nbsp;&nbsp;&nbsp; Corebridge Global Funding  | &nbsp;&nbsp;&nbsp; Corebridge Global Funding  | &nbsp;&nbsp;&nbsp; Corebridge Global Funding  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 9/19/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 645000 | &nbsp;&nbsp;&nbsp;&nbsp; 670313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 6/24/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015882 |
| &nbsp;&nbsp;&nbsp; F&G Global Funding 5.88%, 6/10/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1170000 | &nbsp;&nbsp;&nbsp;&nbsp; 1192841 |
| &nbsp;&nbsp;&nbsp; HUB International Ltd. 7.25%, 6/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 83314 |
| &nbsp;&nbsp;&nbsp; Jackson National Life Global Funding  | &nbsp;&nbsp;&nbsp; Jackson National Life Global Funding  | &nbsp;&nbsp;&nbsp; Jackson National Life Global Funding  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 6/11/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 149963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 6/5/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1601588 |
| &nbsp;&nbsp;&nbsp; Met Tower Global Funding 5.40%, 6/20/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010038 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8696019 |
| **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Snap, Inc. 6.88%, 3/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75971 |
| **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Ahead DB Holdings LLC 6.63%, 5/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 118256 |
| &nbsp;&nbsp;&nbsp; Arches Buyer, Inc. 4.25%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp;&nbsp; 46152 |
| &nbsp;&nbsp;&nbsp; Identity Digital Ltd. (Ireland) 6.79%, 3/20/2065 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1164408 |
| **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Amer Sports Co. (Finland) 6.75%, 2/16/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 82602 |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc.  | &nbsp;&nbsp;&nbsp; Chart Industries, Inc.  | &nbsp;&nbsp;&nbsp; Chart Industries, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 107000 | &nbsp;&nbsp;&nbsp;&nbsp; 111687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 1/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 53282 |
| &nbsp;&nbsp;&nbsp; Hillenbrand, Inc. 6.25%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 85293 |
| &nbsp;&nbsp;&nbsp; Terex Corp. 5.00%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 141000 | &nbsp;&nbsp;&nbsp;&nbsp; 135869 |
| &nbsp;&nbsp;&nbsp; Trinity Industries, Inc. 7.75%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 103917 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 490048 |

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC 6.15%, 11/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 712373 |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 8/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 259000 | &nbsp;&nbsp;&nbsp;&nbsp; 253361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 4/15/2028 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 23758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 9/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 54462 |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC  | &nbsp;&nbsp;&nbsp; CSC Holdings LLC  | &nbsp;&nbsp;&nbsp; CSC Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 197936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 159570 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC 5.88%, 8/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 89000 | &nbsp;&nbsp;&nbsp;&nbsp; 87603 |
| &nbsp;&nbsp;&nbsp; DISH DBS Corp.  | &nbsp;&nbsp;&nbsp; DISH DBS Corp.  | &nbsp;&nbsp;&nbsp; DISH DBS Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 65342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 98000 | &nbsp;&nbsp;&nbsp;&nbsp; 90462 |
| &nbsp;&nbsp;&nbsp; DISH Network Corp. 11.75%, 11/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 314000 | &nbsp;&nbsp;&nbsp;&nbsp; 323957 |
| &nbsp;&nbsp;&nbsp; Gray Media, Inc.  | &nbsp;&nbsp;&nbsp; Gray Media, Inc.  | &nbsp;&nbsp;&nbsp; Gray Media, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 212704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 64264 |
| &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc.  | &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc.  | &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 78611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 5/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 8803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 8/15/2030 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 173550 | &nbsp;&nbsp;&nbsp;&nbsp; 133656 |
| &nbsp;&nbsp;&nbsp; News Corp. 3.88%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 43626 |
| &nbsp;&nbsp;&nbsp; Nexstar Media, Inc.  | &nbsp;&nbsp;&nbsp; Nexstar Media, Inc.  | &nbsp;&nbsp;&nbsp; Nexstar Media, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 147000 | &nbsp;&nbsp;&nbsp;&nbsp; 146412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/1/2028 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 144313 |
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC 4.25%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 89847 |
| &nbsp;&nbsp;&nbsp; Scripps Escrow II, Inc. 3.88%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 30780 |
| &nbsp;&nbsp;&nbsp; Scripps Escrow, Inc. 5.88%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 15262 |
| &nbsp;&nbsp;&nbsp; Sinclair Television Group, Inc.  | &nbsp;&nbsp;&nbsp; Sinclair Television Group, Inc.  | &nbsp;&nbsp;&nbsp; Sinclair Television Group, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 2/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 131600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/31/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 42605 |
| &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC  | &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC  | &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 124000 | &nbsp;&nbsp;&nbsp;&nbsp; 122717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 189787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 186893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 40886 |
| &nbsp;&nbsp;&nbsp; Stagwell Global LLC 5.63%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 117000 | &nbsp;&nbsp;&nbsp;&nbsp; 110008 |
| &nbsp;&nbsp;&nbsp; TEGNA, Inc.  | &nbsp;&nbsp;&nbsp; TEGNA, Inc.  | &nbsp;&nbsp;&nbsp; TEGNA, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 68830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 63819 |
| &nbsp;&nbsp;&nbsp; Univision Communications, Inc.  | &nbsp;&nbsp;&nbsp; Univision Communications, Inc.  | &nbsp;&nbsp;&nbsp; Univision Communications, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 140090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 6/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 42069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4076406 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp; Big River Steel LLC 6.63%, 1/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 41301 |
| &nbsp;&nbsp;&nbsp; Carpenter Technology Corp. 6.38%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 67272 |

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Metals & Mining — continued** | **Metals & Mining — continued** | **Metals & Mining — continued** |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.  | &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.  | &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 118000 | &nbsp;&nbsp;&nbsp;&nbsp; 105468 |
| &nbsp;&nbsp;&nbsp; Compass Minerals International, Inc. 6.75%, 12/1/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 114974 |
| &nbsp;&nbsp;&nbsp; CSN Inova Ventures (Brazil) 6.75%, 1/28/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 378200 |
| &nbsp;&nbsp;&nbsp; Novelis Corp. 4.75%, 1/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 77000 | &nbsp;&nbsp;&nbsp;&nbsp; 73199 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 788293 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** |
| &nbsp;&nbsp;&nbsp; Arbor Realty SR, Inc. Series QIB, 9.00%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 722125 |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc. 7.25%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 161134 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 883259 |
| **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** |
| &nbsp;&nbsp;&nbsp; DTE Energy Co. 5.10%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1455000 | &nbsp;&nbsp;&nbsp;&nbsp; 1475113 |
| **Oil, Gas & Consumable Fuels — 1.4%** | **Oil, Gas & Consumable Fuels — 1.4%** | **Oil, Gas & Consumable Fuels — 1.4%** |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP  | &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP  | &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 101000 | &nbsp;&nbsp;&nbsp;&nbsp; 99972 |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp. 5.38%, 3/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 57923 |
| &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC 8.25%, 12/31/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 106581 |
| &nbsp;&nbsp;&nbsp; Baytex Energy Corp. (Canada) 8.50%, 4/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 159877 |
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC 7.00%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 92986 |
| &nbsp;&nbsp;&nbsp; Buckeye Partners LP  | &nbsp;&nbsp;&nbsp; Buckeye Partners LP  | &nbsp;&nbsp;&nbsp; Buckeye Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 77838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 7/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 66832 |
| &nbsp;&nbsp;&nbsp; California Resources Corp. 7.13%, 2/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 20982 |
| &nbsp;&nbsp;&nbsp; Chord Energy Corp. 6.75%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49654 |
| &nbsp;&nbsp;&nbsp; Civitas Resources, Inc.  | &nbsp;&nbsp;&nbsp; Civitas Resources, Inc.  | &nbsp;&nbsp;&nbsp; Civitas Resources, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 7/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 88660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 7/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 102659 |
| &nbsp;&nbsp;&nbsp; Comstock Resources, Inc. 6.75%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 147000 | &nbsp;&nbsp;&nbsp;&nbsp; 144887 |
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC 9.25%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 221990 |
| &nbsp;&nbsp;&nbsp; DT Midstream, Inc. 4.13%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 161920 |
| &nbsp;&nbsp;&nbsp; Ecopetrol SA (Colombia) | &nbsp;&nbsp;&nbsp; Ecopetrol SA (Colombia) | &nbsp;&nbsp;&nbsp; Ecopetrol SA (Colombia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 1/19/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 98000 |
| &nbsp;&nbsp;&nbsp; Encino Acquisition Partners Holdings LLC 8.50%, 5/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 87185 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP 5.63%, 5/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp; 565025 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp.  | &nbsp;&nbsp;&nbsp; Expand Energy Corp.  | &nbsp;&nbsp;&nbsp; Expand Energy Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 167000 | &nbsp;&nbsp;&nbsp;&nbsp; 168961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 44756 |
| &nbsp;&nbsp;&nbsp; FS Luxembourg Sarl (Brazil) 8.88%, 2/12/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 202000 |
| &nbsp;&nbsp;&nbsp; Genesis Energy LP 7.75%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80696 |
| &nbsp;&nbsp;&nbsp; Gray Oak Pipeline LLC 2.60%, 10/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 469061 |
| &nbsp;&nbsp;&nbsp; Greenko Dutch BV (India) 3.85%, 3/29/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 176000 | &nbsp;&nbsp;&nbsp;&nbsp; 172260 |
| &nbsp;&nbsp;&nbsp; Gulfport Energy Operating Corp. 6.75%, 9/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 91301 |
| &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP 5.88%, 3/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 131280 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP 5.75%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 137000 | &nbsp;&nbsp;&nbsp;&nbsp; 130874 |

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. 5.15%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 423946 |
| &nbsp;&nbsp;&nbsp; Kinetik Holdings LP 5.88%, 6/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 119287 |
| &nbsp;&nbsp;&nbsp; Matador Resources Co. 6.50%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 93018 |
| &nbsp;&nbsp;&nbsp; MEG Energy Corp. (Canada) 5.88%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 174096 |
| &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC 8.13%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 83086 |
| &nbsp;&nbsp;&nbsp; NuStar Logistics LP  | &nbsp;&nbsp;&nbsp; NuStar Logistics LP  | &nbsp;&nbsp;&nbsp; NuStar Logistics LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 96786 |
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC 7.00%, 1/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 215417 |
| &nbsp;&nbsp;&nbsp; Peru LNG Srl (Peru) 5.38%, 3/22/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 166680 | &nbsp;&nbsp;&nbsp;&nbsp; 153762 |
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos (Mexico) | &nbsp;&nbsp;&nbsp; Petroleos Mexicanos (Mexico) | &nbsp;&nbsp;&nbsp; Petroleos Mexicanos (Mexico) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/23/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 391744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 8/4/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 426087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 2/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 283200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.84%, 1/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 233738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 2/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 401805 |
| &nbsp;&nbsp;&nbsp; Range Resources Corp.  | &nbsp;&nbsp;&nbsp; Range Resources Corp.  | &nbsp;&nbsp;&nbsp; Range Resources Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 55471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 23067 |
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC 4.95%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 82090 |
| &nbsp;&nbsp;&nbsp; SM Energy Co.  | &nbsp;&nbsp;&nbsp; SM Energy Co.  | &nbsp;&nbsp;&nbsp; SM Energy Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 84000 | &nbsp;&nbsp;&nbsp;&nbsp; 84090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99445 |
| &nbsp;&nbsp;&nbsp; Sunoco LP 5.88%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 149000 | &nbsp;&nbsp;&nbsp;&nbsp; 148653 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP  | &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP  | &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 3/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 43939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/31/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 187000 | &nbsp;&nbsp;&nbsp;&nbsp; 179181 |
| &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC 3.88%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 97581 |
| &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.  | &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.  | &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 429828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 122952 |
| &nbsp;&nbsp;&nbsp; Vital Energy, Inc. 9.75%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 88125 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8451755 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc.  | &nbsp;&nbsp;&nbsp; American Airlines, Inc.  | &nbsp;&nbsp;&nbsp; American Airlines, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/20/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 65333 | &nbsp;&nbsp;&nbsp;&nbsp; 65222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/20/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 451750 | &nbsp;&nbsp;&nbsp;&nbsp; 443608 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp. 9.88%, 9/20/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 64296 |
| &nbsp;&nbsp;&nbsp; United Airlines, Inc.  | &nbsp;&nbsp;&nbsp; United Airlines, Inc.  | &nbsp;&nbsp;&nbsp; United Airlines, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 4/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 46443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 104484 |
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance plc (Switzerland) 9.50%, 6/1/2028 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 147765 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 871818 |
| **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Edgewell Personal Care Co. 5.50%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 108000 | &nbsp;&nbsp;&nbsp;&nbsp; 106181 |
| &nbsp;&nbsp;&nbsp; Prestige Brands, Inc. 5.13%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 53738 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 159919 |

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| &nbsp;&nbsp;&nbsp; Bausch Health Americas, Inc. 9.25%, 4/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 47290 |
| &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc. 4.88%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 202000 | &nbsp;&nbsp;&nbsp;&nbsp; 164882 |
| &nbsp;&nbsp;&nbsp; Organon & Co. 4.13%, 4/30/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 187865 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 400037 |
| **Real Estate Management & Development — 0.0% ^** | **Real Estate Management & Development — 0.0% ^** | **Real Estate Management & Development — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC 5.75%, 1/15/2029 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 134000 | &nbsp;&nbsp;&nbsp;&nbsp; 109881 |
| **Residential REITs — 0.2%** | **Residential REITs — 0.2%** | **Residential REITs — 0.2%** |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent LP 4.95%, 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp;&nbsp; 1139140 |
| **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** |
| &nbsp;&nbsp;&nbsp; Amkor Technology, Inc. 6.63%, 9/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 109000 | &nbsp;&nbsp;&nbsp;&nbsp; 109355 |
| &nbsp;&nbsp;&nbsp; ams-OSRAM AG (Austria) 12.25%, 3/30/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 208587 |
| &nbsp;&nbsp;&nbsp; Entegris, Inc. 5.95%, 6/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 240132 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. 5.75%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 692936 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp. 3.88%, 9/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 119386 |
| &nbsp;&nbsp;&nbsp; Synaptics, Inc. 4.00%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 102249 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1472645 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| &nbsp;&nbsp;&nbsp; Elastic NV 4.13%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 93767 |
| &nbsp;&nbsp;&nbsp; NCR Voyix Corp.  | &nbsp;&nbsp;&nbsp; NCR Voyix Corp.  | &nbsp;&nbsp;&nbsp; NCR Voyix Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 132000 | &nbsp;&nbsp;&nbsp;&nbsp; 130187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 13645 |
| &nbsp;&nbsp;&nbsp; RingCentral, Inc. 8.50%, 8/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 132027 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc.  | &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc.  | &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/30/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 149833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102679 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 622138 |
| **Specialized REITs — 0.0% ^** | **Specialized REITs — 0.0% ^** | **Specialized REITs — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc.  | &nbsp;&nbsp;&nbsp; Iron Mountain, Inc.  | &nbsp;&nbsp;&nbsp; Iron Mountain, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 9/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 92000 | &nbsp;&nbsp;&nbsp;&nbsp; 90910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 9/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 72789 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 163699 |
| **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** |
| &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc. 4.50%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 57480 |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc.  | &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc.  | &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 40983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 77899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 22778 |
| &nbsp;&nbsp;&nbsp; Escrow Rite Aid 0.00%, 12/31/2049 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 6532 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Gap, Inc. (The) 3.63%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 77620 |
| &nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. 4.00%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; 61332 |
| &nbsp;&nbsp;&nbsp; Lithia Motors, Inc.  | &nbsp;&nbsp;&nbsp; Lithia Motors, Inc.  | &nbsp;&nbsp;&nbsp; Lithia Motors, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 30490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 29053 |
| &nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc. 3.75%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; 59992 |
| &nbsp;&nbsp;&nbsp; PetSmart, Inc. 4.75%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 241268 |

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| &nbsp;&nbsp;&nbsp; Sonic Automotive, Inc. 4.63%, 11/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 164000 | &nbsp;&nbsp;&nbsp;&nbsp; 156659 |
| &nbsp;&nbsp;&nbsp; Staples, Inc.  | &nbsp;&nbsp;&nbsp; Staples, Inc.  | &nbsp;&nbsp;&nbsp; Staples, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 9/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 63370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.75%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 74684 | &nbsp;&nbsp;&nbsp;&nbsp; 48075 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 966999 |
| **Technology Hardware, Storage & Peripherals — 0.0% ^** | **Technology Hardware, Storage & Peripherals — 0.0% ^** | **Technology Hardware, Storage & Peripherals — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Diebold Nixdorf, Inc. 7.75%, 3/31/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 78833 |
| &nbsp;&nbsp;&nbsp; Seagate HDD Cayman  | &nbsp;&nbsp;&nbsp; Seagate HDD Cayman  | &nbsp;&nbsp;&nbsp; Seagate HDD Cayman  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 19186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 49941 |
| &nbsp;&nbsp;&nbsp; Xerox Holdings Corp. 5.00%, 8/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 84000 | &nbsp;&nbsp;&nbsp;&nbsp; 83602 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 237969 |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| &nbsp;&nbsp;&nbsp; H&E Equipment Services, Inc. 3.88%, 12/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 85652 |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc. 5.50%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 74000 | &nbsp;&nbsp;&nbsp;&nbsp; 73462 |
| &nbsp;&nbsp;&nbsp; Imola Merger Corp. 4.75%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 176000 | &nbsp;&nbsp;&nbsp;&nbsp; 168641 |
| &nbsp;&nbsp;&nbsp; United Rentals North America, Inc.  | &nbsp;&nbsp;&nbsp; United Rentals North America, Inc.  | &nbsp;&nbsp;&nbsp; United Rentals North America, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; 63321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 269309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 106429 |
| &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc.  | &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc.  | &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 3/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102373 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1073337 |
| **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; Connect Finco SARL (United Kingdom) 9.00%, 9/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 190622 |
| &nbsp;&nbsp;&nbsp; Hughes Satellite Systems Corp. 6.63%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 182000 | &nbsp;&nbsp;&nbsp;&nbsp; 127558 |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc.  | &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc.  | &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 572208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1635000 | &nbsp;&nbsp;&nbsp;&nbsp; 1576577 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2466965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $203,220,971)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 204511489 |
| **Asset-Backed Securities — 25.0%** | **Asset-Backed Securities — 25.0%** | **Asset-Backed Securities — 25.0%** |
| &nbsp;&nbsp;&nbsp; Accelerated LLC Series 2021-1H, Class B, 1.90%, 10/20/2040 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 90049 | &nbsp;&nbsp;&nbsp;&nbsp; 83382 |
| &nbsp;&nbsp;&nbsp; Aligned Data Centers Issuer LLC Series 2021-1A, Class A2, 1.94%, 8/15/2046 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 263000 | &nbsp;&nbsp;&nbsp;&nbsp; 252739 |
| &nbsp;&nbsp;&nbsp; American Credit Acceptance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class D, 2.46%, 3/13/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 332835 | &nbsp;&nbsp;&nbsp;&nbsp; 332201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class D, 5.83%, 10/13/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 333000 | &nbsp;&nbsp;&nbsp;&nbsp; 333888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class D, 6.35%, 4/12/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 378718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class D, 5.50%, 7/14/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 965000 | &nbsp;&nbsp;&nbsp;&nbsp; 967592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class D, 5.34%, 8/12/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 668000 | &nbsp;&nbsp;&nbsp;&nbsp; 666895 |
| &nbsp;&nbsp;&nbsp; AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR3, Class E1, 2.33%, 10/17/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 285302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR4, Class E1, 2.97%, 12/17/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 384175 |

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR3, Class F, 4.00%, 10/17/2039 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 751392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SFR2, Class B, 3.95%, 6/17/2040 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1449832 |
| &nbsp;&nbsp;&nbsp; Aqua Finance Trust Series 2021-A, Class B, 2.40%, 7/17/2046 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 313000 | &nbsp;&nbsp;&nbsp;&nbsp; 282803 |
| &nbsp;&nbsp;&nbsp; Ares CLO Ltd. (Cayman Islands) Series 2015-4A, Class A3RR, 5.66%, 10/15/2030 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1355000 | &nbsp;&nbsp;&nbsp;&nbsp; 1353239 |
| &nbsp;&nbsp;&nbsp; Atlas Senior Loan Fund (Cayman Islands) Series 2019-13A, Class A1NR, 5.61%, 4/22/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 53342 | &nbsp;&nbsp;&nbsp;&nbsp; 53364 |
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-6A, Class C, 7.03%, 12/20/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 414386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class B, 5.58%, 12/20/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 506653 |
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO (Cayman Islands) Series 2019-2A, Class BR3, 5.73%, 10/17/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1749034 |
| &nbsp;&nbsp;&nbsp; Bayview Opportunity Master Fund Trust Series 2024-SN1, Class D, 6.36%, 7/16/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1017519 |
| &nbsp;&nbsp;&nbsp; BlueMountain CLO Ltd. (Cayman Islands) Series 2021-32A, Class BR, 5.81%, 10/15/2034 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1499171 |
| &nbsp;&nbsp;&nbsp; BOF Funding Trust Series 2023-CAR3, Class C, 4.50%, 7/26/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 197814 | &nbsp;&nbsp;&nbsp;&nbsp; 196035 |
| &nbsp;&nbsp;&nbsp; Bridgecrest Lending Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class B, 5.37%, 10/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1870000 | &nbsp;&nbsp;&nbsp;&nbsp; 1878758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, 5.65%, 4/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1508921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class C, 5.70%, 7/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1009000 | &nbsp;&nbsp;&nbsp;&nbsp; 1019257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class C, 4.83%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1610000 | &nbsp;&nbsp;&nbsp;&nbsp; 1604072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, 5.64%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1312000 | &nbsp;&nbsp;&nbsp;&nbsp; 1325425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class D, 5.62%, 3/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009057 |
| &nbsp;&nbsp;&nbsp; BSPRT Issuer Ltd. Series 2021-FL7, Class B, 6.49%, 12/15/2038 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 472000 |
| &nbsp;&nbsp;&nbsp; Business Jet Securities LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A, 4.46%, 6/15/2037 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 324691 | &nbsp;&nbsp;&nbsp;&nbsp; 317784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 6.92%, 5/15/2039 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 822694 | &nbsp;&nbsp;&nbsp;&nbsp; 839896 |
| &nbsp;&nbsp;&nbsp; BXG Receivables Note Trust Series 2022-A, Class B, 4.61%, 9/28/2037 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1194086 | &nbsp;&nbsp;&nbsp;&nbsp; 1176541 |
| &nbsp;&nbsp;&nbsp; CarVal CLO Ltd. (Cayman Islands) Series 2019-1A, Class BR2, 5.82%, 4/20/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 889000 | &nbsp;&nbsp;&nbsp;&nbsp; 889826 |
| &nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P2, Class A3, 5.33%, 7/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 908291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-N3, Class C, 6.55%, 12/10/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1628695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-N4, Class B, 6.46%, 2/11/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1435000 | &nbsp;&nbsp;&nbsp;&nbsp; 1458515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-N1, Class C, 5.80%, 5/10/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1268377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P1, Class C, 5.57%, 7/10/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 444000 | &nbsp;&nbsp;&nbsp;&nbsp; 451914 |
| &nbsp;&nbsp;&nbsp; CFMT LLC Series 2024-HB13, Class M1, 3.00%, 5/25/2034 ‡ (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 674000 | &nbsp;&nbsp;&nbsp;&nbsp; 639105 |
| &nbsp;&nbsp;&nbsp; Cherry Securitization Trust Series 2024-1A, Class A, 5.70%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 808000 | &nbsp;&nbsp;&nbsp;&nbsp; 813205 |
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd. (Cayman Islands) Series 2016-1A, Class BR3, 5.72%, 10/21/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1565000 | &nbsp;&nbsp;&nbsp;&nbsp; 1560618 |
| &nbsp;&nbsp;&nbsp; Columbia Cent CLO Ltd. (Cayman Islands) Series 2021-31A, Class BR, 5.87%, 4/20/2034 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1750481 |
| &nbsp;&nbsp;&nbsp; Continental Finance Credit Card ABS Master Trust Series 2021-A, Class A, 2.55%, 12/17/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 48814 | &nbsp;&nbsp;&nbsp;&nbsp; 48759 |
| &nbsp;&nbsp;&nbsp; CPS Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D, Class D, 2.31%, 12/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 95187 | &nbsp;&nbsp;&nbsp;&nbsp; 94535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class D, 2.84%, 4/16/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 951873 | &nbsp;&nbsp;&nbsp;&nbsp; 941667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class D, 6.44%, 4/16/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 762662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class C, 6.27%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 881000 | &nbsp;&nbsp;&nbsp;&nbsp; 889030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class D, 6.45%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 242927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class C, 5.76%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 896000 | &nbsp;&nbsp;&nbsp;&nbsp; 905858 |
| &nbsp;&nbsp;&nbsp; Credit Acceptance Auto Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class C, 5.70%, 10/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 467000 | &nbsp;&nbsp;&nbsp;&nbsp; 467532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5A, Class C, 7.30%, 4/17/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 363107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, 6.71%, 7/17/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 617735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, 6.11%, 8/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 511544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class C, 6.70%, 10/16/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 515456 |

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 5.71%, 7/16/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1357000 | &nbsp;&nbsp;&nbsp;&nbsp; 1375359 |
| &nbsp;&nbsp;&nbsp; Dext ABS LLC Series 2025-1, Class B, 4.98%, 8/15/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1680000 | &nbsp;&nbsp;&nbsp;&nbsp; 1679491 |
| &nbsp;&nbsp;&nbsp; Dryden Senior Loan Fund (Cayman Islands) Series 2016-43A, Class B1R3, 5.77%, 4/20/2034 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001452 |
| &nbsp;&nbsp;&nbsp; DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class D, 1.16%, 11/16/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 52243 | &nbsp;&nbsp;&nbsp;&nbsp; 52164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class D, 1.31%, 5/17/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 479926 | &nbsp;&nbsp;&nbsp;&nbsp; 471585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class B, 6.07%, 3/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 502051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 5.55%, 10/16/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 300671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class D, 6.44%, 11/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 307000 | &nbsp;&nbsp;&nbsp;&nbsp; 310964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class C, 6.40%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1606000 | &nbsp;&nbsp;&nbsp;&nbsp; 1628783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class E, 11.06%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 538345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class E, 10.21%, 5/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 533411 |
| &nbsp;&nbsp;&nbsp; Elara HGV Timeshare Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A, 6.16%, 2/25/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 314998 | &nbsp;&nbsp;&nbsp;&nbsp; 322987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class C, 7.30%, 2/25/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 523060 | &nbsp;&nbsp;&nbsp;&nbsp; 536145 |
| &nbsp;&nbsp;&nbsp; Equify ABS LLC Series 2023-1A, Class A, 7.20%, 9/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 61954 | &nbsp;&nbsp;&nbsp;&nbsp; 62033 |
| &nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class D, 1.40%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 106325 | &nbsp;&nbsp;&nbsp;&nbsp; 104363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5A, Class C, 6.51%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 253021 | &nbsp;&nbsp;&nbsp;&nbsp; 253903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class D, 1.96%, 1/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 319869 | &nbsp;&nbsp;&nbsp;&nbsp; 315616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5A, Class D, 7.40%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 510325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-6A, Class D, 8.03%, 4/6/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 517437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4A, Class D, 6.95%, 12/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 823391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5A, Class D, 7.13%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 726677 |
| &nbsp;&nbsp;&nbsp; FHF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A, 0.83%, 12/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp;&nbsp; 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A2, 6.57%, 6/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 93001 | &nbsp;&nbsp;&nbsp;&nbsp; 93816 |
| &nbsp;&nbsp;&nbsp; FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class F2, 3.45%, 8/17/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 483470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR3, Class E1, 2.99%, 12/17/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 478188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class F1, PO, 5/19/2039 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 605763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class F2, PO, 5/19/2039 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 299476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR2, Class D, 4.50%, 7/17/2039 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp;&nbsp; 599919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR2, Class F1, 4.50%, 7/17/2039 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 765561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR2, Class F2, 4.50%, 7/17/2039 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 380899 |
| &nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class D, 1.27%, 3/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 203654 | &nbsp;&nbsp;&nbsp;&nbsp; 200445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class C, 1.46%, 9/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1031874 | &nbsp;&nbsp;&nbsp;&nbsp; 1022230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class D, 3.64%, 3/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 536000 | &nbsp;&nbsp;&nbsp;&nbsp; 518260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class C, 5.30%, 4/17/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 749408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class C, 4.99%, 7/17/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 858000 | &nbsp;&nbsp;&nbsp;&nbsp; 853935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class D, 6.00%, 7/17/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 596002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class C, 6.01%, 7/16/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 914639 |
| &nbsp;&nbsp;&nbsp; Foundation Finance Trust Series 2021-1A, Class A, 1.27%, 5/15/2041 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 47141 | &nbsp;&nbsp;&nbsp;&nbsp; 44078 |
| &nbsp;&nbsp;&nbsp; FRTKL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class B, 1.72%, 9/17/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 621781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class D, 2.17%, 9/17/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 238000 | &nbsp;&nbsp;&nbsp;&nbsp; 228094 |
| &nbsp;&nbsp;&nbsp; GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class D, 1.48%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 133527 | &nbsp;&nbsp;&nbsp;&nbsp; 131531 |

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4A, Class E, 3.51%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 796070 | &nbsp;&nbsp;&nbsp;&nbsp; 795630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class D, 3.97%, 1/18/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 744962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class C, 6.01%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 908214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class D, 5.59%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006944 |
| &nbsp;&nbsp;&nbsp; GLS Auto Select Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A3, 5.96%, 10/16/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 757000 | &nbsp;&nbsp;&nbsp;&nbsp; 764133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class B, 6.09%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 722000 | &nbsp;&nbsp;&nbsp;&nbsp; 737620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class C, 5.92%, 8/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1281525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 5.04%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1513142 |
| &nbsp;&nbsp;&nbsp; Goldman Home Improvement Trust Issuer Trust Series 2021-GRN2, Class A, 1.15%, 6/25/2051 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 386332 | &nbsp;&nbsp;&nbsp;&nbsp; 376596 |
| &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust Series 2025-SL1, Class A1, 5.85%, 11/25/2067 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1908042 | &nbsp;&nbsp;&nbsp;&nbsp; 1912525 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 5.72%, 1/25/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 513602 | &nbsp;&nbsp;&nbsp;&nbsp; 521143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class C, 5.99%, 3/25/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 694307 | &nbsp;&nbsp;&nbsp;&nbsp; 699437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class C, 5.71%, 8/27/2040 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1221892 | &nbsp;&nbsp;&nbsp;&nbsp; 1229222 |
| &nbsp;&nbsp;&nbsp; Home Partners of America Trust Series 2021-3, Class E1, 3.20%, 1/17/2041 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 451426 | &nbsp;&nbsp;&nbsp;&nbsp; 408697 |
| &nbsp;&nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes Series 2024-2, Class B1, 5.44%, 10/20/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 384320 | &nbsp;&nbsp;&nbsp;&nbsp; 386491 |
| &nbsp;&nbsp;&nbsp; Invitation Homes Trust Series 2024-SFR1, Class B, 4.00%, 9/17/2041 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1906780 |
| &nbsp;&nbsp;&nbsp; KKR Static CLO Ltd. (Cayman Islands) Series 2022-1A, Class BR2, 5.72%, 7/20/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1151563 | &nbsp;&nbsp;&nbsp;&nbsp; 1147688 |
| &nbsp;&nbsp;&nbsp; LCM LP (Cayman Islands) Series 14A, Class AR, 5.57%, 7/20/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 70848 | &nbsp;&nbsp;&nbsp;&nbsp; 70866 |
| &nbsp;&nbsp;&nbsp; LCM Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 26A, Class A1, 5.60%, 1/20/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 22128 | &nbsp;&nbsp;&nbsp;&nbsp; 22131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 36A, Class BR, 5.76%, 1/15/2034 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1604167 | &nbsp;&nbsp;&nbsp;&nbsp; 1599594 |
| &nbsp;&nbsp;&nbsp; LendingPoint Pass-Through Trust Series 2022-ST1, Class A, 2.50%, 3/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10616 | &nbsp;&nbsp;&nbsp;&nbsp; 10433 |
| &nbsp;&nbsp;&nbsp; Lendmark Funding Trust Series 2021-1A, Class A, 1.90%, 11/20/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 905858 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding Ltd. (Cayman Islands) Series 2021-49A, Class B1R, 5.72%, 10/19/2034 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 997318 |
| &nbsp;&nbsp;&nbsp; Mariner Finance issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BA, Class B, 5.33%, 11/20/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 251077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BA, Class C, 5.73%, 11/20/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 244000 | &nbsp;&nbsp;&nbsp;&nbsp; 245491 |
| &nbsp;&nbsp;&nbsp; Mariner Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-AA, Class A, 6.70%, 10/22/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 754709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class A, 1.86%, 3/20/2036 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 192000 | &nbsp;&nbsp;&nbsp;&nbsp; 185151 |
| &nbsp;&nbsp;&nbsp; Merchants Fleet Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 7.21%, 5/20/2036 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 183987 | &nbsp;&nbsp;&nbsp;&nbsp; 185578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 5.95%, 4/20/2037 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008226 |
| &nbsp;&nbsp;&nbsp; Mercury Financial Credit Card Master Trust Series 2024-2A, Class A, 6.56%, 7/20/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1281000 | &nbsp;&nbsp;&nbsp;&nbsp; 1291672 |
| &nbsp;&nbsp;&nbsp; MVW LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class C, 2.23%, 5/20/2039 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 493491 | &nbsp;&nbsp;&nbsp;&nbsp; 461649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class C, 5.23%, 11/21/2039 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 479041 | &nbsp;&nbsp;&nbsp;&nbsp; 470393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class C, 7.06%, 11/20/2040 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 358494 | &nbsp;&nbsp;&nbsp;&nbsp; 367560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1WA, Class A, 1.14%, 1/22/2041 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 48708 | &nbsp;&nbsp;&nbsp;&nbsp; 46472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1WA, Class B, 1.44%, 1/22/2041 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20905 | &nbsp;&nbsp;&nbsp;&nbsp; 19838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 5.51%, 2/20/2043 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 987287 | &nbsp;&nbsp;&nbsp;&nbsp; 990027 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-49A, Class BR, 5.83%, 7/25/2035 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 434000 | &nbsp;&nbsp;&nbsp;&nbsp; 434060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-42A, Class BR, 5.66%, 7/16/2036 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1747652 |
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class B, 2.85%, 2/17/2039 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 624168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class E1, 3.55%, 2/17/2039 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 499032 |

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; NRM FNT1 Excess LLC Series 2024-FNT1, Class A, 7.40%, 11/25/2031 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 1091429 | &nbsp;&nbsp;&nbsp;&nbsp; 1103225 |
| &nbsp;&nbsp;&nbsp; OCP Aegis CLO Ltd. (Jersey) Series 2024-39A, Class A1, 5.48%, 1/16/2037 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1501269 |
| &nbsp;&nbsp;&nbsp; Octane Receivables Trust Series 2023-1A, Class D, 7.76%, 3/20/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 517952 |
| &nbsp;&nbsp;&nbsp; OnDeck Asset Securitization Trust LLC Series 2024-2A, Class A, 4.98%, 10/17/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1485332 |
| &nbsp;&nbsp;&nbsp; Oportun Funding Trust Series 2024-3, Class B, 5.48%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2092000 | &nbsp;&nbsp;&nbsp;&nbsp; 2090356 |
| &nbsp;&nbsp;&nbsp; Oportun Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class A, 1.47%, 5/8/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1200706 | &nbsp;&nbsp;&nbsp;&nbsp; 1169198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class B, 1.96%, 5/8/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 240141 | &nbsp;&nbsp;&nbsp;&nbsp; 233998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class B, 5.25%, 6/9/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 599610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class B, 5.30%, 2/8/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 798701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class C, 5.89%, 2/8/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 498964 |
| &nbsp;&nbsp;&nbsp; Pagaya AI Debt Selection Trust Series 2021-HG1, Class A, 1.22%, 1/16/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5915 | &nbsp;&nbsp;&nbsp;&nbsp; 5880 |
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd. (Cayman Islands) Series 2024-3A, Class A2, 5.96%, 8/8/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 998994 | &nbsp;&nbsp;&nbsp;&nbsp; 1000092 |
| &nbsp;&nbsp;&nbsp; PowerPay Issuance Trust Series 2024-1A, Class A, 6.53%, 2/18/2039 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 568109 | &nbsp;&nbsp;&nbsp;&nbsp; 579220 |
| &nbsp;&nbsp;&nbsp; PRET LLC Series 2021-RN4, Class A1, 5.49%, 10/25/2051 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 296049 | &nbsp;&nbsp;&nbsp;&nbsp; 295637 |
| &nbsp;&nbsp;&nbsp; Progress Residential Series 2021-SFR3, Class E1, 2.54%, 5/17/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 196020 |
| &nbsp;&nbsp;&nbsp; Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR8, Class E1, 2.38%, 10/17/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 337899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR3, Class D, 4.45%, 4/17/2039 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 562000 | &nbsp;&nbsp;&nbsp;&nbsp; 548842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR1, Class D, 3.75%, 2/17/2041 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1054668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR2, Class B, 3.40%, 4/17/2041 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1697000 | &nbsp;&nbsp;&nbsp;&nbsp; 1590452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR1, Class D, 3.65%, 2/17/2042 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1369328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR2, Class D, 3.56%, 4/17/2042 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1811884 |
| &nbsp;&nbsp;&nbsp; Purchasing Power Funding LLC Series 2024-A, Class B, 6.43%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1260100 |
| &nbsp;&nbsp;&nbsp; Purewest ABS Issuer LLC Series 2025-1, Class A2, 6.53%, 4/5/2040 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 998718 | &nbsp;&nbsp;&nbsp;&nbsp; 998718 |
| &nbsp;&nbsp;&nbsp; Regional Management Issuance Trust Series 2024-1, Class A, 5.83%, 7/15/2036 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1533144 |
| &nbsp;&nbsp;&nbsp; Republic Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 2.30%, 12/22/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200665 | &nbsp;&nbsp;&nbsp;&nbsp; 199199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 5.91%, 8/20/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1304000 | &nbsp;&nbsp;&nbsp;&nbsp; 1318579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 5.42%, 11/20/2037 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1513000 | &nbsp;&nbsp;&nbsp;&nbsp; 1526924 |
| &nbsp;&nbsp;&nbsp; RR Ltd. (Cayman Islands) Series 2020-12A, Class ABR3, 5.81%, 1/15/2036 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000683 |
| &nbsp;&nbsp;&nbsp; Santander Bank Auto Credit-Linked Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class C, 5.82%, 6/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 884154 | &nbsp;&nbsp;&nbsp;&nbsp; 889121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class C, 5.14%, 1/18/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1495926 |
| &nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class D, 1.33%, 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 83587 | &nbsp;&nbsp;&nbsp;&nbsp; 83067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class C, 5.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1253725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-6, Class D, 5.69%, 2/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 504577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-6, Class C, 6.40%, 3/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 928000 | &nbsp;&nbsp;&nbsp;&nbsp; 952439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class D, 5.32%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp; 678198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4, Class C, 6.04%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2046956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5, Class D, 5.14%, 2/17/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2016000 | &nbsp;&nbsp;&nbsp;&nbsp; 2014973 |
| &nbsp;&nbsp;&nbsp; SBNA Auto Receivables Trust Series 2024-A, Class D, 6.04%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1270472 |
| &nbsp;&nbsp;&nbsp; SCF Equipment Leasing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 5.56%, 4/20/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1083000 | &nbsp;&nbsp;&nbsp;&nbsp; 1113194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, 5.82%, 9/20/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 443000 | &nbsp;&nbsp;&nbsp;&nbsp; 454863 |
| &nbsp;&nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class A, 5.80%, 4/20/2040 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 478413 | &nbsp;&nbsp;&nbsp;&nbsp; 485736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class C, 5.83%, 6/20/2041 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1199463 | &nbsp;&nbsp;&nbsp;&nbsp; 1201705 |

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 4.81%, 1/21/2042 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 996893 | &nbsp;&nbsp;&nbsp;&nbsp; 996507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 5.35%, 1/20/2043 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 539469 | &nbsp;&nbsp;&nbsp;&nbsp; 541307 |
| &nbsp;&nbsp;&nbsp; Stream Innovations Issuer Trust Series 2024-2A, Class A, 5.21%, 2/15/2045 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1428993 | &nbsp;&nbsp;&nbsp;&nbsp; 1433213 |
| &nbsp;&nbsp;&nbsp; Symphony CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-16A, Class B1RR, 5.96%, 10/15/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 680545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20A, Class BR2, 5.81%, 1/16/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1430000 | &nbsp;&nbsp;&nbsp;&nbsp; 1431230 |
| &nbsp;&nbsp;&nbsp; THL Credit Wind River CLO Ltd. (Cayman Islands) Series 2019-3A, Class BR2, 5.81%, 4/15/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1333334 | &nbsp;&nbsp;&nbsp;&nbsp; 1334275 |
| &nbsp;&nbsp;&nbsp; Tricon Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class E1, 2.79%, 7/17/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 232048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SFR1, Class B, 5.10%, 7/17/2040 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 798777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR4, Class D, 5.35%, 11/17/2041 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1311000 | &nbsp;&nbsp;&nbsp;&nbsp; 1289727 |
| &nbsp;&nbsp;&nbsp; Upstart Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ST4, Class A, 2.00%, 7/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10003 | &nbsp;&nbsp;&nbsp;&nbsp; 9909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ST5, Class A, 2.00%, 7/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9161 | &nbsp;&nbsp;&nbsp;&nbsp; 9063 |
| &nbsp;&nbsp;&nbsp; Upstart Securitization Trust Series 2022-4, Class A, 5.98%, 8/20/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 29284 | &nbsp;&nbsp;&nbsp;&nbsp; 29284 |
| &nbsp;&nbsp;&nbsp; US Auto Funding Trust Series 2022-1A, Class B, 5.13%, 12/15/2025 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 574000 | &nbsp;&nbsp;&nbsp;&nbsp; 244794 |
| &nbsp;&nbsp;&nbsp; Venture CLO Ltd. (Cayman Islands) Series 2018-32A, Class A2A, 5.60%, 7/18/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 64896 | &nbsp;&nbsp;&nbsp;&nbsp; 64924 |
| &nbsp;&nbsp;&nbsp; Verdant Receivables LLC Series 2025-1A, Class A3, 4.96%, 5/12/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1265000 | &nbsp;&nbsp;&nbsp;&nbsp; 1266860 |
| &nbsp;&nbsp;&nbsp; Veros Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class C, 8.32%, 11/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1283487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class B, 5.54%, 7/16/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1257219 |
| &nbsp;&nbsp;&nbsp; VOLT CIII LLC Series 2021-CF1, Class A1, 4.99%, 8/25/2051 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 137188 | &nbsp;&nbsp;&nbsp;&nbsp; 137115 |
| &nbsp;&nbsp;&nbsp; VOLT CV LLC Series 2021-CF2, Class A1, 5.49%, 11/27/2051 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 278879 | &nbsp;&nbsp;&nbsp;&nbsp; 277973 |
| &nbsp;&nbsp;&nbsp; VOLT XCIX LLC Series 2021-NPL8, Class A1, 6.12%, 4/25/2051 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 18355 | &nbsp;&nbsp;&nbsp;&nbsp; 18344 |
| &nbsp;&nbsp;&nbsp; VOLT XCVI LLC Series 2021-NPL5, Class A1, 6.12%, 3/27/2051 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 9532 | &nbsp;&nbsp;&nbsp;&nbsp; 9527 |
| &nbsp;&nbsp;&nbsp; VOLT XCVII LLC Series 2021-NPL6, Class A1, 6.24%, 4/25/2051 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 25526 | &nbsp;&nbsp;&nbsp;&nbsp; 25486 |
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd. (Cayman Islands) Series 2018-1A, Class A2, 5.83%, 4/19/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1502004 |
| &nbsp;&nbsp;&nbsp; Westgate Resorts LLC Series 2024-1A, Class C, 7.06%, 1/20/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 800197 | &nbsp;&nbsp;&nbsp;&nbsp; 808310 |
| &nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust Series 2023-1A, Class D, 6.79%, 11/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 510691 |
| &nbsp;&nbsp;&nbsp; Wingspire Equipment Finance LLC Series 2024-1A, Class A2, 4.99%, 9/20/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1286000 | &nbsp;&nbsp;&nbsp;&nbsp; 1284433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $152,161,067)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 153072334 |
| **Collateralized Mortgage Obligations — 12.8%** | **Collateralized Mortgage Obligations — 12.8%** | **Collateralized Mortgage Obligations — 12.8%** |
| &nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M2, 6.22%, 12/25/2041 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 521000 | &nbsp;&nbsp;&nbsp;&nbsp; 525663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2M2, 7.32%, 1/25/2042 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 230274 |
| &nbsp;&nbsp;&nbsp; FHLMC STACR REMIC Trust Series 2023-HQA3, Class M2, 7.67%, 11/25/2043 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp; 763027 |
| &nbsp;&nbsp;&nbsp; FHLMC, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2673, Class PE, 5.50%, 9/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 63991 | &nbsp;&nbsp;&nbsp;&nbsp; 65691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5394, Class AV, 5.50%, 1/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 912863 | &nbsp;&nbsp;&nbsp;&nbsp; 926315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5516, Class DV, 6.00%, 12/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2950068 | &nbsp;&nbsp;&nbsp;&nbsp; 3026970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4754, Class VG, 4.00%, 12/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 319800 | &nbsp;&nbsp;&nbsp;&nbsp; 318438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3878, Class PL, 4.50%, 11/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 256181 | &nbsp;&nbsp;&nbsp;&nbsp; 255982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4376, Class A, 4.00%, 7/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 406269 | &nbsp;&nbsp;&nbsp;&nbsp; 403878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5182, Class D, 2.50%, 11/25/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 11352008 | &nbsp;&nbsp;&nbsp;&nbsp; 10510182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4583, Class UP, 3.00%, 7/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1573569 | &nbsp;&nbsp;&nbsp;&nbsp; 1461521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4599, Class PA, 3.00%, 9/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 3476223 | &nbsp;&nbsp;&nbsp;&nbsp; 3272425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5386, Class KA, 5.00%, 1/25/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 2435446 | &nbsp;&nbsp;&nbsp;&nbsp; 2421678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4718, Class DA, 3.00%, 2/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 201293 | &nbsp;&nbsp;&nbsp;&nbsp; 186403 |

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5194, Class H, 2.50%, 10/25/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 5518532 | &nbsp;&nbsp;&nbsp;&nbsp; 4938862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5021, Class MI, IO, 3.00%, 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 359877 | &nbsp;&nbsp;&nbsp;&nbsp; 62021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5470, Class FG, 5.52%, 11/25/2054 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1259214 | &nbsp;&nbsp;&nbsp;&nbsp; 1247862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5472, Class FE, 5.67%, 11/25/2054 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 3803245 | &nbsp;&nbsp;&nbsp;&nbsp; 3790263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5481, Class FA, 5.72%, 12/25/2054 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2782865 | &nbsp;&nbsp;&nbsp;&nbsp; 2780206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5481, Class FC, 5.82%, 12/25/2054 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 4631092 | &nbsp;&nbsp;&nbsp;&nbsp; 4642261 |
| &nbsp;&nbsp;&nbsp; FNMA, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-101, Class DV, 5.50%, 12/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 757861 | &nbsp;&nbsp;&nbsp;&nbsp; 777401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4, Class PV, 5.50%, 1/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 733008 | &nbsp;&nbsp;&nbsp;&nbsp; 754809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-27, Class BV, 5.50%, 3/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1581942 | &nbsp;&nbsp;&nbsp;&nbsp; 1611005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-136, Class DL, 3.50%, 12/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 177158 | &nbsp;&nbsp;&nbsp;&nbsp; 170258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-27, Class CA, 5.50%, 12/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1629152 | &nbsp;&nbsp;&nbsp;&nbsp; 1635558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-20, Class MA, 5.00%, 11/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 2465498 | &nbsp;&nbsp;&nbsp;&nbsp; 2461491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-42, Class EA, 3.75%, 6/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1701664 | &nbsp;&nbsp;&nbsp;&nbsp; 1635016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-43, Class P, 4.00%, 7/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 420810 | &nbsp;&nbsp;&nbsp;&nbsp; 407850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-67, Class FA, 5.49%, 9/25/2054 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 775137 | &nbsp;&nbsp;&nbsp;&nbsp; 768477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-96, Class FA, 5.72%, 12/25/2054 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1905474 | &nbsp;&nbsp;&nbsp;&nbsp; 1903810 |
| &nbsp;&nbsp;&nbsp; GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-110, Class LC, 3.50%, 4/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 4163070 | &nbsp;&nbsp;&nbsp;&nbsp; 3970799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-9, Class MI, IO, 2.50%, 1/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 196560 | &nbsp;&nbsp;&nbsp;&nbsp; 29271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4, Class LA, 3.00%, 7/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1538672 | &nbsp;&nbsp;&nbsp;&nbsp; 1439658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-184, Class BG, 3.50%, 10/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 4689774 | &nbsp;&nbsp;&nbsp;&nbsp; 4467962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class GC, 3.50%, 10/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2443330 | &nbsp;&nbsp;&nbsp;&nbsp; 2313833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-151, Class HB, 4.50%, 10/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 5779190 | &nbsp;&nbsp;&nbsp;&nbsp; 5660234 |
| &nbsp;&nbsp;&nbsp; Legacy Mortgage Asset Trust Series 2021-GS3, Class A1, 5.75%, 7/25/2061 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 92206 | &nbsp;&nbsp;&nbsp;&nbsp; 91835 |
| &nbsp;&nbsp;&nbsp; LHOME Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL1, Class A1, 7.02%, 1/25/2029 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 1225000 | &nbsp;&nbsp;&nbsp;&nbsp; 1234368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL1, Class A1, 5.65%, 1/25/2040 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000331 |
| &nbsp;&nbsp;&nbsp; MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL3, Class A1, 5.91%, 11/25/2039 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 1220000 | &nbsp;&nbsp;&nbsp;&nbsp; 1221839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NPL1, Class A1, 6.33%, 9/25/2054 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 649997 | &nbsp;&nbsp;&nbsp;&nbsp; 650426 |
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust Series 2024-RTL1, Class A1, 6.66%, 3/25/2039 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 256520 |
| &nbsp;&nbsp;&nbsp; NRM FHT1 Excess Owner LLC Series 2025-FHT1, Class A, 6.55%, 3/25/2032 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 955492 | &nbsp;&nbsp;&nbsp;&nbsp; 946226 |
| &nbsp;&nbsp;&nbsp; NYMT Loan Trust Series 2021-SP1, Class A1, 4.67%, 8/25/2061 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 206190 | &nbsp;&nbsp;&nbsp;&nbsp; 205175 |
| &nbsp;&nbsp;&nbsp; Roc Mortgage Trust Series 2025-RTL1, Class A1, 5.63%, 2/25/2040 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 184485 |
| &nbsp;&nbsp;&nbsp; Toorak Mortgage Trust Series 2025-RRTL1, Class A1, 5.52%, 2/25/2040 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 796027 |
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust Series 2021-2, Class M1, 2.19%, 2/25/2066 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 144000 | &nbsp;&nbsp;&nbsp;&nbsp; 109786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations <br>(Cost $78,173,998)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 78534372 |
| **U.S. Treasury Obligations — 11.5%** | **U.S. Treasury Obligations — 11.5%** | **U.S. Treasury Obligations — 11.5%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp;&nbsp; 586325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 9540000 | &nbsp;&nbsp;&nbsp;&nbsp; 9435656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4155000 | &nbsp;&nbsp;&nbsp;&nbsp; 4153864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp;&nbsp; 920075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 21725000 | &nbsp;&nbsp;&nbsp;&nbsp; 21794588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp; 560073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 17355000 | &nbsp;&nbsp;&nbsp;&nbsp; 17521093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/29/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 172700 | &nbsp;&nbsp;&nbsp;&nbsp; 173267 |

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 3/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 337875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 14705000 | &nbsp;&nbsp;&nbsp;&nbsp; 14661345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/28/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp;&nbsp; 617172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations <br>(Cost $70,403,530)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 70761333 |
| **Mortgage-Backed Securities — 8.3%** | **Mortgage-Backed Securities — 8.3%** | **Mortgage-Backed Securities — 8.3%** |
| &nbsp;&nbsp;&nbsp; FHLMC Pool # 841368 ARM, 6.77%, 9/1/2047 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 921972 | &nbsp;&nbsp;&nbsp;&nbsp; 948437 |
| &nbsp;&nbsp;&nbsp; FHLMC Gold Pools, 30 Year Pool # G08878, 4.50%, 5/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 202045 | &nbsp;&nbsp;&nbsp;&nbsp; 193932 |
| &nbsp;&nbsp;&nbsp; FHLMC UMBS, 10 Year Pool # RD5034, 2.00%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 270855 | &nbsp;&nbsp;&nbsp;&nbsp; 258313 |
| &nbsp;&nbsp;&nbsp; FHLMC UMBS, 15 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # ZS6689, 2.50%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 71646 | &nbsp;&nbsp;&nbsp;&nbsp; 69949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SB8184, 4.00%, 10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 553898 | &nbsp;&nbsp;&nbsp;&nbsp; 536287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SB8261, 5.50%, 10/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 888967 | &nbsp;&nbsp;&nbsp;&nbsp; 902031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SB8308, 5.00%, 6/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 628276 | &nbsp;&nbsp;&nbsp;&nbsp; 628685 |
| &nbsp;&nbsp;&nbsp; FHLMC UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # ZT1703, 4.00%, 1/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 692607 | &nbsp;&nbsp;&nbsp;&nbsp; 646128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD8231, 4.50%, 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 736907 | &nbsp;&nbsp;&nbsp;&nbsp; 695638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD8343, 6.00%, 7/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 7200674 | &nbsp;&nbsp;&nbsp;&nbsp; 7283283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD7572, 6.50%, 5/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 12550292 | &nbsp;&nbsp;&nbsp;&nbsp; 12969618 |
| &nbsp;&nbsp;&nbsp; FNMA Pool # BM4562 ARM, 6.69%, 5/1/2047 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 745299 | &nbsp;&nbsp;&nbsp;&nbsp; 767651 |
| &nbsp;&nbsp;&nbsp; FNMA UMBS, 15 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM1156, 2.50%, 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 505438 | &nbsp;&nbsp;&nbsp;&nbsp; 484932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA4361, 2.50%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 276081 | &nbsp;&nbsp;&nbsp;&nbsp; 255573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM7767, 2.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 3071167 | &nbsp;&nbsp;&nbsp;&nbsp; 2796200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS1563, 2.50%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 387380 | &nbsp;&nbsp;&nbsp;&nbsp; 358561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS1329, 2.00%, 2/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 714524 | &nbsp;&nbsp;&nbsp;&nbsp; 650442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA4944, 4.50%, 3/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1976546 | &nbsp;&nbsp;&nbsp;&nbsp; 1947801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA5093, 5.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 3418497 | &nbsp;&nbsp;&nbsp;&nbsp; 3423189 |
| &nbsp;&nbsp;&nbsp; FNMA UMBS, 20 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM3933, 3.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1208123 | &nbsp;&nbsp;&nbsp;&nbsp; 1141633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM3075, 3.50%, 11/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 809651 | &nbsp;&nbsp;&nbsp;&nbsp; 769661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA8310, 2.50%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 209931 | &nbsp;&nbsp;&nbsp;&nbsp; 188245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA4780, 4.50%, 10/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2043928 | &nbsp;&nbsp;&nbsp;&nbsp; 1966755 |
| &nbsp;&nbsp;&nbsp; FNMA UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM2972, 4.00%, 12/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 708756 | &nbsp;&nbsp;&nbsp;&nbsp; 672644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS2237, 4.00%, 10/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1659587 | &nbsp;&nbsp;&nbsp;&nbsp; 1573343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BM1285, 4.50%, 5/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 115041 | &nbsp;&nbsp;&nbsp;&nbsp; 110831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS1847, 4.00%, 1/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 211496 | &nbsp;&nbsp;&nbsp;&nbsp; 197407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS0085, 4.00%, 11/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 750522 | &nbsp;&nbsp;&nbsp;&nbsp; 699828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA5039, 5.50%, 6/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 2638147 | &nbsp;&nbsp;&nbsp;&nbsp; 2615910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA5328, 6.00%, 4/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2311234 | &nbsp;&nbsp;&nbsp;&nbsp; 2334783 |
| &nbsp;&nbsp;&nbsp; GNMA II, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA8201, 4.50%, 8/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 606071 | &nbsp;&nbsp;&nbsp;&nbsp; 575467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787548, 5.50%, 9/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2518304 | &nbsp;&nbsp;&nbsp;&nbsp; 2508050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities <br>(Cost $51,634,653)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 51171207 |
| **Commercial Mortgage-Backed Securities — 5.5%** | **Commercial Mortgage-Backed Securities — 5.5%** | **Commercial Mortgage-Backed Securities — 5.5%** |
| &nbsp;&nbsp;&nbsp; Beast Mortgage Trust Series 2021-1818, Class B, 5.89%, 3/15/2036 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 179000 | &nbsp;&nbsp;&nbsp;&nbsp; 140317 |

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust Series 2024-V5, Class C, 6.97%, 1/10/2057 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 308353 |
| &nbsp;&nbsp;&nbsp; BMO Mortgage Trust Series 2024-5C3, Class C, 6.86%, 2/15/2057 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 303373 |
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class D, 6.09%, 9/15/2036 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 273281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MF, Class B, 6.02%, 2/15/2039 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1062545 | &nbsp;&nbsp;&nbsp;&nbsp; 1063874 |
| &nbsp;&nbsp;&nbsp; BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RISE, Class D, 6.19%, 11/15/2036 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 304319 | &nbsp;&nbsp;&nbsp;&nbsp; 302036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class D, 6.33%, 1/15/2039 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp; 522375 |
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC29, Class C, 4.04%, 4/10/2048 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 363000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC31, Class C, 3.94%, 6/10/2048 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 50379 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS5, Class C, 4.72%, 9/10/2047 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2024000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR20, Class C, 4.67%, 11/10/2047 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 50148 | &nbsp;&nbsp;&nbsp;&nbsp; 48373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR26, Class B, 4.51%, 10/10/2048 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 195371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-PC1, Class B, 4.34%, 7/10/2050 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 194200 |
| &nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C4, Class E, 3.57%, 11/15/2048 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 306014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C2, Class C, 4.18%, 6/15/2057 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 637110 |
| &nbsp;&nbsp;&nbsp; ELM Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ELM, Class B10, 6.00%, 6/10/2039 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1016000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ELM, Class C10, 6.19%, 6/10/2039 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1290000 | &nbsp;&nbsp;&nbsp;&nbsp; 1294057 |
| &nbsp;&nbsp;&nbsp; FHLMC, Multi-Family Structured Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K068, Class X1, IO, 0.41%, 8/25/2027 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 3404706 | &nbsp;&nbsp;&nbsp;&nbsp; 27028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K110, Class X1, IO, 1.64%, 4/25/2030 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 14048789 | &nbsp;&nbsp;&nbsp;&nbsp; 888871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K121, Class X1, IO, 1.02%, 10/25/2030 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 9739676 | &nbsp;&nbsp;&nbsp;&nbsp; 418113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K120, Class X1, IO, 1.03%, 10/25/2030 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 9806049 | &nbsp;&nbsp;&nbsp;&nbsp; 429499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K124, Class X1, IO, 0.72%, 12/25/2030 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 19836003 | &nbsp;&nbsp;&nbsp;&nbsp; 649341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K123, Class X1, IO, 0.77%, 12/25/2030 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 27638556 | &nbsp;&nbsp;&nbsp;&nbsp; 942461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K128, Class X1, IO, 0.51%, 3/25/2031 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 29611019 | &nbsp;&nbsp;&nbsp;&nbsp; 706140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K111, Class X3, IO, 3.18%, 4/25/2048 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp;&nbsp;&nbsp; 54034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K110, Class X3, IO, 3.37%, 6/25/2048 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 52141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K115, Class X3, IO, 2.96%, 9/25/2048 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 53183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K125, Class X3, IO, 2.65%, 2/25/2049 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 56580 |
| &nbsp;&nbsp;&nbsp; FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K82, Class X2A, IO, 0.10%, 9/25/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10628620 | &nbsp;&nbsp;&nbsp;&nbsp; 27283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K82, Class D, PO, 10/25/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 759705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K82, Class X2B, IO, 0.10%, 10/25/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KC07, Class C, 3.63%, 10/25/2029 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 490079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-K57, Class C, 3.92%, 8/25/2049 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 181756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-K58, Class C, 3.74%, 9/25/2049 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 107804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K68, Class D, PO, 10/25/2049 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 822548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K83, Class D, PO, 11/25/2051 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K113, Class D, PO, 5/25/2053 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 641225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K115, Class D, PO, 9/25/2053 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 812153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K115, Class X2A, IO, 0.10%, 9/25/2053 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12829678 | &nbsp;&nbsp;&nbsp;&nbsp; 50476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K115, Class X2B, IO, 0.10%, 9/25/2053 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp;&nbsp; 11996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K118, Class D, PO, 10/25/2053 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 715554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K118, Class X2A, IO, 0.10%, 10/25/2053 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12026223 | &nbsp;&nbsp;&nbsp;&nbsp; 47872 |

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K118, Class X2B, IO, 0.10%, 10/25/2053 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2457000 | &nbsp;&nbsp;&nbsp;&nbsp; 10272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K739, Class D, PO, 11/25/2053 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 808118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K739, Class X2A, IO, 0.10%, 11/25/2053 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9884734 | &nbsp;&nbsp;&nbsp;&nbsp; 16615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K739, Class X2B, IO, 0.10%, 11/25/2053 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5707 |
| &nbsp;&nbsp;&nbsp; GAM Re-REMIC Trust Series 2022-FRR3, Class BK61, PO, 11/27/2049 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 722194 |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS2, Class B, 3.76%, 5/10/2049 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 97571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS5, Class D, 3.51%, 3/10/2050 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 57154 |
| &nbsp;&nbsp;&nbsp; Independence Plaza Trust Series 2018-INDP, Class C, 4.16%, 7/10/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 148687 |
| &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31, Class C, 4.60%, 8/15/2048 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 120001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C1, Class D1, 4.20%, 3/17/2049 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 347912 |
| &nbsp;&nbsp;&nbsp; JPMCC Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP5, Class C, 3.74%, 3/15/2050 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 693407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP5, Class D, 4.49%, 3/15/2050 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 203825 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C16, Class D, 4.88%, 12/15/2046 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 145168 | &nbsp;&nbsp;&nbsp;&nbsp; 136808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-JP1, Class C, 4.72%, 1/15/2049 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 936113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP3, Class C, 3.42%, 8/15/2049 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 890954 |
| &nbsp;&nbsp;&nbsp; Life Mortgage Trust Series 2021-BMR, Class C, 5.54%, 3/15/2038 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 20826 | &nbsp;&nbsp;&nbsp;&nbsp; 20683 |
| &nbsp;&nbsp;&nbsp; MHC Commercial Mortgage Trust Series 2021-MHC, Class D, 6.04%, 4/15/2038 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199875 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C24, Class D, 3.26%, 5/15/2048 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 192959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C25, Class B, 4.52%, 10/15/2048 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 495729 |
| &nbsp;&nbsp;&nbsp; Multi-Family Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class M10, 7.69%, 10/25/2049 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 593225 | &nbsp;&nbsp;&nbsp;&nbsp; 596746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01, Class M10, 8.19%, 3/25/2050 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 552904 | &nbsp;&nbsp;&nbsp;&nbsp; 560936 |
| &nbsp;&nbsp;&nbsp; ROCK Trust Series 2024-CNTR, Class A, 5.39%, 11/13/2041 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1504746 | &nbsp;&nbsp;&nbsp;&nbsp; 1523735 |
| &nbsp;&nbsp;&nbsp; SDR Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DSNY, Class A, 5.72%, 5/15/2039 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 804000 | &nbsp;&nbsp;&nbsp;&nbsp; 798221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DSNY, Class B, 6.07%, 5/15/2039 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1008000 | &nbsp;&nbsp;&nbsp;&nbsp; 993195 |
| &nbsp;&nbsp;&nbsp; SG Commercial Mortgage Securities Trust Series 2016-C5, Class B, 3.93%, 10/10/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 214735 |
| &nbsp;&nbsp;&nbsp; SMRT Series 2022-MINI, Class E, 7.03%, 1/15/2039 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 340386 |
| &nbsp;&nbsp;&nbsp; STWD Mortgage Trust (Cayman Islands) Series 2021-LIH, Class B, 6.10%, 11/15/2036 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 398000 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-NXS4, Class B, 4.22%, 12/15/2048 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 492877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC22, Class D, 4.54%, 9/15/2058 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 168232 |
| &nbsp;&nbsp;&nbsp; WFRBS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C11, Class C, 4.01%, 3/15/2045 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 117000 | &nbsp;&nbsp;&nbsp;&nbsp; 111315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C21, Class C, 4.23%, 8/15/2047 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 948100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C22, Class C, 3.62%, 9/15/2057 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp; 583400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C22, Class AS, 4.07%, 9/15/2057 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 937563 | &nbsp;&nbsp;&nbsp;&nbsp; 888238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities <br>(Cost $34,465,221)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 33762163 |
| **Foreign Government Securities — 1.2%** | **Foreign Government Securities — 1.2%** | **Foreign Government Securities — 1.2%** |
| &nbsp;&nbsp;&nbsp; Arab Republic of Egypt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/31/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.60%, 3/1/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 588351 |
| &nbsp;&nbsp;&nbsp; Benin Government Bond 7.96%, 2/13/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 182250 |

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| &nbsp;&nbsp;&nbsp; Commonwealth of the Bahamas 6.00%, 11/21/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 193400 |
| &nbsp;&nbsp;&nbsp; Dominican Republic Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 141000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/30/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 141000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 2/3/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 207520 |
| &nbsp;&nbsp;&nbsp; Federal Republic of Nigeria 6.50%, 11/28/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 581064 |
| &nbsp;&nbsp;&nbsp; Hashemite Kingdom of Jordan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 7/7/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 1/29/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 400060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 1/15/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 205126 |
| &nbsp;&nbsp;&nbsp; Islamic Republic of Pakistan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/8/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 389700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 4/8/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 170298 |
| &nbsp;&nbsp;&nbsp; Istanbul Metropolitan Municipality 10.50%, 12/6/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 212800 |
| &nbsp;&nbsp;&nbsp; Republic of Angola |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/12/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 5/9/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 179850 |
| &nbsp;&nbsp;&nbsp; Republic of Cote d'Ivoire |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/31/2032 (d) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 47695 | &nbsp;&nbsp;&nbsp;&nbsp; 44594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 1/30/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 385516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.08%, 4/1/2036 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 320469 |
| &nbsp;&nbsp;&nbsp; Republic of Ecuador 6.90%, 7/31/2030 (d) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 348862 |
| &nbsp;&nbsp;&nbsp; Republic of El Salvador |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 2/28/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 278910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 4/17/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 156759 |
| &nbsp;&nbsp;&nbsp; Republic of Honduras 8.63%, 11/27/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 152049 |
| &nbsp;&nbsp;&nbsp; Republic of Iraq 5.80%, 1/15/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 337500 | &nbsp;&nbsp;&nbsp;&nbsp; 331385 |
| &nbsp;&nbsp;&nbsp; Republic of Senegal 6.25%, 5/23/2033 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 143376 |
| &nbsp;&nbsp;&nbsp; Republic of South Africa 7.10%, 11/19/2036 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 338811 |
| &nbsp;&nbsp;&nbsp; Republic of Turkiye (The) 7.13%, 2/12/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 195706 |
| &nbsp;&nbsp;&nbsp; Suriname Government International Bond 7.95%, 7/15/2033 (d) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 203000 | &nbsp;&nbsp;&nbsp;&nbsp; 188819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities <br>(Cost $7,092,142)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 7078577 |
| **Municipal Bonds — 0.0% (f) (i) ^** | **Municipal Bonds — 0.0% (f) (i) ^** | **Municipal Bonds — 0.0% (f) (i) ^** |
| **California — 0.0% ^** | **California — 0.0% ^** | **California — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; California Housing Finance Agency Series 2021-1, Class X, Rev., 0.80%, 11/20/2035 (Cost $83,999) | &nbsp;&nbsp;&nbsp;&nbsp; 2058521 | &nbsp;&nbsp;&nbsp;&nbsp; 88886 |
|  | **SHARES** |  |
| **Common Stocks — 0.0% ^** | **Common Stocks — 0.0% ^** | **Common Stocks — 0.0% ^** |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Rite Aid ‡ \*(Cost $—) | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Short-Term Investments — 2.4%** | **Short-Term Investments — 2.4%** | **Short-Term Investments — 2.4%** |
| **Investment Companies — 1.7%** | **Investment Companies — 1.7%** | **Investment Companies — 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, 4.38% (j) (k) <br>(Cost $10,112,205)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10110843 | &nbsp;&nbsp;&nbsp;&nbsp; 10112865 |
| **Investment of Cash Collateral from Securities Loaned — 0.5%** | **Investment of Cash Collateral from Securities Loaned — 0.5%** | **Investment of Cash Collateral from Securities Loaned — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.36% (j) (k) <br>(Cost $2,999,760)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2999760 | &nbsp;&nbsp;&nbsp;&nbsp; 2999760 |

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **U.S. Treasury Obligations — 0.2%** | **U.S. Treasury Obligations — 0.2%** | **U.S. Treasury Obligations — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 4.25%, 7/24/2025 (l) (m) <br>(Cost $1,334,753)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1343000 | &nbsp;&nbsp;&nbsp;&nbsp; 1334800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $14,446,718)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 14447425 |
| **Total Investments — 100.0%** <br>**(Cost $611,682,299)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **613427786** |
| **Liabilities in Excess of Other Assets — (0.0)% ^** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(1032)**<br>|
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **613426754** |

---

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

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

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ABS | Asset-Backed Securities |
| ARM | Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of May 31, 2025. |
| CIFC | Commercial Industrial Finance Corp. |
| CLO | Collateralized Loan Obligations |
| CME | Chicago Mercantile Exchange |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| ICE | Intercontinental Exchange |
| IO | Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown <br> represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or <br> refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.<br>|
| PO | Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is <br> extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on <br> these securities increases.<br>|
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| Re-REMIC | Combined Real Estate Mortgage Investment Conduit |
| Rev. | Revenue |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
| UMBS | Uniform Mortgage-Backed Securities |
| USD | United States Dollar |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable inputs. |
| \* | Non-income producing security.  |
| (a) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (b) | The security or a portion of this security is on loan at May 31, 2025. The total value of securities on loan at May 31, 2025 is $2,887,661. |
| (c) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2025. |
| (d) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities <br> offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have <br> restrictions on resale.<br>|
| (e) | Defaulted security. |
| (f) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments <br> on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2025. <br>|
| (g) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a <br> predetermined trigger. The interest rate shown is the current rate as of May 31, 2025. <br>|
| (h) | Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed. |
| (i) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
| (j) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan <br> Investment Management Inc.<br>|
| (k) | The rate shown is the current yield as of May 31, 2025. |

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The rate shown is the effective yield as of May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) All or a portion of this security is deposited with the broker as initial margin for
 futures contracts.

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 457 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 94834640 | &nbsp;&nbsp;&nbsp;&nbsp; 126453 |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 556 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 60213063 | &nbsp;&nbsp;&nbsp;&nbsp; 314729 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 441182 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (164)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (18188625)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (160422)<br>|
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (108)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (12183750)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (149472)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (3054375)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (63210)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (1628375)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (37423)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (410527)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 30655 |

---

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

---

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

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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

**A. Valuation of Investments**— Investments are valued in accordance with U.S. generally accepted accounting principles ("GAAP") and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under Securities and Exchange Commission Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

A market-based approach is primarily used to value the Fund's investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services"), or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Investments in open-end investment companies ("Underlying Funds") are valued at each Underlying Fund's net asset values per share as of the report date.

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

See the table on "Quantitative Information about Level 3 Fair Value Measurements" for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at May 31, 2025.

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

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

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

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

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

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

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

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $149126798 | &nbsp;&nbsp;&nbsp;&nbsp; $3945536 | &nbsp;&nbsp;&nbsp;&nbsp; $153072334 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78534372 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78534372 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33039969 | &nbsp;&nbsp;&nbsp;&nbsp; 722194 | &nbsp;&nbsp;&nbsp;&nbsp; 33762163 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —(a)<br>|
| Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1575366 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1575366 |
| &nbsp;&nbsp;&nbsp; Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1303880 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1303880 |
| &nbsp;&nbsp;&nbsp; Automobiles | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5414215 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5414215 |
| &nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 90515320 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 90515320 |
| &nbsp;&nbsp;&nbsp; Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1408823 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1408823 |
| &nbsp;&nbsp;&nbsp; Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1310853 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1310853 |
| &nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 141961 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 141961 |
| &nbsp;&nbsp;&nbsp; Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1293773 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1293773 |
| &nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20206308 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20206308 |
| &nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1534543 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1534543 |
| &nbsp;&nbsp;&nbsp; Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3654639 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3654639 |
| &nbsp;&nbsp;&nbsp; Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 173842 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 173842 |
| &nbsp;&nbsp;&nbsp; Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 551703 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 551703 |
| &nbsp;&nbsp;&nbsp; Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 104671 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 104671 |
| &nbsp;&nbsp;&nbsp; Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5263263 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5263263 |
| &nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 665810 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 665810 |
| &nbsp;&nbsp;&nbsp; Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 778764 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 778764 |
| &nbsp;&nbsp;&nbsp; Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 104680 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 104680 |
| &nbsp;&nbsp;&nbsp; Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 140441 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 140441 |
| &nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2767236 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2767236 |
| &nbsp;&nbsp;&nbsp; Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6963308 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6963308 |
| &nbsp;&nbsp;&nbsp; Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 337387 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 337387 |
| &nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 160848 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 160848 |
| &nbsp;&nbsp;&nbsp; Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 808034 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 808034 |
| &nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 520574 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 520574 |
| &nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5259649 | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 5624649 |
| &nbsp;&nbsp;&nbsp; Food Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 924847 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 924847 |
| &nbsp;&nbsp;&nbsp; Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 111992 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 111992 |
| &nbsp;&nbsp;&nbsp; Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1102114 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1102114 |
| &nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2192016 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2192016 |
| &nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3566299 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3566299 |
| &nbsp;&nbsp;&nbsp; Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 198714 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 198714 |
| &nbsp;&nbsp;&nbsp; Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 377564 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 377564 |
| &nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3655845 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3655845 |
| &nbsp;&nbsp;&nbsp; Household Durables | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1553371 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1553371 |
| &nbsp;&nbsp;&nbsp; Household Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 221543 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 221543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity <br> Producers<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 485969 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 485969 |
| &nbsp;&nbsp;&nbsp; Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 927903 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 927903 |
| &nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8696019 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8696019 |
| &nbsp;&nbsp;&nbsp; Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 75971 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 75971 |

---

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| &nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $164408 | &nbsp;&nbsp;&nbsp;&nbsp; $1000000 | &nbsp;&nbsp;&nbsp;&nbsp; $1164408 |
| &nbsp;&nbsp;&nbsp; Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82602 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82602 |
| &nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 490048 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 490048 |
| &nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4076406 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4076406 |
| &nbsp;&nbsp;&nbsp; Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 788293 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 788293 |
| &nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 883259 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 883259 |
| &nbsp;&nbsp;&nbsp; Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1475113 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1475113 |
| &nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8451755 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8451755 |
| &nbsp;&nbsp;&nbsp; Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 871818 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 871818 |
| &nbsp;&nbsp;&nbsp; Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 159919 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 159919 |
| &nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 400037 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 400037 |
| &nbsp;&nbsp;&nbsp; Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 109881 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 109881 |
| &nbsp;&nbsp;&nbsp; Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1139140 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1139140 |
| &nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1472645 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1472645 |
| &nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 622138 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 622138 |
| &nbsp;&nbsp;&nbsp; Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 163699 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 163699 |
| &nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 966999 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 966999 |
| &nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 237969 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 237969 |
| &nbsp;&nbsp;&nbsp; Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1073337 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1073337 |
| &nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2466965 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2466965 |
| &nbsp;&nbsp;&nbsp; Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 203146489 | &nbsp;&nbsp;&nbsp;&nbsp; 1365000 | &nbsp;&nbsp;&nbsp;&nbsp; 204511489 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7078577 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7078577 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51171207 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51171207 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 88886 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 88886 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70761333 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70761333 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 10112865 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10112865 |
| &nbsp;&nbsp;&nbsp; Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 2999760 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2999760 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1334800 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1334800 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 13112625 | &nbsp;&nbsp;&nbsp;&nbsp; 1334800 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14447425 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $13112625 | &nbsp;&nbsp;&nbsp;&nbsp; $594282431 | &nbsp;&nbsp;&nbsp;&nbsp; $6032730 | &nbsp;&nbsp;&nbsp;&nbsp; $613427786 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $441182 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $441182 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(410527)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(410527)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $30655 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $30655 |

---

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

 <br> (a) Value is zero.

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance as of** <br>**February 28,** <br>**2025**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Balance as of** <br>**May 31,** <br>**2025**<br>|
| **Investments in Securities:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | $3010737 | $— | $(15665)<br>| $3428 | $1016507 | $(69471)<br>| $— | $— | $3945536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage <br> Obligations<br>| 185192 |  |  |  |  |  |  | (185192)<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed <br> Securities<br>|  |  | (1718)<br>| 518 | 723394 |  |  |  | 722194 |
| &nbsp;&nbsp;&nbsp; Common Stocks | —<br> (a)<br>|  | —<br> (a)<br>|  |  |  |  |  | —<br> (a)<br>|
| &nbsp;&nbsp;&nbsp; Corporate Bonds | 6979 |  | (8426)<br>| 256 | 1366191 |  |  |  | 1365000 |
| **Total** | $3202908 | $— | $(25809)<br>| $4202 | $3106092 | $(69471)<br>| $— | $(185192)<br>| $6032730 |

---

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

<sup>1</sup> Purchases include all purchases of securities and securities received in corporate actions.

<sup>2</sup> Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Value is zero.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at May 31, 2025, which were valued using significant unobservable inputs (level 3) amounted to $(25,810).

There were no significant transfers into or out of level 3 for the period ended May 31, 2025.

The significant unobservable inputs used in the fair value measurement of the Fund's investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

**Quantitative Information about Level 3 Fair Value Measurements #** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at**<br> **May 31, 2025**<br>| &nbsp;&nbsp; **Valuation**<br> **Technique(s)**<br>| &nbsp;&nbsp; **Unobservable**<br> **Input**<br>| &nbsp;&nbsp; **Range (Weighted**<br> **Average) (a)**<br>|
|  | &nbsp;&nbsp; $2041580 | Discounted Cash Flow | Constant Default Rate | 0.00% - 49.00% (5.88%) |
|  |  |  | Constant Repayment Rate | 0.00% - 90.00% (28.22%) |
|  |  |  | Yield (Discounted Rate of Cash Flows) | 5.48% - 15.98% (7.23%) |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; 2041580 |  |  |  |
|  | &nbsp;&nbsp; -(b)<br>| Terms of Restructuring | Expected Recovery | 0.00% (0.00%) |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; -(b)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $2041580 |  |  |  |

---

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

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At May 31, 2025, the value of these investments was $3,991,150. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A. 

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

(b) Value is zero.

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

------

**JPMorgan Short Duration Core Plus ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**May 31,** <br>**2025**<br>| **Shares at** <br>**May 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market <br> Fund Class IM Shares, 4.38% <br> (a) (b)<br>| $34888213 | $108741928 | $133513675 | $(144)<br>| $(3457)<br>| $10112865 | 10110843 | $198939 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending <br> Money Market Fund Agency SL <br> Class Shares, 4.36% (a) (b)<br>| 2477517 | 8382844 | 7860601 |  |  | 2999760 | 2999760 | 31399 |  |
| **Total** | $37365730 | $117124772 | $141374276 | $(144)<br>| $(3457)<br>| $13112625 |  | $230338 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of May 31, 2025.

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

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

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

- **a. Name of Series:** JPMorgan Short Duration Core Plus ETF

- **b. EDGAR series identifier (if any):** S000071090

- **c. LEI of Series:** 549300V5YHFS27F77L35

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

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $618190017.94

**Total Liabilities:** $4762171.03

**Net Assets:** $613427846.91

**Cash Not Reported:** $76.38

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 596.04428000 | **1-Year:** 27497.27946000 | **5-Year:** 100805.75686000 | **10-Year:** 2085.23751000 | **30-Year:** 0.00000000

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

- **3-Month:** 48.06150000 | **1-Year:** 5363.61965000 | **5-Year:** 11149.88844000 | **10-Year:** 1463.14333000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000225677 | 0.29%                | 0.72%                | 0.09%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $146987.98               | $-1066675.49                               |
| Month 2  | $-150065.86              | $640337.20                                 |
| Month 3  | $-214.34                 | $-910874.64                                |

**Designated Index Information**

- **Index Name:** 1-5 Yr Gov/Credit

- **Index Identifier:** 1031TRUSD0

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BMO Mortgage Trust                                  | BMO Mortgage Trust, Series 2024-5C3, Class C                                    | CUSIP: 09660QAY0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $303372.72    | 0.05%             | 2057-02-15      | Variable      | 6.86%                 | No            |                  2 | On Loan: No      |
| Amkor Technology, Inc.                              | Amkor Technology, Inc.                                                          | CUSIP: 031652BK5<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |    109000 | PA      | $109354.90    | 0.02%             | 2027-09-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Benin Government International Bond                 | Benin Government Bond                                                           | CUSIP: 08205QAA6<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |    200000 | PA      | $182250.00    | 0.03%             | 2038-02-13      | Fixed         | 7.96%                 | Yes           |                  2 | On Loan: No      |
| Nordstrom, Inc.                                     | Nordstrom, Inc.                                                                 | CUSIP: 655664AT7<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |     44000 | PA      | $39698.53     | 0.01%             | 2030-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Energizer Holdings, Inc.                            | Energizer Holdings, Inc.                                                        | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |     44000 | PA      | $41331.59     | 0.01%             | 2029-03-31      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 42 Ltd.          | Neuberger Berman Loan Advisers CLO Ltd., Series 2021-42A, Class BR              | CUSIP: 64133WAQ8<br>LEI: 549300LGCRX4YI1JNS93 | Long             | ABS-CBDO         | CORP              | KY        |   1750000 | PA      | $1747651.50   | 0.28%             | 2036-07-16      | Floating      | 5.66%                 | Yes           |                  2 | On Loan: No      |
| Garda World Security Corp.                          | Garda World Security Corp.                                                      | CUSIP: 36485MAK5<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     85000 | PA      | $83904.94     | 0.01%             | 2027-02-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Sonic Automotive, Inc.                              | Sonic Automotive, Inc.                                                          | CUSIP: 83545GBD3<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |    164000 | PA      | $156658.52    | 0.03%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Partners LP                                 | Buckeye Partners LP                                                             | CUSIP: 118230AV3<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66832.03     | 0.01%             | 2029-07-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Diebold Nixdorf, Inc.                               | Diebold Nixdorf, Inc.                                                           | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |     75000 | PA      | $78833.03     | 0.01%             | 2030-03-31      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Braskem Netherlands Finance BV                      | Braskem Netherlands Finance BV                                                  | CUSIP: N/A<br>LEI: 2549000TLMHFQ74DS330       | Long             | DBT              | CORP              | NL        |    200000 | PA      | $164800.00    | 0.03%             | 2030-01-31      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Sensata Technologies BV                             | Sensata Technologies BV                                                         | CUSIP: 81725WAL7<br>LEI: PUCKW5P5O3XMOZVH7T53 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $197791.44    | 0.03%             | 2030-09-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                 | Societe Generale SA                                                             | CUSIP: 83368RCG5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   1620000 | PA      | $1631944.86   | 0.27%             | 2031-05-22      | Variable      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| Encino Acquisition Partners Holdings LLC            | Encino Acquisition Partners Holdings LLC                                        | CUSIP: 29254BAA5<br>LEI: 549300BUKUEKT2UE4T49 | Long             | DBT              | CORP              | US        |     85000 | PA      | $87185.34     | 0.01%             | 2028-05-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2019-KC07 Mortgage Trust                      | FREMF Mortgage Trust, Series 2019-KC07, Class C                                 | CUSIP: 302988AN0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    600000 | PA      | $490079.34    | 0.08%             | 2029-10-25      | Variable      | 3.63%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K123, Class X1 | CUSIP: 3137F8ZX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  27638556 | PA      | $942460.93    | 0.15%             | 2030-12-25      | Variable      | 0.77%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                        | Barclays plc                                                                    | CUSIP: 06738ECU7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    970000 | PA      | $968311.69    | 0.16%             | 2030-09-10      | Variable      | 4.94%                 | No            |                  2 | On Loan: No      |
| Atlas Senior Loan Fund XIII                         | Atlas Senior Loan Fund, Series 2019-13A, Class A1NR                             | CUSIP: 04942VAW4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     53342 | PA      | $53363.66     | 0.01%             | 2031-04-22      | Floating      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| Nexstar Media, Inc.                                 | Nexstar Media, Inc.                                                             | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    147000 | PA      | $146412.19    | 0.02%             | 2027-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Independence Plaza Trust                            | Independence Plaza Trust, Series 2018-INDP, Class C                             | CUSIP: 45378YAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $148687.13    | 0.02%             | 2035-07-10      | Fixed         | 4.16%                 | Yes           |                  2 | On Loan: No      |
| Sinclair Television Group, Inc.                     | Sinclair Television Group, Inc.                                                 | CUSIP: 829259AW0<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    140000 | PA      | $131600.00    | 0.02%             | 2027-02-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| DT Auto Owner Trust                                 | DT Auto Owner Trust, Series 2023-3A, Class B                                    | CUSIP: 23345WAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $502050.50    | 0.08%             | 2028-03-15      | Fixed         | 6.07%                 | Yes           |                  2 | On Loan: No      |
| Adient Global Holdings Ltd.                         | Adient Global Holdings Ltd.                                                     | CUSIP: 00687YAB1<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |     50000 | PA      | $51101.70     | 0.01%             | 2028-04-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| PetSmart, Inc.                                      | PetSmart, Inc.                                                                  | CUSIP: 71677KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $241267.88    | 0.04%             | 2028-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                     | CSAIL Commercial Mortgage Trust, Series 2015-C2, Class C                        | CUSIP: 12634NAZ1<br>LEI: 549300D5DIOOMKWXVZ20 | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $637110.39    | 0.10%             | 2057-06-15      | Variable      | 4.18%                 | No            |                  2 | On Loan: No      |
| Expand Energy Corp.                                 | Expand Energy Corp.                                                             | CUSIP: 92735LAA0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    167000 | PA      | $168960.91    | 0.03%             | 2029-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| MFA Trust                                           | MFA Trust, Series 2024-RTL3, Class A1                                           | CUSIP: 59319PAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1220000 | PA      | $1221839.52   | 0.20%             | 2039-11-25      | Variable      | 5.91%                 | Yes           |                  2 | On Loan: No      |
| Bain Capital Credit CLO                             | Bain Capital Credit CLO, Series 2019-2A, Class BR3                              | CUSIP: 05682LBC0<br>LEI: 549300WZ8E2KQS66KT95 | Long             | ABS-CBDO         | CORP              | KY        |   1750000 | PA      | $1749034.00   | 0.29%             | 2032-10-17      | Floating      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Clarios Global LP                                   | Clarios Global LP                                                               | CUSIP: 18060TAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    160000 | PA      | $163017.92    | 0.03%             | 2028-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                   | NatWest Group plc                                                               | CUSIP: 780097BA8<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $501110.71    | 0.08%             | 2026-04-05      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                 | Citigroup Commercial Mortgage Trust, Series 2015-GC31, Class C                  | CUSIP: 17323YAH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $50379.28     | 0.01%             | 2048-06-10      | Variable      | 3.94%                 | No            |                  2 | On Loan: No      |
| Hess Midstream Operations LP                        | Hess Midstream Operations LP                                                    | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $131279.72    | 0.02%             | 2028-03-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                        | Tallgrass Energy Partners LP                                                    | CUSIP: 87470LAG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     44000 | PA      | $43939.28     | 0.01%             | 2027-03-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust                     | WFRBS Commercial Mortgage Trust, Series 2014-C22, Class AS                      | CUSIP: 92890KBC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    937563 | PA      | $888237.79    | 0.14%             | 2057-09-15      | Variable      | 4.07%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust              | Santander Drive Auto Receivables Trust, Series 2022-4, Class C                  | CUSIP: 80286FAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1253724.88   | 0.20%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Trust                   | GLS Auto Select Receivables Trust, Series 2024-3A, Class C                      | CUSIP: 37989EAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1281525.13   | 0.21%             | 2030-08-15      | Fixed         | 5.92%                 | Yes           |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CKD2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    610000 | PA      | $617172.26    | 0.10%             | 2029-02-28      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                    | Deutsche Bank AG                                                                | CUSIP: 251526CP2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    150000 | PA      | $144392.49    | 0.02%             | 2027-11-16      | Variable      | 2.31%                 | No            |                  2 | On Loan: No      |
| NCR Voyix Corp.                                     | NCR Voyix Corp.                                                                 | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |    132000 | PA      | $130187.10    | 0.02%             | 2028-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| NRM FHT1 Excess Owner LLC                           | NRM FHT1 Excess Owner LLC, Series 2025-FHT1, Class A                            | CUSIP: 64832EAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    955492 | PA      | $946226.34    | 0.15%             | 2032-03-25      | Variable      | 6.55%                 | Yes           |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust       | Bridgecrest Lending Auto Securitization Trust, Series 2024-3, Class C           | CUSIP: 10805NAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1009000 | PA      | $1019257.49   | 0.17%             | 2029-07-16      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| MFA Trust                                           | MFA Trust, Series 2024-NPL1, Class A1                                           | CUSIP: 58004YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    649997 | PA      | $650425.57    | 0.11%             | 2054-09-25      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 5470, Class FG                                             | CUSIP: 3137HHCM1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1259214 | PA      | $1247862.09   | 0.20%             | 2054-11-25      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                          | Progress Residential Trust, Series 2024-SFR2, Class B                           | CUSIP: 74290XAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1697000 | PA      | $1590452.33   | 0.26%             | 2041-04-17      | Variable      | 3.40%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K128, Class X1 | CUSIP: 3137FYUL8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  29611019 | PA      | $706139.89    | 0.12%             | 2031-03-25      | Variable      | 0.51%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                   | Wells Fargo & Co.                                                               | CUSIP: 95000U3E1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    975000 | PA      | $1000241.09   | 0.16%             | 2029-07-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| Post Holdings, Inc.                                 | Post Holdings, Inc.                                                             | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74068.73     | 0.01%             | 2029-12-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                            | BX Trust, Series 2022-LBA6, Class D                                             | CUSIP: 12433EAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    525000 | PA      | $522375.00    | 0.09%             | 2039-01-15      | Floating      | 6.33%                 | Yes           |                  2 | On Loan: No      |
| ELM Trust                                           | ELM Trust, Series 2024-ELM, Class C10                                           | CUSIP: 26860XBC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1290000 | PA      | $1294056.79   | 0.21%             | 2039-06-10      | Variable      | 6.19%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                               | Albertsons Cos., Inc.                                                           | CUSIP: 013092AG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     59000 | PA      | $55432.21     | 0.01%             | 2029-03-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Federation des Caisses Desjardins du Quebec         | Federation des Caisses Desjardins du Quebec                                     | CUSIP: 31429KAL7<br>LEI: 549300B2Q47IR0CR5B54 | Long             | DBT              | CORP              | CA        |    710000 | PA      | $723089.82    | 0.12%             | 2029-04-26      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Suriname Government International Bond              | Suriname Government International Bond                                          | CUSIP: N/A<br>LEI: 254900SYU4G5JM13TN77       | Long             | DBT              | NUSS              | SR        |    203000 | PA      | $191136.68    | 0.03%             | 2033-07-15      | Fixed         | 7.95%                 | Yes           |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust              | Santander Drive Auto Receivables Trust, Series 2024-4, Class D                  | CUSIP: 802919AF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    675000 | PA      | $678198.29    | 0.11%             | 2031-12-15      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| Allison Transmission, Inc.                          | Allison Transmission, Inc.                                                      | CUSIP: 019736AF4<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |    189000 | PA      | $189756.95    | 0.03%             | 2029-06-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| PowerPay Issuance Trust                             | PowerPay Issuance Trust, Series 2024-1A, Class A                                | CUSIP: 73934RAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    568109 | PA      | $579219.57    | 0.09%             | 2039-02-18      | Fixed         | 6.53%                 | Yes           |                  2 | On Loan: No      |
| Block, Inc.                                         | Block, Inc.                                                                     | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    175000 | PA      | $178847.73    | 0.03%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Viterra Finance BV                                  | Viterra Finance BV                                                              | CUSIP: 92852LAA7<br>LEI: 213800HBZGEIZLKJBI17 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $194799.20    | 0.03%             | 2026-04-21      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| MVW LLC                                             | MVW LLC, Series 2022-1A, Class C                                                | CUSIP: 55400UAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    479041 | PA      | $470393.07    | 0.08%             | 2039-11-21      | Fixed         | 5.23%                 | Yes           |                  2 | On Loan: No      |
| ROCK Trust                                          | ROCK Trust, Series 2024-CNTR, Class A                                           | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1504746 | PA      | $1523735.29   | 0.25%             | 2041-11-13      | Fixed         | 5.39%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                               | Bank of America Corp.                                                           | CUSIP: 06051GKJ7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    345000 | PA      | $333453.25    | 0.05%             | 2028-02-04      | Variable      | 2.55%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                    | CSC Holdings LLC                                                                | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $159569.94    | 0.03%             | 2029-02-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA, REMIC, Series 2022-43, Class P                                            | CUSIP: 3136BNVD5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    420810 | PA      | $407849.76    | 0.07%             | 2052-07-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Central Garden & Pet Co.                            | Central Garden & Pet Co.                                                        | CUSIP: 153527AN6<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |     59000 | PA      | $54561.98     | 0.01%             | 2030-10-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                 | Petroleos Mexicanos                                                             | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    450000 | PA      | $401805.00    | 0.07%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                                   | NatWest Group plc                                                               | CUSIP: 639057AS7<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1001917.67   | 0.16%             | 2030-08-15      | Variable      | 4.96%                 | No            |                  2 | On Loan: No      |
| Lithia Motors, Inc.                                 | Lithia Motors, Inc.                                                             | CUSIP: 536797AE3<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |     31000 | PA      | $30490.17     | 0.00%             | 2027-12-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                          | Verus Securitization Trust, Series 2021-2, Class M1                             | CUSIP: 92538FAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    144000 | PA      | $109785.89    | 0.02%             | 2066-02-25      | Variable      | 2.19%                 | Yes           |                  2 | On Loan: No      |
| Symphony CLO XX Ltd.                                | Symphony CLO Ltd., Series 2018-20A, Class BR2                                   | CUSIP: 87166VAY4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1430000 | PA      | $1431229.80   | 0.23%             | 2032-01-16      | Floating      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| Republic of Iraq                                    | Republic of Iraq                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | IQ        |    337500 | PA      | $331384.50    | 0.05%             | 2028-01-15      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CLQ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4155000 | PA      | $4153863.86   | 0.68%             | 2027-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 31418DZ39<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    276082 | PA      | $255573.42    | 0.04%             | 2036-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                               | Albertsons Cos., Inc.                                                           | CUSIP: 013092AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    216000 | PA      | $213875.34    | 0.03%             | 2027-01-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.                | Mitsubishi UFJ Financial Group, Inc.                                            | CUSIP: 606822CC6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    400000 | PA      | $385656.31    | 0.06%             | 2028-01-19      | Variable      | 2.34%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.              | Mauser Packaging Solutions Holding Co.                                          | CUSIP: 57763RAD9<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    173000 | PA      | $174641.08    | 0.03%             | 2027-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Goldman Home Improvement Trust Issuer Trust         | Goldman Home Improvement Trust Issuer Trust, Series 2021-GRN2, Class A          | CUSIP: 38149XAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    411764 | PA      | $401387.98    | 0.07%             | 2051-06-25      | Fixed         | 1.15%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                              | Tenet Healthcare Corp.                                                          | CUSIP: 88033GDB3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     59000 | PA      | $58633.16     | 0.01%             | 2027-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Fells Point Funding Trust                           | Fells Point Funding Trust                                                       | CUSIP: 314382AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2535000 | PA      | $2465241.74   | 0.40%             | 2027-01-31      | Fixed         | 3.05%                 | Yes           |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust              | Santander Drive Auto Receivables Trust, Series 2023-4, Class C                  | CUSIP: 802927AF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2046955.60   | 0.33%             | 2031-12-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| Bank of Ireland Group plc                           | Bank of Ireland Group plc                                                       | CUSIP: 06279JAC3<br>LEI: 635400C8EK6DRI12LJ39 | Long             | DBT              | CORP              | IE        |    335000 | PA      | $336238.16    | 0.05%             | 2026-09-16      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase Commercial Mortgage Securities Trust | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class C   | CUSIP: 46590RAL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $890954.10    | 0.15%             | 2049-08-15      | Variable      | 3.42%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 30 Year                                                              | CUSIP: 3140XFCX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    750522 | PA      | $699828.29    | 0.11%             | 2050-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K110, Class X1 | CUSIP: 3137FTZS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  14048789 | PA      | $888871.12    | 0.14%             | 2030-04-25      | Variable      | 1.64%                 | No            |                  2 | On Loan: No      |
| Hughes Satellite Systems Corp.                      | Hughes Satellite Systems Corp.                                                  | CUSIP: 444454AF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    182000 | PA      | $127558.34    | 0.02%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                       | Six Flags Entertainment Corp.                                                   | CUSIP: 83002YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $76463.03     | 0.01%             | 2032-05-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Yinson Boronia Production BV                        | Yinson Boronia Production BV                                                    | CUSIP: 98584XAA3<br>LEI: 5493007X12FTT746N678 | Long             | DBT              | CORP              | NL        |    198236 | PA      | $206290.33    | 0.03%             | 2042-07-31      | Fixed         | 8.95%                 | Yes           |                  2 | On Loan: —       |
| FHLMC                                               | FHLMC, REMIC, Series 4599, Class PA                                             | CUSIP: 3137BQTY3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3476223 | PA      | $3272425.05   | 0.53%             | 2045-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Big River Steel LLC                                 | Big River Steel LLC                                                             | CUSIP: 08949LAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     41000 | PA      | $41300.94     | 0.01%             | 2029-01-31      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| SCF Equipment Leasing LLC                           | SCF Equipment Leasing LLC, Series 2024-1A, Class C                              | CUSIP: 783896AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    443000 | PA      | $454862.92    | 0.07%             | 2032-09-20      | Fixed         | 5.82%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2018-K83 Mortgage Trust                       | FREMF Mortgage Trust, Series 2018-K83, Class D                                  | CUSIP: 302958AS2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1400000 | PA      | $1035382.74   | 0.17%             | 2051-11-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Ecopetrol SA                                        | Ecopetrol SA                                                                    | CUSIP: 279158AN9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | NUSS              | CO        |    100000 | PA      | $98000.00     | 0.02%             | 2030-04-29      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Compass Minerals International, Inc.                | Compass Minerals International, Inc.                                            | CUSIP: 20451NAG6<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |    115000 | PA      | $114974.50    | 0.02%             | 2027-12-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: —       |
| Primo Water Holdings, Inc.                          | Primo Water Holdings, Inc.                                                      | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $60081.36     | 0.01%             | 2029-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Element Fleet Management Corp.                      | Element Fleet Management Corp.                                                  | CUSIP: 286181AD4<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $199873.51    | 0.03%             | 2025-06-15      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| Williams Scotsman, Inc.                             | Williams Scotsman, Inc.                                                         | CUSIP: 96949VAM5<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56086.91     | 0.01%             | 2029-06-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                            | WESCO Distribution, Inc.                                                        | CUSIP: 95081QAR5<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102373.02    | 0.02%             | 2032-03-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| US Auto Funding Trust                               | US Auto Funding Trust, Series 2022-1A, Class B                                  | CUSIP: 90355FAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    574000 | PA      | $244794.30    | 0.04%             | 2025-12-15      | Fixed         | 5.13%                 | Yes           |                  3 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.                 | Hilton Domestic Operating Co., Inc.                                             | CUSIP: 432833AF8<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     72000 | PA      | $70570.70     | 0.01%             | 2030-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3132D6CV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    553898 | PA      | $536287.01    | 0.09%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                 | Petroleos Mexicanos                                                             | CUSIP: 71654QCB6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    430000 | PA      | $426087.00    | 0.07%             | 2026-08-04      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| Braskem Netherlands Finance BV                      | Braskem Netherlands Finance BV                                                  | CUSIP: 10554TAJ4<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $178500.00    | 0.03%             | 2034-10-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                 | U.S. Treasury 2 Year Note                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       390 | NC      | $127395.06    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                                        | UBS Group AG                                                                    | CUSIP: 902613AS7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    410000 | PA      | $409690.58    | 0.07%             | 2027-08-05      | Variable      | 4.70%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K110, Class X3 | CUSIP: 3137FTZT7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    380000 | PA      | $52141.09     | 0.01%             | 2048-06-25      | Variable      | 3.37%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                | Clear Channel Outdoor Holdings, Inc.                                            | CUSIP: 18453HAE6<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     52000 | PA      | $54461.58     | 0.01%             | 2028-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Aramark Services, Inc.                              | Aramark Services, Inc.                                                          | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |     59000 | PA      | $58372.12     | 0.01%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                             | Hyundai Capital America                                                         | CUSIP: 44891ABN6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197692.17    | 0.03%             | 2025-10-15      | Fixed         | 1.80%                 | Yes           |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                     | Palmer Square Loan Funding Ltd., Series 2024-3A, Class A2                       | CUSIP: 69690EAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    998994 | PA      | $1000091.89   | 0.16%             | 2032-08-08      | Floating      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                 | U.S. Treasury Long Bond                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -27 | NC      | $-63209.68    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| DISH DBS Corp.                                      | DISH DBS Corp.                                                                  | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     98000 | PA      | $90462.43     | 0.01%             | 2026-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| CPS Auto Receivables Trust                          | CPS Auto Receivables Trust, Series 2022-C, Class D                              | CUSIP: 12664DAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    240000 | PA      | $242926.68    | 0.04%             | 2030-04-15      | Fixed         | 6.45%                 | Yes           |                  2 | On Loan: No      |
| RHP Hotel Properties LP                             | RHP Hotel Properties LP                                                         | CUSIP: 749571AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $253431.25    | 0.04%             | 2032-04-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Rite Aid Corp.                                      | Rite Aid Corp., Series B                                                        | CUSIP: 767754CT9<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |      9401 | PA      | $0.00         | 0.00%             | 2031-08-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Boyne USA, Inc.                                     | Boyne USA, Inc.                                                                 | CUSIP: 103557AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $134539.03    | 0.02%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                 | GS Mortgage-Backed Securities Trust, Series 2025-SL1, Class A1                  | CUSIP: 362960AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1908042 | PA      | $1912524.76   | 0.31%             | 2067-11-25      | Variable      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                    | CCO Holdings LLC                                                                | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    802000 | PA      | $765580.46    | 0.12%             | 2030-03-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                 | Exeter Automobile Receivables Trust, Series 2022-5A, Class D                    | CUSIP: 30167FAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $510324.90    | 0.08%             | 2029-02-15      | Fixed         | 7.40%                 | No            |                  2 | On Loan: No      |
| CaixaBank SA                                        | CaixaBank SA                                                                    | CUSIP: 12803RAG9<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |    702000 | PA      | $720986.73    | 0.12%             | 2030-03-15      | Variable      | 5.67%                 | Yes           |                  2 | On Loan: —       |
| GNMA                                                | GNMA, Series 2025-1, Class GC                                                   | CUSIP: 38385CKW7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2443330 | PA      | $2313833.38   | 0.38%             | 2051-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                             | BPCE SA                                                                         | CUSIP: 05583JAN2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    500000 | PA      | $503104.26    | 0.08%             | 2027-01-18      | Variable      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| BOF VII AL Funding Trust I                          | BOF Funding Trust, Series 2023-CAR3, Class C                                    | CUSIP: 097093AD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    197814 | PA      | $196035.26    | 0.03%             | 2032-07-26      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                                  | CUSIP: 61747YFD2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    565000 | PA      | $572884.91    | 0.09%             | 2029-04-20      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| NatWest Markets plc                                 | NatWest Markets plc                                                             | CUSIP: 63906YAH1<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |    745000 | PA      | $758459.35    | 0.12%             | 2027-05-17      | Fixed         | 5.42%                 | Yes           |                  2 | On Loan: —       |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140XBTZ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3071167 | PA      | $2796200.07   | 0.46%             | 2036-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                | Clear Channel Outdoor Holdings, Inc.                                            | CUSIP: 18453HAA4<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    259000 | PA      | $253360.87    | 0.04%             | 2027-08-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                     | Live Nation Entertainment, Inc.                                                 | CUSIP: 538034AV1<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |    135000 | PA      | $136600.02    | 0.02%             | 2027-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Dycom Industries, Inc.                              | Dycom Industries, Inc.                                                          | CUSIP: 267475AD3<br>LEI: 549300F56EKTHQI3WT60 | Long             | DBT              | CORP              | US        |     44000 | PA      | $42333.72     | 0.01%             | 2029-04-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Danske Bank A/S                                     | Danske Bank A/S                                                                 | CUSIP: 23636ABE0<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    805000 | PA      | $808033.17    | 0.13%             | 2026-09-22      | Variable      | 6.26%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                                 | Iron Mountain, Inc.                                                             | CUSIP: 46284VAF8<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72789.67     | 0.01%             | 2029-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                  | Banco Bilbao Vizcaya Argentaria SA                                              | CUSIP: 05946KAQ4<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |   1200000 | PA      | $1228464.07   | 0.20%             | 2029-03-13      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                     | Live Nation Entertainment, Inc.                                                 | CUSIP: 538034AR0<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |    195000 | PA      | $191962.23    | 0.03%             | 2027-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Clarivate Science Holdings Corp.                    | Clarivate Science Holdings Corp.                                                | CUSIP: 18064PAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    139000 | PA      | $132366.95    | 0.02%             | 2028-07-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                                  | CUSIP: 61747YFU4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1510000 | PA      | $1499929.64   | 0.24%             | 2030-10-18      | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| Caixa Economica Federal                             | Caixa Economica Federal                                                         | CUSIP: 12803Y2A6<br>LEI: 254900EX2KZ57WQ1PL07 | Long             | DBT              | NUSS              | BR        |    200000 | PA      | $198750.00    | 0.03%             | 2030-05-13      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Carpenter Technology Corp.                          | Carpenter Technology Corp.                                                      | CUSIP: 144285AL7<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |     67000 | PA      | $67271.55     | 0.01%             | 2028-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings, Inc.                             | Quikrete Holdings, Inc.                                                         | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    175000 | PA      | $177827.48    | 0.03%             | 2032-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Select Receivables Trust                   | GLS Auto Select Receivables Trust, Series 2025-1A, Class B                      | CUSIP: 36271FAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1513142.10   | 0.25%             | 2031-02-15      | Fixed         | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Ahead DB Holdings LLC                               | Ahead DB Holdings LLC                                                           | CUSIP: 00867FAA6<br>LEI: 254900L07WFL833JX193 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118256.22    | 0.02%             | 2028-05-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust              | Santander Drive Auto Receivables Trust, Series 2024-5, Class D                  | CUSIP: 802920AG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2016000 | PA      | $2014972.65   | 0.33%             | 2032-02-17      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Trans-Allegheny Interstate Line Co.                 | Trans-Allegheny Interstate Line Co.                                             | CUSIP: 893045AF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    370000 | PA      | $372852.43    | 0.06%             | 2031-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander SA                                  | Banco Santander SA                                                              | CUSIP: 05964HAY1<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $212383.94    | 0.03%             | 2028-11-07      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| Wynn Resorts Finance LLC                            | Wynn Resorts Finance LLC                                                        | CUSIP: 983133AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    365000 | PA      | $355924.60    | 0.06%             | 2029-10-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Skandinaviska Enskilda Banken AB                    | Skandinaviska Enskilda Banken AB                                                | CUSIP: 830505BB8<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | DBT              | CORP              | SE        |    940000 | PA      | $963618.23    | 0.16%             | 2029-03-05      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| DISH Network Corp.                                  | DISH Network Corp.                                                              | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |    314000 | PA      | $323957.25    | 0.05%             | 2027-11-15      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| Bath & Body Works, Inc.                             | Bath & Body Works, Inc.                                                         | CUSIP: 501797AM6<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     23000 | PA      | $22778.33     | 0.00%             | 2036-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust        | American Credit Acceptance Receivables Trust, Series 2025-2, Class D            | CUSIP: 024938AG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    965000 | PA      | $967592.38    | 0.16%             | 2031-07-14      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Nationstar Mortgage Holdings, Inc.                  | Nationstar Mortgage Holdings, Inc.                                              | CUSIP: 63861CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    157000 | PA      | $157023.55    | 0.03%             | 2027-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CMN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  17355000 | PA      | $17521092.73  | 2.86%             | 2028-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Rite Aid Equity Escrow                              | Rite Aid                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        66 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| INEOS Finance plc                                   | INEOS Finance plc                                                               | CUSIP: 44984WAH0<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $195834.78    | 0.03%             | 2028-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Invitation Homes Trust                              | Invitation Homes Trust, Series 2024-SFR1, Class B                               | CUSIP: 46188DAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1906779.60   | 0.31%             | 2041-09-17      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander SA                                  | Banco Santander SA                                                              | CUSIP: 05964HAN5<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $192250.08    | 0.03%             | 2027-09-14      | Variable      | 1.72%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                          | AMSR Trust, Series 2021-SFR4, Class E1                                          | CUSIP: 66982FAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $384175.32    | 0.06%             | 2038-12-17      | Fixed         | 2.97%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.                 | Hilton Domestic Operating Co., Inc.                                             | CUSIP: 432833AL5<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    200000 | PA      | $184927.00    | 0.03%             | 2031-05-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust  | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C24, Class D    | CUSIP: 61765LAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    220000 | PA      | $192958.72    | 0.03%             | 2048-05-15      | Fixed         | 3.26%                 | Yes           |                  2 | On Loan: No      |
| Instituto Costarricense de Electricidad             | Instituto Costarricense de Electricidad                                         | CUSIP: 45777VAE7<br>LEI: 5493009VA6AFUB2Q0289 | Long             | DBT              | NUSS              | CR        |    200000 | PA      | $202938.00    | 0.03%             | 2031-10-07      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| NCR Voyix Corp.                                     | NCR Voyix Corp.                                                                 | CUSIP: 62886EBA5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13644.76     | 0.00%             | 2029-04-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                     | Citigroup, Inc.                                                                 | CUSIP: 172967PF2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1130000 | PA      | $1144520.26   | 0.19%             | 2030-02-13      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                     | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GB60<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    895000 | PA      | $891792.53    | 0.15%             | 2030-10-23      | Variable      | 4.69%                 | No            |                  2 | On Loan: No      |
| Buckeye Partners LP                                 | Buckeye Partners LP                                                             | CUSIP: 118230AR2<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     80000 | PA      | $77838.27     | 0.01%             | 2027-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FREMF 2020-K739 Mortgage Trust                      | FREMF Mortgage Trust, Series 2020-K739, Class X2A                               | CUSIP: 30289SAN7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   9884734 | PA      | $16615.25     | 0.00%             | 2053-11-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                 | U.S. Treasury 5 Year Note                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       493 | NC      | $315868.83    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CLL3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9540000 | PA      | $9435656.25   | 1.54%             | 2027-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Rocket Mortgage LLC                                 | Rocket Mortgage LLC                                                             | CUSIP: 77313LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     57000 | PA      | $55201.09     | 0.01%             | 2026-10-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| RR 12 Ltd.                                          | RR Ltd., Series 2020-12A, Class ABR3                                            | CUSIP: 74989HAN2<br>LEI: 549300RLLUH00ZYECJ34 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000683.00   | 0.16%             | 2036-01-15      | Floating      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| MVW LLC                                             | MVW LLC, Series 2021-1WA, Class B                                               | CUSIP: 55389TAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     20905 | PA      | $19837.74     | 0.00%             | 2041-01-22      | Fixed         | 1.44%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2018-K082 Mortgage Trust                      | FREMF Mortgage Trust, Series 2018-K82, Class D                                  | CUSIP: 30297LAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $759704.90    | 0.12%             | 2028-10-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Bank of Ireland Group plc                           | Bank of Ireland Group plc                                                       | CUSIP: 06279JAD1<br>LEI: 635400C8EK6DRI12LJ39 | Long             | DBT              | CORP              | IE        |   1480000 | PA      | $1511339.41   | 0.25%             | 2030-03-20      | Variable      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| Venture Global Calcasieu Pass LLC                   | Venture Global Calcasieu Pass LLC                                               | CUSIP: 92328MAA1<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    105000 | PA      | $97581.29     | 0.02%             | 2029-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Genesis Energy LP                                   | Genesis Energy LP                                                               | CUSIP: 37185LAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $80695.84     | 0.01%             | 2028-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Street Capital Group, Inc.                          | Street Capital Group, Inc.                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | CA        |    180000 | PA      | $180000.00    | 0.03%             | 2030-02-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                        | Royal Caribbean Cruises Ltd.                                                    | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     80000 | PA      | $79070.88     | 0.01%             | 2031-09-30      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                      | Community Health Systems, Inc.                                                  | CUSIP: 12543DBG4<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     98000 | PA      | $96563.48     | 0.02%             | 2027-03-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                        | UBS Group AG                                                                    | CUSIP: 225401AY4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    405000 | PA      | $405565.39    | 0.07%             | 2026-07-15      | Variable      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| CPS Auto Receivables Trust                          | CPS Auto Receivables Trust, Series 2023-C, Class C                              | CUSIP: 223928AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    881000 | PA      | $889029.52    | 0.14%             | 2029-10-15      | Fixed         | 6.27%                 | Yes           |                  2 | On Loan: No      |
| Macquarie Group Ltd.                                | Macquarie Group Ltd.                                                            | CUSIP: 55608JBC1<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |    380000 | PA      | $374853.42    | 0.06%             | 2028-06-21      | Variable      | 4.10%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                  | Dominican Republic Government Bond                                              | CUSIP: 25714PED6<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    150000 | PA      | $141000.00    | 0.02%             | 2030-01-30      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                          | AMSR Trust, Series 2022-SFR3, Class F                                           | CUSIP: 66981YAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $751391.68    | 0.12%             | 2039-10-17      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Encompass Health Corp.                              | Encompass Health Corp.                                                          | CUSIP: 29261AAB6<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |    136000 | PA      | $132584.97    | 0.02%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Republic of El Salvador                             | Republic of El Salvador                                                         | CUSIP: N/A<br>LEI: 529900AKDMUSFSDOM949       | Long             | DBT              | NUSS              | SV        |    150000 | PA      | $156759.38    | 0.03%             | 2030-04-17      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                 | New Residential Mortgage Loan Trust, Series 2022-SFR1, Class B                  | CUSIP: 64831KAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    650000 | PA      | $624168.22    | 0.10%             | 2039-02-17      | Fixed         | 2.85%                 | Yes           |                  2 | On Loan: No      |
| Tricon Residential Trust                            | Tricon Residential Trust, Series 2023-SFR1, Class B                             | CUSIP: 89616WAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $798776.88    | 0.13%             | 2040-07-17      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                          | Flagship Credit Auto Trust, Series 2022-3, Class D                              | CUSIP: 33845PAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $596002.08    | 0.10%             | 2028-07-17      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Snap, Inc.                                          | Snap, Inc.                                                                      | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75970.95     | 0.01%             | 2033-03-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| CommScope LLC                                       | CommScope LLC                                                                   | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103941.80    | 0.02%             | 2031-12-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                           | Republic of Cote d'Ivoire                                                       | CUSIP: N/A<br>LEI: 254900ICW11T82O6H590       | Long             | DBT              | NUSS              | CI        |     47694 | PA      | $44594.36     | 0.01%             | 2032-12-31      | Variable      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                                  | CUSIP: 6174468V4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147000.55    | 0.02%             | 2026-12-10      | Variable      | 0.98%                 | No            |                  2 | On Loan: No      |
| Vertiv Group Corp.                                  | Vertiv Group Corp.                                                              | CUSIP: 92535UAB0<br>LEI: 549300ZT8RQ5VK10E643 | Long             | DBT              | CORP              | US        |     44000 | PA      | $42626.26     | 0.01%             | 2028-11-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                             | BPCE SA                                                                         | CUSIP: 05583JAH5<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    750000 | PA      | $741110.34    | 0.12%             | 2026-10-06      | Variable      | 1.65%                 | Yes           |                  2 | On Loan: No      |
| FHF Trust                                           | FHF Trust, Series 2021-2A, Class A                                              | CUSIP: 30322JAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       234 | PA      | $233.91       | 0.00%             | 2026-12-15      | Fixed         | 0.83%                 | Yes           |                  2 | On Loan: No      |
| Corebridge Global Funding                           | Corebridge Global Funding                                                       | CUSIP: 00138CBA5<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1015881.67   | 0.17%             | 2029-06-24      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                          | AMSR Trust, Series 2021-SFR3, Class E1                                          | CUSIP: 00180UAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $285302.31    | 0.05%             | 2038-10-17      | Fixed         | 2.33%                 | Yes           |                  2 | On Loan: No      |
| Greenko Dutch BV                                    | Greenko Dutch BV                                                                | CUSIP: 39530LAD2<br>LEI: 724500PT585P4JPVRP08 | Long             | DBT              | CORP              | NL        |    176000 | PA      | $172260.00    | 0.03%             | 2026-03-29      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                        | Scotts Miracle-Gro Co. (The)                                                    | CUSIP: 810186AS5<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |    273000 | PA      | $259561.25    | 0.04%             | 2029-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Rite Aid Corp.                                      | Rite Aid Corp., Series A                                                        | CUSIP: 767754CS1<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |     20465 | PA      | $0.00         | 0.00%             | 2031-08-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| American Credit Acceptance Receivables Trust        | American Credit Acceptance Receivables Trust, Series 2023-1, Class D            | CUSIP: 02530UAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    375000 | PA      | $378717.79    | 0.06%             | 2029-04-12      | Fixed         | 6.35%                 | Yes           |                  2 | On Loan: No      |
| Entegris, Inc.                                      | Entegris, Inc.                                                                  | CUSIP: 29365BAB9<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |    240000 | PA      | $240131.76    | 0.04%             | 2030-06-15      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Spirit AeroSystems, Inc.                            | Spirit AeroSystems, Inc.                                                        | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |     29000 | PA      | $30879.26     | 0.01%             | 2029-11-30      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                            | Lumen Technologies, Inc.                                                        | CUSIP: 550241AB9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |     91408 | PA      | $88780.02     | 0.01%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                        | Hilton Grand Vacations Trust, Series 2024-3A, Class C                           | CUSIP: 43283NAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1221892 | PA      | $1229222.43   | 0.20%             | 2040-08-27      | Fixed         | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                             | Dryden Senior Loan Fund, Series 2016-43A, Class B1R3                            | CUSIP: 26245CBS1<br>LEI: 5493002P75UIPU4MC757 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2001452.00   | 0.33%             | 2034-04-20      | Floating      | 5.77%                 | Yes           |                  2 | On Loan: No      |
| Range Resources Corp.                               | Range Resources Corp.                                                           | CUSIP: 75281ABK4<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |     24000 | PA      | $23066.63     | 0.00%             | 2030-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC             | Mercedes-Benz Finance North America LLC                                         | CUSIP: 58769JBA4<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |   1390000 | PA      | $1404568.28   | 0.23%             | 2029-11-15      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                | FREMF Mortgage Trust, Series 2016-K58, Class C                                  | CUSIP: 35690AAU2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    110000 | PA      | $107803.62    | 0.02%             | 2049-09-25      | Variable      | 3.74%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC STACR REMIC Trust, Series 2023-HQA3, Class M2                             | CUSIP: 35564NAA1<br>LEI: 529900ZTXRUUVE8G8W08 | Long             | ABS-MBS          | CORP              | US        |    725000 | PA      | $763026.76    | 0.12%             | 2043-11-25      | Floating      | 7.67%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                                 | Medline Borrower LP                                                             | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    310000 | PA      | $292164.65    | 0.05%             | 2029-04-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                    | CCO Holdings LLC                                                                | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $91590.67     | 0.01%             | 2031-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.                | Mitsubishi UFJ Financial Group, Inc.                                            | CUSIP: 606822BY9<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    512000 | PA      | $494447.20    | 0.08%             | 2027-07-20      | Variable      | 1.54%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                  | Energy Transfer LP                                                              | CUSIP: 226373AQ1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    565000 | PA      | $565025.25    | 0.09%             | 2027-05-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                  | Canadian Imperial Bank of Commerce                                              | CUSIP: 13607PHS6<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   1100000 | PA      | $1094003.76   | 0.18%             | 2030-09-11      | Variable      | 4.63%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                               | Athene Global Funding                                                           | CUSIP: 04685A3V1<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   1675000 | PA      | $1689563.44   | 0.28%             | 2026-05-08      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                   | Credit Acceptance Auto Loan Trust, Series 2024-2A, Class C                      | CUSIP: 22536VAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $515455.75    | 0.08%             | 2034-10-16      | Fixed         | 6.70%                 | Yes           |                  2 | On Loan: No      |
| Saavi Energia Sarl                                  | Saavi Energia Sarl                                                              | CUSIP: 78518PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    200000 | PA      | $203600.00    | 0.03%             | 2035-02-10      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                        | Hilton Grand Vacations Trust, Series 2023-1A, Class A                           | CUSIP: 432917AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    513602 | PA      | $521143.33    | 0.08%             | 2038-01-25      | Fixed         | 5.72%                 | Yes           |                  2 | On Loan: No      |
| FRTKL                                               | FRTKL, Series 2021-SFR1, Class D                                                | CUSIP: 30322DAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    238000 | PA      | $228094.15    | 0.04%             | 2038-09-17      | Fixed         | 2.17%                 | Yes           |                  2 | On Loan: No      |
| CNO Global Funding                                  | CNO Global Funding                                                              | CUSIP: 18977W2D1<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |   1145000 | PA      | $1170976.74   | 0.19%             | 2027-06-04      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                   | HSBC Holdings plc                                                               | CUSIP: 404280EN5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    860000 | PA      | $868542.53    | 0.14%             | 2030-11-19      | Variable      | 5.29%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                                  | CUSIP: 61747YEK7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    400000 | PA      | $386166.04    | 0.06%             | 2028-01-21      | Variable      | 2.48%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CGT2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    340000 | PA      | $337875.00    | 0.06%             | 2028-03-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust              | Santander Drive Auto Receivables Trust, Series 2023-6, Class C                  | CUSIP: 80287DAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    928000 | PA      | $952438.51    | 0.16%             | 2031-03-17      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Wayfair LLC                                         | Wayfair LLC                                                                     | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |    105000 | PA      | $102262.88    | 0.02%             | 2029-10-31      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| CarVal CLO II Ltd.                                  | CarVal CLO Ltd., Series 2019-1A, Class BR2                                      | CUSIP: 14686ABA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    889000 | PA      | $889825.88    | 0.15%             | 2032-04-20      | Floating      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                | FREMF Mortgage Trust, Series 2020-K118, Class D                                 | CUSIP: 30316TAS1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1100000 | PA      | $715554.07    | 0.12%             | 2053-10-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Kingston Airport Revenue Finance Ltd.               | Kingston Airport Revenue Finance Ltd.                                           | CUSIP: 49647QAA6<br>LEI: 254900SK2YRR95AVHU30 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $197562.00    | 0.03%             | 2036-12-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                               | Bank of America Corp., Series FIX                                               | CUSIP: 06051GML0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1268520.49   | 0.21%             | 2031-01-24      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                        | BX Commercial Mortgage Trust, Series 2024-MF, Class B                           | CUSIP: 05612EAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1062545 | PA      | $1063873.63   | 0.17%             | 2039-02-15      | Floating      | 6.02%                 | Yes           |                  2 | On Loan: No      |
| Upstart Pass-Through Trust                          | Upstart Pass-Through Trust, Series 2021-ST4, Class A                            | CUSIP: 91534HAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10003 | PA      | $9908.92      | 0.00%             | 2027-07-20      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Securities Lending Money Market Fund       | JPMorgan Securities Lending Money Market Fund, Class Agency SL Shares           | CUSIP: 46645V642<br>LEI: 5493002FD4HXUJXMRO62 | Long             | STIV             | RF                | US        |   2999760 | NS      | $2999760.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs, Inc.                              | Cleveland-Cliffs, Inc.                                                          | CUSIP: 185899AK7<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    118000 | PA      | $105468.29    | 0.02%             | 2029-03-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA, REMIC, Series 2024-101, Class DV                                          | CUSIP: 3136BUFR6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    757861 | PA      | $777400.65    | 0.13%             | 2035-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Constellation Brands, Inc.                          | Constellation Brands, Inc.                                                      | CUSIP: 21036PBS6<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1348741.37   | 0.22%             | 2030-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                    | Deutsche Bank AG                                                                | CUSIP: 25160PAN7<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    350000 | PA      | $358308.13    | 0.06%             | 2027-07-13      | Variable      | 7.15%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                          | Flagship Credit Auto Trust, Series 2022-3, Class C                              | CUSIP: 33845PAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    858000 | PA      | $853935.31    | 0.14%             | 2028-07-17      | Fixed         | 4.99%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                          | AMSR Trust, Series 2023-SFR2, Class B                                           | CUSIP: 00178YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1449832.20   | 0.24%             | 2040-06-17      | Fixed         | 3.95%                 | Yes           |                  2 | On Loan: No      |
| Jackson National Life Global Funding                | Jackson National Life Global Funding                                            | CUSIP: 46849CJP7<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1601587.90   | 0.26%             | 2028-06-05      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| CSN Inova Ventures                                  | CSN Inova Ventures                                                              | CUSIP: N/A<br>LEI: 222100R8R68DM7VM3661       | Long             | DBT              | CORP              | KY        |    400000 | PA      | $378200.00    | 0.06%             | 2028-01-28      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| NuStar Logistics LP                                 | NuStar Logistics LP                                                             | CUSIP: 67059TAH8<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |     95000 | PA      | $96786.00     | 0.02%             | 2030-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA, REMIC, Series 2024-67, Class FA                                           | CUSIP: 3136BSPM1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    775137 | PA      | $768477.18    | 0.13%             | 2054-09-25      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Kinetik Holdings LP                                 | Kinetik Holdings LP                                                             | CUSIP: 49461MAA8<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |    120000 | PA      | $119286.91    | 0.02%             | 2030-06-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Merchants Fleet Funding LLC                         | Merchants Fleet Funding LLC, Series 2024-1A, Class B                            | CUSIP: 588926AG0<br>LEI: 254900Z2OOQUA5IN2X83 | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1008225.80   | 0.16%             | 2037-04-20      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Gray Oak Pipeline LLC                               | Gray Oak Pipeline LLC                                                           | CUSIP: 38937LAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    475000 | PA      | $469060.76    | 0.08%             | 2025-10-15      | Fixed         | 2.60%                 | Yes           |                  2 | On Loan: No      |
| Viterra Finance BV                                  | Viterra Finance BV                                                              | CUSIP: 92852LAC3<br>LEI: 213800HBZGEIZLKJBI17 | Long             | DBT              | CORP              | NL        |    570000 | PA      | $569858.39    | 0.09%             | 2027-04-21      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| Walgreens Boots Alliance, Inc.                      | Walgreens Boots Alliance, Inc.                                                  | CUSIP: 931427AQ1<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |    125000 | PA      | $122237.15    | 0.02%             | 2026-06-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                          | Avis Budget Car Rental LLC                                                      | CUSIP: 053773BG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     31000 | PA      | $29692.30     | 0.00%             | 2028-04-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| JPMCC Commercial Mortgage Securities Trust          | JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class C            | CUSIP: 46647TAZ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $693407.44    | 0.11%             | 2050-03-15      | Variable      | 3.74%                 | No            |                  2 | On Loan: No      |
| Prime Security Services Borrower LLC                | Prime Security Services Borrower LLC                                            | CUSIP: 74166MAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     82000 | PA      | $82204.30     | 0.01%             | 2026-04-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Knife River Corp.                                   | Knife River Corp.                                                               | CUSIP: 498894AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $104671.10    | 0.02%             | 2031-05-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Acadia Healthcare Co., Inc.                         | Acadia Healthcare Co., Inc.                                                     | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |    126000 | PA      | $124157.39    | 0.02%             | 2028-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2025-4, Class LA                                                   | CUSIP: 38385CBR8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1538672 | PA      | $1439658.33   | 0.23%             | 2051-07-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of the Bahamas                         | Commonwealth of the Bahamas                                                     | CUSIP: N/A<br>LEI: 549300W13SXC7EKNJC20       | Long             | DBT              | NUSS              | BS        |    200000 | PA      | $193400.00    | 0.03%             | 2028-11-21      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| United Airlines, Inc.                               | United Airlines, Inc.                                                           | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    110000 | PA      | $104483.69    | 0.02%             | 2029-04-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| THL Credit Wind River CLO Ltd.                      | THL Credit Wind River CLO Ltd., Series 2019-3A, Class BR2                       | CUSIP: 97314JAL9<br>LEI: 549300QKM4OHZM4I5C40 | Long             | ABS-CBDO         | CORP              | KY        |   1333334 | PA      | $1334275.33   | 0.22%             | 2031-04-15      | Floating      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                   | GLS Auto Receivables Issuer Trust, Series 2021-3A, Class D                      | CUSIP: 36263LAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    133527 | PA      | $131531.04    | 0.02%             | 2027-07-15      | Fixed         | 1.48%                 | Yes           |                  2 | On Loan: No      |
| OneMain Finance Corp.                               | OneMain Finance Corp.                                                           | CUSIP: 682691AH3<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    140000 | PA      | $141560.57    | 0.02%             | 2029-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                                | NOVA Chemicals Corp.                                                            | CUSIP: 66977WAU3<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     45000 | PA      | $48448.08     | 0.01%             | 2030-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Symphony CLO XVI Ltd.                               | Symphony CLO Ltd., Series 2015-16A, Class B1RR                                  | CUSIP: 87165VAZ2<br>LEI: 5493004PWOYFPAFQVT02 | Long             | ABS-CBDO         | CORP              | KY        |    680000 | PA      | $680544.68    | 0.11%             | 2031-10-15      | Floating      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                          | iHeartCommunications, Inc.                                                      | CUSIP: 45174HBL0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |     18000 | PA      | $8803.26      | 0.00%             | 2030-05-01      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                      | Pagaya AI Debt Selection Trust, Series 2021-HG1, Class A                        | CUSIP: 69547PAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5915 | PA      | $5880.24      | 0.00%             | 2029-01-16      | Fixed         | 1.22%                 | Yes           |                  2 | On Loan: No      |
| Altice France SA                                    | Altice France SA                                                                | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $168762.66    | 0.03%             | 2029-07-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                   | NatWest Group plc                                                               | CUSIP: 639057AV0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    750000 | PA      | $752914.58    | 0.12%             | 2031-05-23      | Variable      | 5.11%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                 | Connecticut Avenue Securities Trust, Series 2022-R02, Class 2M2                 | CUSIP: 20754BAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    225000 | PA      | $230274.00    | 0.04%             | 2042-01-25      | Floating      | 7.32%                 | Yes           |                  2 | On Loan: No      |
| Novelis Corp.                                       | Novelis Corp.                                                                   | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     77000 | PA      | $73198.86     | 0.01%             | 2030-01-30      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CMB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  21725000 | PA      | $21794587.78  | 3.55%             | 2027-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MGM Resorts International                           | MGM Resorts International                                                       | CUSIP: 552953CJ8<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89824.69     | 0.01%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                     | Citigroup, Inc.                                                                 | CUSIP: 172967NG2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    500000 | PA      | $486528.63    | 0.08%             | 2028-02-24      | Variable      | 3.07%                 | No            |                  2 | On Loan: No      |
| Jackson National Life Global Funding                | Jackson National Life Global Funding                                            | CUSIP: 46849LTC5<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149962.88    | 0.02%             | 2025-06-11      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                   | Credit Acceptance Auto Loan Trust, Series 2024-2A, Class B                      | CUSIP: 22536VAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $511543.55    | 0.08%             | 2034-08-15      | Fixed         | 6.11%                 | Yes           |                  2 | On Loan: No      |
| Peru LNG Srl                                        | Peru LNG Srl                                                                    | CUSIP: N/A<br>LEI: 254900F70J1LOALV5K70       | Long             | DBT              | CORP              | PE        |    166680 | PA      | $153762.30    | 0.03%             | 2030-03-22      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| NRM FNT1 Excess LLC                                 | NRM FNT1 Excess LLC, Series 2024-FNT1, Class A                                  | CUSIP: 62956YAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1091429 | PA      | $1103225.38   | 0.18%             | 2031-11-25      | Variable      | 7.40%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty SR, Inc.                               | Arbor Realty SR, Inc., Series QIB                                               | CUSIP: 03881NAG2<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |    750000 | PA      | $722124.65    | 0.12%             | 2027-10-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Multi-Family Connecticut Avenue Securities Trust    | Multi-Family Connecticut Avenue Securities Trust, Series 2019-01, Class M10     | CUSIP: 62547NAB5<br>LEI: 549300HG8ZEWVWVSN227 | Long             | ABS-MBS          | CORP              | US        |    593225 | PA      | $596745.74    | 0.10%             | 2049-10-25      | Floating      | 7.69%                 | Yes           |                  2 | On Loan: No      |
| AIB Group plc                                       | AIB Group plc                                                                   | CUSIP: 00135TAD6<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |   1750000 | PA      | $1840751.34   | 0.30%             | 2029-09-13      | Variable      | 6.61%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                           | Vistra Operations Co. LLC                                                       | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    195000 | PA      | $206765.90    | 0.03%             | 2031-10-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| MVW LLC                                             | MVW LLC, Series 2021-2A, Class C                                                | CUSIP: 55400KAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    493491 | PA      | $461649.30    | 0.08%             | 2039-05-20      | Fixed         | 2.23%                 | Yes           |                  2 | On Loan: No      |
| National Bank of Canada                             | National Bank of Canada                                                         | CUSIP: 63307A3B9<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $990218.75    | 0.16%             | 2029-10-10      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                   | Credit Acceptance Auto Loan Trust, Series 2025-1A, Class C                      | CUSIP: 22536KAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1357000 | PA      | $1375358.72   | 0.22%             | 2035-07-16      | Fixed         | 5.71%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 30 Year                                                             | CUSIP: 3132DWHU0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7200674 | PA      | $7283282.89   | 1.19%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                 | Exeter Automobile Receivables Trust, Series 2021-4A, Class D                    | CUSIP: 30165JAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    319869 | PA      | $315615.93    | 0.05%             | 2028-01-17      | Fixed         | 1.96%                 | No            |                  2 | On Loan: No      |
| Range Resources Corp.                               | Range Resources Corp.                                                           | CUSIP: 75281ABJ7<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |     54000 | PA      | $55471.01     | 0.01%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                    | CSC Holdings LLC                                                                | CUSIP: 126307BM8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197936.42    | 0.03%             | 2028-05-15      | Fixed         | 11.25%                | Yes           |                  2 | On Loan: No      |
| Intelsat Jackson Holdings SA                        | Intelsat Jackson Holdings SA                                                    | CUSIP: 45824TBC8<br>LEI: 8XJ8KF85PBKK1TLMFN29 | Long             | DBT              | CORP              | LU        |    332000 | PA      | $326485.02    | 0.05%             | 2030-03-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Mizuho Financial Group, Inc.                        | Mizuho Financial Group, Inc.                                                    | CUSIP: 60687YDH9<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |   1425000 | PA      | $1440004.01   | 0.23%             | 2031-05-13      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| NatWest Markets plc                                 | NatWest Markets plc                                                             | CUSIP: 63906YAJ7<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |    805000 | PA      | $825499.72    | 0.13%             | 2029-05-17      | Fixed         | 5.41%                 | Yes           |                  2 | On Loan: No      |
| Terex Corp.                                         | Terex Corp.                                                                     | CUSIP: 880779BA0<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |    141000 | PA      | $135868.90    | 0.02%             | 2029-05-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Synaptics, Inc.                                     | Synaptics, Inc.                                                                 | CUSIP: 87157DAG4<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | DBT              | CORP              | US        |    110000 | PA      | $102248.94    | 0.02%             | 2029-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Swedbank AB                                         | Swedbank AB                                                                     | CUSIP: 87019DAA5<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |   1030000 | PA      | $1038649.96   | 0.17%             | 2030-05-21      | Fixed         | 5.08%                 | Yes           |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust       | Bridgecrest Lending Auto Securitization Trust, Series 2025-2, Class D           | CUSIP: 10807HAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1009056.90   | 0.16%             | 2031-03-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Republic of El Salvador                             | Republic of El Salvador                                                         | CUSIP: N/A<br>LEI: 529900AKDMUSFSDOM949       | Long             | DBT              | NUSS              | SV        |    270000 | PA      | $278910.00    | 0.05%             | 2029-02-28      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| BlueMountain CLO Ltd.                               | BlueMountain CLO Ltd., Series 2021-32A, Class BR                                | CUSIP: 09631EAL1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1499170.50   | 0.24%             | 2034-10-15      | Floating      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                                  | CUSIP: 61747YFF7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    600000 | PA      | $613710.77    | 0.10%             | 2029-07-20      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC Gold Pools, 30 Year                                                       | CUSIP: 3128MJ6Q8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    202045 | PA      | $193931.81    | 0.03%             | 2049-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Imola Merger Corp.                                  | Imola Merger Corp.                                                              | CUSIP: 45258LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    176000 | PA      | $168641.32    | 0.03%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                   | Wells Fargo & Co.                                                               | CUSIP: 95000U3J0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   3100000 | PA      | $3150669.97   | 0.51%             | 2030-01-23      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| Venture 32 CLO Ltd.                                 | Venture CLO Ltd., Series 2018-32A, Class A2A                                    | CUSIP: 92325QAC1<br>LEI: 549300UP09C89Q3HWD39 | Long             | ABS-CBDO         | CORP              | KY        |     64896 | PA      | $64924.16     | 0.01%             | 2031-07-18      | Floating      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| MHC Commercial Mortgage Trust                       | MHC Commercial Mortgage Trust, Series 2021-MHC, Class D                         | CUSIP: 55316VAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $199875.00    | 0.03%             | 2038-04-15      | Floating      | 6.04%                 | Yes           |                  2 | On Loan: No      |
| Valaris Ltd.                                        | Valaris Ltd.                                                                    | CUSIP: 91889FAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    115000 | PA      | $115447.01    | 0.02%             | 2030-04-30      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust          | JPMBB Commercial Mortgage Securities Trust, Series 2016-C1, Class D1            | CUSIP: 46645LAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $347911.68    | 0.06%             | 2049-03-17      | Variable      | 4.20%                 | Yes           |                  2 | On Loan: No      |
| Owens-Brockway Glass Container, Inc.                | Owens-Brockway Glass Container, Inc.                                            | CUSIP: 69073TAT0<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |    152000 | PA      | $152076.46    | 0.02%             | 2027-05-13      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Asbury Automotive Group, Inc.                       | Asbury Automotive Group, Inc.                                                   | CUSIP: 043436AU8<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |     59000 | PA      | $57479.94     | 0.01%             | 2028-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Acushnet Co.                                        | Acushnet Co.                                                                    | CUSIP: 005095AA2<br>LEI: 549300H805O14KEFES79 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77715.53     | 0.01%             | 2028-10-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Graphic Packaging International LLC                 | Graphic Packaging International LLC                                             | CUSIP: 38869PAP9<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |     70000 | PA      | $67756.86     | 0.01%             | 2026-04-15      | Fixed         | 1.51%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                                 | Iron Mountain, Inc.                                                             | CUSIP: 46284VAC5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     92000 | PA      | $90909.74     | 0.01%             | 2027-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                           | Republic of Cote d'Ivoire                                                       | CUSIP: 221625AT3<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    400000 | PA      | $385516.00    | 0.06%             | 2033-01-30      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                    | NRG Energy, Inc.                                                                | CUSIP: 629377CH3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    232000 | PA      | $229268.41    | 0.04%             | 2029-06-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Sirius XM Radio LLC                                 | Sirius XM Radio LLC                                                             | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    200000 | PA      | $189786.72    | 0.03%             | 2028-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Coherent Corp.                                      | Coherent Corp.                                                                  | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |    166000 | PA      | $160847.96    | 0.03%             | 2029-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                         | Caesars Entertainment, Inc.                                                     | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    190000 | PA      | $177431.65    | 0.03%             | 2029-10-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Danske Bank A/S                                     | Danske Bank A/S                                                                 | CUSIP: 23636ABH3<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |   1350000 | PA      | $1391096.13   | 0.23%             | 2030-03-01      | Variable      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| XPO, Inc.                                           | XPO, Inc.                                                                       | CUSIP: 98379KAA0<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20199.82     | 0.00%             | 2028-06-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Dana, Inc.                                          | Dana, Inc.                                                                      | CUSIP: 235825AF3<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |     62000 | PA      | $61793.27     | 0.01%             | 2027-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                           | HCA, Inc.                                                                       | CUSIP: 404119CP2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    520000 | PA      | $527454.71    | 0.09%             | 2028-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| WR Grace Holdings LLC                               | WR Grace Holdings LLC                                                           | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    125000 | PA      | $110139.41    | 0.02%             | 2029-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                        | Tallgrass Energy Partners LP                                                    | CUSIP: 87470LAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    187000 | PA      | $179180.82    | 0.03%             | 2030-12-31      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                        | GS Mortgage Securities Trust, Series 2017-GS5, Class D                          | CUSIP: 36252HAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $57153.60     | 0.01%             | 2050-03-10      | Variable      | 3.51%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                    | CCO Holdings LLC                                                                | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     13000 | PA      | $12034.38     | 0.00%             | 2032-02-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Madison Park Funding XLIX Ltd.                      | Madison Park Funding Ltd., Series 2021-49A, Class B1R                           | CUSIP: 55820VAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $997318.00    | 0.16%             | 2034-10-19      | Floating      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                              | Oportun Issuance Trust, Series 2021-B, Class A                                  | CUSIP: 68377GAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1200706 | PA      | $1169197.52   | 0.19%             | 2031-05-08      | Fixed         | 1.47%                 | Yes           |                  2 | On Loan: No      |
| SDR Commercial Mortgage Trust                       | SDR Commercial Mortgage Trust, Series 2024-DSNY, Class B                        | CUSIP: 811304AE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1008000 | PA      | $993195.00    | 0.16%             | 2039-05-15      | Floating      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                | GNMA II, 30 Year                                                                | CUSIP: 36179XDE3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    606071 | PA      | $575467.14    | 0.09%             | 2052-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Rite Aid Corp.                                      | Rite Aid Corp.                                                                  | CUSIP: 767754CR3<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |      6931 | PA      | $0.00         | 0.00%             | 2031-08-30      | Variable      | 11.32%                | Yes           |                  3 | On Loan: No      |
| Octane Receivables Trust                            | Octane Receivables Trust, Series 2023-1A, Class D                               | CUSIP: 67571BAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $517952.35    | 0.08%             | 2030-03-20      | Fixed         | 7.76%                 | Yes           |                  2 | On Loan: No      |
| RXO, Inc.                                           | RXO, Inc.                                                                       | CUSIP: 98379JAA3<br>LEI: 549300KL8CA6GP8XPM30 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51062.51     | 0.01%             | 2027-11-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                  | Dominican Republic Government Bond                                              | CUSIP: N/A<br>LEI: 254900EHU7Q8FGVPI369       | Long             | DBT              | NUSS              | DO        |    150000 | PA      | $141000.00    | 0.02%             | 2030-01-30      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2024-110, Class LC                                                 | CUSIP: 38384QJ82<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4163070 | PA      | $3970799.26   | 0.65%             | 2048-04-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federation des Caisses Desjardins du Quebec         | Federation des Caisses Desjardins du Quebec                                     | CUSIP: 31429KAK9<br>LEI: 549300B2Q47IR0CR5B54 | Long             | DBT              | CORP              | CA        |    325000 | PA      | $334843.32    | 0.05%             | 2028-03-14      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                            | Svenska Handelsbanken AB                                                        | CUSIP: 86959LAP8<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | DBT              | CORP              | SE        |    750000 | PA      | $770885.51    | 0.13%             | 2028-06-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ELM Trust                                           | ELM Trust, Series 2024-ELM, Class B10                                           | CUSIP: 26860XBA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1016000 | PA      | $1023404.61   | 0.17%             | 2039-06-10      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Coinbase Global, Inc.                               | Coinbase Global, Inc.                                                           | CUSIP: 19260QAC1<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |     75000 | PA      | $69747.00     | 0.01%             | 2028-10-01      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Transnet SOC Ltd.                                   | Transnet SOC Ltd.                                                               | CUSIP: N/A<br>LEI: 378900B07CD6F01EA796       | Long             | DBT              | CORP              | ZA        |    200000 | PA      | $203912.00    | 0.03%             | 2028-02-06      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Upstart Securitization Trust                        | Upstart Securitization Trust, Series 2022-4, Class A                            | CUSIP: 91678YAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     29284 | PA      | $29283.68     | 0.00%             | 2032-08-20      | Fixed         | 5.98%                 | Yes           |                  2 | On Loan: No      |
| LCM XIV LP                                          | LCM LP, Series 14A, Class AR                                                    | CUSIP: 50184VAR5<br>LEI: 549300NGJ6CPPJRPGL08 | Long             | ABS-CBDO         | CORP              | KY        |     70848 | PA      | $70865.76     | 0.01%             | 2031-07-20      | Floating      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| Precision Drilling Corp.                            | Precision Drilling Corp.                                                        | CUSIP: 740212AL9<br>LEI: 549300WF2OE8T5BP4B84 | Long             | DBT              | CORP              | CA        |     19000 | PA      | $18978.81     | 0.00%             | 2026-01-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| MVW LLC                                             | MVW LLC, Series 2023-2A, Class C                                                | CUSIP: 55400WAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    358494 | PA      | $367559.70    | 0.06%             | 2040-11-20      | Fixed         | 7.06%                 | Yes           |                  2 | On Loan: No      |
| VOLT XCVI LLC                                       | VOLT XCVI LLC, Series 2021-NPL5, Class A1                                       | CUSIP: 92873FAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9533 | PA      | $9526.69      | 0.00%             | 2051-03-27      | Variable      | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Calpine Corp.                                       | Calpine Corp.                                                                   | CUSIP: 131347CM6<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |     85000 | PA      | $83368.49     | 0.01%             | 2028-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Lennar Corp.                                        | Lennar Corp.                                                                    | CUSIP: 526057CY8<br>LEI: 529900G61XVRLX5TJX09 | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1186035.98   | 0.19%             | 2030-07-30      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                     | Citigroup, Inc.                                                                 | CUSIP: 172967QA2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1180000 | PA      | $1179194.53   | 0.19%             | 2031-05-07      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| Performance Food Group, Inc.                        | Performance Food Group, Inc.                                                    | CUSIP: 69346VAA7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149377.83    | 0.02%             | 2027-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander SA                                  | Banco Santander SA                                                              | CUSIP: 05964HAU9<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    800000 | PA      | $822375.75    | 0.13%             | 2028-08-08      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                         | Caesars Entertainment, Inc.                                                     | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    145000 | PA      | $146166.53    | 0.02%             | 2032-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| DT Auto Owner Trust                                 | DT Auto Owner Trust, Series 2023-3A, Class C                                    | CUSIP: 23345WAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1606000 | PA      | $1628783.36   | 0.27%             | 2029-05-15      | Fixed         | 6.40%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                  | Dominican Republic Government Bond                                              | CUSIP: N/A<br>LEI: 254900EHU7Q8FGVPI369       | Long             | DBT              | NUSS              | DO        |    200000 | PA      | $207520.00    | 0.03%             | 2031-02-03      | Fixed         | 7.05%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                 | U.S. Treasury Ultra Bond                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -14 | NC      | $-37423.21    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Societe Generale SA                                 | Societe Generale SA                                                             | CUSIP: 83368RAZ5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    570000 | PA      | $559304.91    | 0.09%             | 2026-12-14      | Variable      | 1.49%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                 | Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class C                  | CUSIP: 17323VBE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $363000.00    | 0.06%             | 2048-04-10      | Variable      | 4.04%                 | No            |                  2 | On Loan: No      |
| Dext ABS LLC                                        | Dext ABS LLC, Series 2025-1, Class B                                            | CUSIP: 252154AD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1680000 | PA      | $1679491.30   | 0.27%             | 2035-08-15      | Fixed         | 4.98%                 | Yes           |                  2 | On Loan: No      |
| Met Tower Global Funding                            | Met Tower Global Funding                                                        | CUSIP: 58989V2F0<br>LEI: 635400OFJCY9IOGBGY57 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1010038.52   | 0.16%             | 2026-06-20      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 31418EP61<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1976546 | PA      | $1947801.41   | 0.32%             | 2038-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| IQVIA, Inc.                                         | IQVIA, Inc.                                                                     | CUSIP: 46266TAA6<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198714.02    | 0.03%             | 2027-05-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Hertz Corp. (The)                                   | Hertz Corp. (The)                                                               | CUSIP: 428040DA4<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    153000 | PA      | $135113.18    | 0.02%             | 2026-12-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust  | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25, Class B    | CUSIP: 61765TAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $495728.80    | 0.08%             | 2048-10-15      | Variable      | 4.52%                 | No            |                  2 | On Loan: No      |
| Arab Republic of Egypt                              | Arab Republic of Egypt                                                          | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |    200000 | PA      | $201713.00    | 0.03%             | 2027-01-31      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| TriMas Corp.                                        | TriMas Corp.                                                                    | CUSIP: 896215AH3<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | DBT              | CORP              | US        |    130000 | PA      | $122357.64    | 0.02%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                                  | CUSIP: 61747YEC5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    335000 | PA      | $323229.20    | 0.05%             | 2027-07-20      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| RingCentral, Inc.                                   | RingCentral, Inc.                                                               | CUSIP: 76680RAJ6<br>LEI: 549300C8EH0H1614VE84 | Long             | DBT              | CORP              | US        |    125000 | PA      | $132027.38    | 0.02%             | 2030-08-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Univision Communications, Inc.                      | Univision Communications, Inc.                                                  | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     45000 | PA      | $42069.15     | 0.01%             | 2030-06-30      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Bath & Body Works, Inc.                             | Bath & Body Works, Inc.                                                         | CUSIP: 501797AR5<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     76000 | PA      | $77899.39     | 0.01%             | 2029-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Ardagh Packaging Finance plc                        | Ardagh Packaging Finance plc                                                    | CUSIP: 03969AAN0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $181814.00    | 0.03%             | 2026-08-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Central Garden & Pet Co.                            | Central Garden & Pet Co.                                                        | CUSIP: 153527AP1<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |     31000 | PA      | $28258.05     | 0.00%             | 2031-04-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Sirius XM Radio LLC                                 | Sirius XM Radio LLC                                                             | CUSIP: 82967NBG2<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     45000 | PA      | $40885.59     | 0.01%             | 2030-07-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Lloyds Banking Group plc                            | Lloyds Banking Group plc                                                        | CUSIP: 539439AY5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1013952.68   | 0.17%             | 2027-08-07      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| Vital Energy, Inc.                                  | Vital Energy, Inc.                                                              | CUSIP: 516806AJ5<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88124.94     | 0.01%             | 2030-10-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                    | NRG Energy, Inc.                                                                | CUSIP: 629377CQ3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     46000 | PA      | $42973.46     | 0.01%             | 2029-02-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Continental Finance Credit Card ABS Master Trust    | Continental Finance Credit Card ABS Master Trust, Series 2021-A, Class A        | CUSIP: 66981PAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     48814 | PA      | $48759.31     | 0.01%             | 2029-12-17      | Fixed         | 2.55%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                | FREMF Mortgage Trust, Series 2020-K115, Class D                                 | CUSIP: 302673AG3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1200000 | PA      | $812153.04    | 0.13%             | 2053-09-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                   | HSBC Holdings plc                                                               | CUSIP: 404280EW5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1305000 | PA      | $1310886.45   | 0.21%             | 2031-05-13      | Variable      | 5.24%                 | No            |                  2 | On Loan: No      |
| Credit Agricole SA                                  | Credit Agricole SA                                                              | CUSIP: 22535WAP2<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    945000 | PA      | $954960.88    | 0.16%             | 2029-01-09      | Variable      | 5.23%                 | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                    | Bombardier, Inc.                                                                | CUSIP: 097751BT7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     16000 | PA      | $16073.54     | 0.00%             | 2027-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                   | Credit Acceptance Auto Loan Trust, Series 2023-5A, Class C                      | CUSIP: 22535PAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $363106.80    | 0.06%             | 2034-04-17      | Fixed         | 7.30%                 | Yes           |                  2 | On Loan: No      |
| Avantor Funding, Inc.                               | Avantor Funding, Inc.                                                           | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97461.79     | 0.02%             | 2028-07-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC            | Avis Budget Rental Car Funding AESOP LLC, Series 2024-3A, Class B               | CUSIP: 05377RJL9<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $506652.65    | 0.08%             | 2030-12-20      | Fixed         | 5.58%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 2673, Class PE                                             | CUSIP: 31394JKA4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     63991 | PA      | $65691.41     | 0.01%             | 2033-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                     | Citigroup, Inc.                                                                 | CUSIP: 17327CAM5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     85000 | PA      | $82979.62     | 0.01%             | 2027-01-28      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                     | CSAIL Commercial Mortgage Trust, Series 2015-C4, Class E                        | CUSIP: 12635RBF4<br>LEI: 54930025J96YEH8FQE77 | Long             | ABS-MBS          | CORP              | US        |    325000 | PA      | $306014.15    | 0.05%             | 2048-11-15      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| Global Payments, Inc.                               | Global Payments, Inc.                                                           | CUSIP: 37940XAP7<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    335000 | PA      | $336503.10    | 0.05%             | 2027-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Williams Scotsman, Inc.                             | Williams Scotsman, Inc.                                                         | CUSIP: 96950GAE2<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48776.42     | 0.01%             | 2028-08-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA, REMIC, Series 2022-42, Class EA                                           | CUSIP: 3136BNRD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1701664 | PA      | $1635015.99   | 0.27%             | 2052-06-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FirstKey Homes Trust                                | FirstKey Homes Trust, Series 2021-SFR1, Class F2                                | CUSIP: 33767WAQ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $483470.45    | 0.08%             | 2038-08-17      | Fixed         | 3.45%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                 | Petroleos Mexicanos                                                             | CUSIP: 71654QBW1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    400000 | PA      | $391744.00    | 0.06%             | 2026-01-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| Staples, Inc.                                       | Staples, Inc.                                                                   | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |     70000 | PA      | $63369.71     | 0.01%             | 2029-09-01      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 30 Year                                                              | CUSIP: 31418ES50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2638147 | PA      | $2615910.37   | 0.43%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K120, Class X1 | CUSIP: 3137F72R5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   9806049 | PA      | $429499.06    | 0.07%             | 2030-10-25      | Variable      | 1.03%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                          | Progress Residential Trust, Series 2025-SFR2, Class D                           | CUSIP: 74334GAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1811884.00   | 0.30%             | 2042-04-17      | Fixed         | 3.56%                 | Yes           |                  2 | On Loan: No      |
| Masterbrand, Inc.                                   | Masterbrand, Inc.                                                               | CUSIP: 57638PAA2<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99437.15     | 0.02%             | 2032-07-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Axon Enterprise, Inc.                               | Axon Enterprise, Inc.                                                           | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66293.51     | 0.01%             | 2030-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Station Casinos LLC                                 | Station Casinos LLC                                                             | CUSIP: 857691AG4<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |    164000 | PA      | $159055.85    | 0.03%             | 2028-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Toorak Mortgage Trust                               | Toorak Mortgage Trust, Series 2025-RRTL1, Class A1                              | CUSIP: 89053JAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $796027.12    | 0.13%             | 2040-02-25      | Variable      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Wand NewCo 3, Inc.                                  | Wand NewCo 3, Inc.                                                              | CUSIP: 933940AA6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | DBT              | CORP              | US        |    135000 | PA      | $140440.77    | 0.02%             | 2032-01-30      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 4376, Class A                                              | CUSIP: 3137BCT65<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    406269 | PA      | $403877.54    | 0.07%             | 2041-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Blue Racer Midstream LLC                            | Blue Racer Midstream LLC                                                        | CUSIP: 095796AJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $92985.93     | 0.02%             | 2029-07-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                              | Tenet Healthcare Corp.                                                          | CUSIP: 88033GDM9<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    553000 | PA      | $531009.01    | 0.09%             | 2029-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                        | Barclays plc                                                                    | CUSIP: 06738EBU8<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    820000 | PA      | $791266.93    | 0.13%             | 2027-11-24      | Variable      | 2.28%                 | No            |                  2 | On Loan: No      |
| Scripps Escrow II, Inc.                             | Scripps Escrow II, Inc.                                                         | CUSIP: 81105DAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     36000 | PA      | $30780.00     | 0.01%             | 2029-01-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| ams-OSRAM AG                                        | ams-OSRAM AG                                                                    | CUSIP: 03217CAB2<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |    200000 | PA      | $208586.80    | 0.03%             | 2029-03-30      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2024-151, Class HB                                                 | CUSIP: 38384WMQ5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5779190 | PA      | $5660233.80   | 0.92%             | 2052-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Nationwide Building Society                         | Nationwide Building Society                                                     | CUSIP: 63861VAF4<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |   2590000 | PA      | $2517801.24   | 0.41%             | 2028-02-16      | Variable      | 2.97%                 | Yes           |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CMF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    555000 | PA      | $560073.04    | 0.09%             | 2028-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                               | Bank of America Corp.                                                           | CUSIP: 06051GKW8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    475000 | PA      | $477986.39    | 0.08%             | 2028-07-22      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| Purewest ABS Issuer LLC                             | Purewest ABS Issuer LLC, Series 2025-1, Class A2                                | CUSIP: 74628AAB0<br>LEI: 254900N011GHBESCKS35 | Long             | ABS-O            | CORP              | US        |    998718 | PA      | $998717.68    | 0.16%             | 2040-04-05      | Fixed         | 6.53%                 | Yes           |                  3 | On Loan: No      |
| JPMorgan Chase Commercial Mortgage Securities Trust | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C16, Class D   | CUSIP: 46641BAP8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    145168 | PA      | $136808.07    | 0.02%             | 2046-12-15      | Variable      | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                      | Community Health Systems, Inc.                                                  | CUSIP: 12543DBH2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    132000 | PA      | $126823.26    | 0.02%             | 2029-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                               | Bank of America Corp.                                                           | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    230000 | PA      | $222478.40    | 0.04%             | 2027-07-22      | Variable      | 1.73%                 | No            |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                         | Allied Universal Holdco LLC                                                     | CUSIP: 049362AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $191041.11    | 0.03%             | 2028-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.                 | Hilton Domestic Operating Co., Inc.                                             | CUSIP: 432833AQ4<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76157.48     | 0.01%             | 2032-04-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Grifols SA                                          | Grifols SA                                                                      | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $190252.02    | 0.03%             | 2028-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| DT Auto Owner Trust                                 | DT Auto Owner Trust, Series 2021-1A, Class D                                    | CUSIP: 23344GAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     52243 | PA      | $52163.58     | 0.01%             | 2026-11-16      | Fixed         | 1.16%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                     | Citigroup, Inc.                                                                 | CUSIP: 17327CAW3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3004079.16   | 0.49%             | 2029-03-04      | Variable      | 4.79%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.               | Sumitomo Mitsui Financial Group, Inc.                                           | CUSIP: 86562MCR9<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    775000 | PA      | $795543.37    | 0.13%             | 2028-01-13      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC                               | Directv Financing LLC                                                           | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     89000 | PA      | $87603.47     | 0.01%             | 2027-08-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| FS Luxembourg Sarl                                  | FS Luxembourg Sarl                                                              | CUSIP: 30315XAC8<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $202000.00    | 0.03%             | 2031-02-12      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                        | BX Commercial Mortgage Trust, Series 2021-VOLT, Class D                         | CUSIP: 05609VAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    275000 | PA      | $273281.25    | 0.04%             | 2036-09-15      | Floating      | 6.09%                 | Yes           |                  2 | On Loan: No      |
| Tricon Residential Trust                            | Tricon Residential Trust, Series 2021-SFR1, Class E1                            | CUSIP: 89614YAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    240000 | PA      | $232047.74    | 0.04%             | 2038-07-17      | Fixed         | 2.79%                 | Yes           |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                        | Hilton Grand Vacations Trust, Series 2024-2A, Class C                           | CUSIP: 43283JAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    694307 | PA      | $699437.23    | 0.11%             | 2038-03-25      | Fixed         | 5.99%                 | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                 | Exeter Automobile Receivables Trust, Series 2022-5A, Class C                    | CUSIP: 30167FAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    253021 | PA      | $253903.27    | 0.04%             | 2027-12-15      | Fixed         | 6.51%                 | No            |                  2 | On Loan: No      |
| Banque Federative du Credit Mutuel SA               | Banque Federative du Credit Mutuel SA                                           | CUSIP: 06675FBA4<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |    500000 | PA      | $506903.26    | 0.08%             | 2026-07-13      | Fixed         | 5.90%                 | Yes           |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                        | Islamic Republic of Pakistan                                                    | CUSIP: 695847AT0<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |    200000 | PA      | $170298.00    | 0.03%             | 2031-04-08      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                        | GS Mortgage Securities Trust, Series 2016-GS2, Class B                          | CUSIP: 36252TAW5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $97571.42     | 0.02%             | 2049-05-10      | Variable      | 3.76%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                          | Flagship Credit Auto Trust, Series 2021-3, Class C                              | CUSIP: 33846QAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1031874 | PA      | $1022230.27   | 0.17%             | 2027-09-15      | Fixed         | 1.46%                 | Yes           |                  2 | On Loan: No      |
| Trinity Industries, Inc.                            | Trinity Industries, Inc.                                                        | CUSIP: 896522AJ8<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103917.00    | 0.02%             | 2028-07-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| American Airlines, Inc.                             | American Airlines, Inc.                                                         | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65333 | PA      | $65221.72     | 0.01%             | 2026-04-20      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Global Payments, Inc.                               | Global Payments, Inc.                                                           | CUSIP: 37940XAE2<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    415000 | PA      | $403898.84    | 0.07%             | 2026-03-01      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| SM Energy Co.                                       | SM Energy Co.                                                                   | CUSIP: 78454LAP5<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     84000 | PA      | $84090.13     | 0.01%             | 2027-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                | FREMF Mortgage Trust, Series 2016-K57, Class C                                  | CUSIP: 30295DAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    185000 | PA      | $181755.91    | 0.03%             | 2049-08-25      | Variable      | 3.92%                 | Yes           |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                 | Macquarie Bank Ltd.                                                             | CUSIP: 55608PBM5<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |   1000000 | PA      | $1008213.00   | 0.16%             | 2026-06-15      | Fixed         | 5.21%                 | Yes           |                  2 | On Loan: No      |
| LCM Ltd.                                            | LCM Ltd., Series 36A, Class BR                                                  | CUSIP: 50190LAS7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1604167 | PA      | $1599593.52   | 0.26%             | 2034-01-15      | Floating      | 5.76%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                     | Citigroup, Inc.                                                                 | CUSIP: 172967NX5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1754029.66   | 0.29%             | 2026-09-29      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| RB Global Holdings, Inc.                            | RB Global Holdings, Inc.                                                        | CUSIP: 76774LAC1<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104680.25    | 0.02%             | 2031-03-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 30 Year                                                              | CUSIP: 3140X6JS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    708756 | PA      | $672643.53    | 0.11%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gray Media, Inc.                                    | Gray Media, Inc.                                                                | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     90000 | PA      | $64264.47     | 0.01%             | 2031-11-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| CIFC Funding Ltd.                                   | CIFC Funding Ltd., Series 2016-1A, Class BR3                                    | CUSIP: 17180TBN1<br>LEI: 54930076OPDXR0U68E20 | Long             | ABS-CBDO         | CORP              | KY        |   1565000 | PA      | $1560618.00   | 0.25%             | 2031-10-21      | Floating      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| MGM Resorts International                           | MGM Resorts International                                                       | CUSIP: 552953CK5<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |     80000 | PA      | $80380.32     | 0.01%             | 2029-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| GFL Environmental, Inc.                             | GFL Environmental, Inc.                                                         | CUSIP: 36168QAL8<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |    160000 | PA      | $153810.22    | 0.03%             | 2028-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                  | Credit Agricole SA                                                              | CUSIP: 22535WAR8<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    955000 | PA      | $963383.14    | 0.16%             | 2031-05-27      | Variable      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K124, Class X1 | CUSIP: 3137F9YZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  19836003 | PA      | $649341.46    | 0.11%             | 2030-12-25      | Variable      | 0.72%                 | No            |                  2 | On Loan: No      |
| N/A                                                 | U.S. Treasury 10 Year Ultra Note                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -108 | NC      | $-149471.82   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Post Holdings, Inc.                                 | Post Holdings, Inc.                                                             | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     91000 | PA      | $86120.71     | 0.01%             | 2030-04-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                      | BNP Paribas SA                                                                  | CUSIP: 09659W2L7<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    795000 | PA      | $794593.08    | 0.13%             | 2026-06-09      | Variable      | 2.22%                 | Yes           |                  2 | On Loan: No      |
| CPS Auto Receivables Trust                          | CPS Auto Receivables Trust, Series 2023-A, Class D                              | CUSIP: 12664LAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $762661.80    | 0.12%             | 2029-04-16      | Fixed         | 6.44%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                          | Progress Residential Trust, Series 2022-SFR3, Class D                           | CUSIP: 74331UAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    562000 | PA      | $548841.95    | 0.09%             | 2039-04-17      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Linked Notes             | Santander Bank Auto Credit-Linked Notes, Series 2024-A, Class C                 | CUSIP: 80290CCK8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    884154 | PA      | $889121.36    | 0.14%             | 2032-06-15      | Fixed         | 5.82%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K111, Class X3 | CUSIP: 3137FUZF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    405000 | PA      | $54034.41     | 0.01%             | 2048-04-25      | Variable      | 3.18%                 | No            |                  2 | On Loan: No      |
| STWD Mortgage Trust                                 | STWD Mortgage Trust, Series 2021-LIH, Class B                                   | CUSIP: 78486EAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |    400000 | PA      | $398000.00    | 0.06%             | 2036-11-15      | Floating      | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Nordea Bank Abp                                     | Nordea Bank Abp                                                                 | CUSIP: 65559CAE1<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |    500000 | PA      | $480388.57    | 0.08%             | 2026-09-30      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                 | U.S. Treasury 10 Year Note                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -164 | NC      | $-160421.84   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan, Inc.                                 | Kinder Morgan, Inc.                                                             | CUSIP: 49456BBB6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    420000 | PA      | $423946.37    | 0.07%             | 2030-06-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Connect Finco SARL                                  | Connect Finco SARL                                                              | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $190621.96    | 0.03%             | 2029-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 4754, Class VG                                             | CUSIP: 3137FDUF7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    319800 | PA      | $318438.31    | 0.05%             | 2036-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Smyrna Ready Mix Concrete LLC                       | Smyrna Ready Mix Concrete LLC                                                   | CUSIP: 83283WAE3<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |    170000 | PA      | $174572.32    | 0.03%             | 2031-11-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| SS&C Technologies, Inc.                             | SS&C Technologies, Inc.                                                         | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149832.72    | 0.02%             | 2027-09-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Sinclair Television Group, Inc.                     | Sinclair Television Group, Inc.                                                 | CUSIP: 829259BF6<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |     59000 | PA      | $42605.08     | 0.01%             | 2032-12-31      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| News Corp.                                          | News Corp.                                                                      | CUSIP: 65249BAA7<br>LEI: 549300ITS31QK8VRBQ14 | Long             | DBT              | CORP              | US        |     46000 | PA      | $43626.37     | 0.01%             | 2029-05-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| AdaptHealth LLC                                     | AdaptHealth LLC                                                                 | CUSIP: 00653VAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     54000 | PA      | $49874.95     | 0.01%             | 2029-08-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                   | HSBC Holdings plc                                                               | CUSIP: 404280DZ9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    855000 | PA      | $865608.26    | 0.14%             | 2027-08-14      | Variable      | 5.89%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                     | Danske Bank A/S                                                                 | CUSIP: 23636ABJ9<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    615000 | PA      | $608289.44    | 0.10%             | 2030-10-02      | Variable      | 4.61%                 | Yes           |                  2 | On Loan: No      |
| SM Energy Co.                                       | SM Energy Co.                                                                   | CUSIP: 78454LAW0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99444.97     | 0.02%             | 2028-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Aligned Data Centers Issuer LLC                     | Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2                       | CUSIP: 01627AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    263000 | PA      | $252738.58    | 0.04%             | 2046-08-15      | Fixed         | 1.94%                 | Yes           |                  2 | On Loan: No      |
| Herc Holdings, Inc.                                 | Herc Holdings, Inc.                                                             | CUSIP: 42704LAA2<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     74000 | PA      | $73461.58     | 0.01%             | 2027-07-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                   | Credit Acceptance Auto Loan Trust, Series 2022-1A, Class C                      | CUSIP: 22534LAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    467000 | PA      | $467531.73    | 0.08%             | 2032-10-15      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Westgate Resorts LLC                                | Westgate Resorts LLC, Series 2024-1A, Class C                                   | CUSIP: 96034KAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800197 | PA      | $808310.29    | 0.13%             | 2038-01-20      | Fixed         | 7.06%                 | Yes           |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                          | Flagship Credit Auto Trust, Series 2021-1, Class D                              | CUSIP: 33843WAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    203654 | PA      | $200445.32    | 0.03%             | 2027-03-15      | Fixed         | 1.27%                 | Yes           |                  2 | On Loan: No      |
| Wingspire Equipment Finance LLC                     | Wingspire Equipment Finance LLC, Series 2024-1A, Class A2                       | CUSIP: 97415AAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1286000 | PA      | $1284433.39   | 0.21%             | 2032-09-20      | Fixed         | 4.99%                 | Yes           |                  2 | On Loan: No      |
| Gap, Inc. (The)                                     | Gap, Inc. (The)                                                                 | CUSIP: 364760AP3<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |     85000 | PA      | $77620.26     | 0.01%             | 2029-10-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Owens & Minor, Inc.                                 | Owens & Minor, Inc.                                                             | CUSIP: 690732AF9<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |    125000 | PA      | $102167.35    | 0.02%             | 2029-03-31      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                           | Bank of Nova Scotia (The)                                                       | CUSIP: 06418JAA9<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    720000 | PA      | $728892.17    | 0.12%             | 2026-12-07      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Rocket Mortgage LLC                                 | Rocket Mortgage LLC                                                             | CUSIP: 74841CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    119000 | PA      | $111024.87    | 0.02%             | 2029-03-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                            | Lumen Technologies, Inc.                                                        | CUSIP: 550241AH6<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |     22810 | PA      | $22153.97     | 0.00%             | 2030-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| California Resources Corp.                          | California Resources Corp.                                                      | CUSIP: 13057QAH0<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |     21000 | PA      | $20982.01     | 0.00%             | 2026-02-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust               | Wells Fargo Commercial Mortgage Trust, Series 2015-LC22, Class D                | CUSIP: 94989TBH6<br>LEI: 549300XO83D3BDYP0P62 | Long             | ABS-MBS          | CORP              | US        |    205000 | PA      | $168232.14    | 0.03%             | 2058-09-15      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                                 | DT Auto Owner Trust, Series 2023-1A, Class C                                    | CUSIP: 23346KAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $300671.31    | 0.05%             | 2028-10-16      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Scripps Escrow, Inc.                                | Scripps Escrow, Inc.                                                            | CUSIP: 81104PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     18000 | PA      | $15261.53     | 0.00%             | 2027-07-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| TEGNA, Inc.                                         | TEGNA, Inc.                                                                     | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |     67000 | PA      | $63818.59     | 0.01%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                 | Exeter Automobile Receivables Trust, Series 2021-2A, Class D                    | CUSIP: 30165XAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    106325 | PA      | $104362.73    | 0.02%             | 2027-04-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Life Mortgage Trust                                 | Life Mortgage Trust, Series 2021-BMR, Class C                                   | CUSIP: 53218CAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20826 | PA      | $20682.79     | 0.00%             | 2038-03-15      | Floating      | 5.54%                 | Yes           |                  2 | On Loan: No      |
| Lendmark Funding Trust                              | Lendmark Funding Trust, Series 2021-1A, Class A                                 | CUSIP: 52607MAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    950000 | PA      | $905857.87    | 0.15%             | 2031-11-20      | Fixed         | 1.90%                 | Yes           |                  2 | On Loan: No      |
| Energizer Holdings, Inc.                            | Energizer Holdings, Inc.                                                        | CUSIP: 29272WAC3<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    101000 | PA      | $97391.31     | 0.02%             | 2028-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                                 | Medline Borrower LP                                                             | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     37000 | PA      | $37649.86     | 0.01%             | 2029-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                     | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GYM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    423000 | PA      | $407424.62    | 0.07%             | 2027-10-21      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works, Inc.                             | Bath & Body Works, Inc.                                                         | CUSIP: 501797AN4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     41000 | PA      | $40983.44     | 0.01%             | 2028-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank NA                              | Morgan Stanley Bank NA                                                          | CUSIP: 61690U8B9<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |    625000 | PA      | $636220.14    | 0.10%             | 2028-05-26      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| SMRT                                                | SMRT, Series 2022-MINI, Class E                                                 | CUSIP: 78457JAN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $340386.03    | 0.06%             | 2039-01-15      | Floating      | 7.03%                 | Yes           |                  2 | On Loan: No      |
| ADT Security Corp. (The)                            | ADT Security Corp. (The)                                                        | CUSIP: 74166NAA2<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94918.72     | 0.02%             | 2032-07-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Xerox Holdings Corp.                                | Xerox Holdings Corp.                                                            | CUSIP: 98421MAA4<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |     84000 | PA      | $83602.19     | 0.01%             | 2025-08-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Seagate HDD Cayman                                  | Seagate HDD Cayman                                                              | CUSIP: 81180WBM2<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |     44000 | PA      | $49941.10     | 0.01%             | 2032-12-01      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                    | Deutsche Bank AG                                                                | CUSIP: 251526DA4<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   1325000 | PA      | $1326831.84   | 0.22%             | 2031-05-09      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 20 Year                                                              | CUSIP: 3140X6MZ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    809651 | PA      | $769660.79    | 0.13%             | 2039-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2021-9, Class MI                                                   | CUSIP: 38382MF61<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    196560 | PA      | $29271.27     | 0.00%             | 2051-01-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United Rentals North America, Inc.                  | United Rentals North America, Inc.                                              | CUSIP: 911365BP8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    300000 | PA      | $269308.92    | 0.04%             | 2032-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| RHP Hotel Properties LP                             | RHP Hotel Properties LP                                                         | CUSIP: 749571AG0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $57926.92     | 0.01%             | 2029-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                        | UBS Group AG                                                                    | CUSIP: 902613BL1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1585000 | PA      | $1632409.43   | 0.27%             | 2030-09-13      | Variable      | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                           | Bank of Nova Scotia (The)                                                       | CUSIP: 06418GAL1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    995000 | PA      | $991494.40    | 0.16%             | 2028-09-08      | Variable      | 4.40%                 | No            |                  2 | On Loan: No      |
| Upstart Pass-Through Trust                          | Upstart Pass-Through Trust, Series 2021-ST5, Class A                            | CUSIP: 91679XAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9161 | PA      | $9063.31      | 0.00%             | 2027-07-20      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Stream Innovations Issuer Trust                     | Stream Innovations Issuer Trust, Series 2024-2A, Class A                        | CUSIP: 86324EAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1428994 | PA      | $1433213.17   | 0.23%             | 2045-02-15      | Fixed         | 5.21%                 | Yes           |                  2 | On Loan: No      |
| H&E Equipment Services, Inc.                        | H&E Equipment Services, Inc.                                                    | CUSIP: 404030AJ7<br>LEI: 254900KVLRCDMQRYY541 | Long             | DBT              | CORP              | US        |     85000 | PA      | $85652.29     | 0.01%             | 2028-12-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Banco Continental SAECA                             | Banco Continental SAECA                                                         | CUSIP: 059490AB8<br>LEI: 8945005Q0D60A6FCEM55 | Long             | DBT              | CORP              | PY        |    550000 | PA      | $542231.25    | 0.09%             | 2025-12-10      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                     | Republic Finance Issuance Trust, Series 2021-A, Class A                         | CUSIP: 76042UAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200665 | PA      | $199199.26    | 0.03%             | 2031-12-22      | Fixed         | 2.30%                 | Yes           |                  2 | On Loan: No      |
| Altice Financing SA                                 | Altice Financing SA                                                             | CUSIP: 02154CAF0<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $156595.50    | 0.03%             | 2028-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 4583, Class UP                                             | CUSIP: 3137BPDW6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1573569 | PA      | $1461520.92   | 0.24%             | 2045-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                          | Avis Budget Car Rental LLC                                                      | CUSIP: 053773BC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    144000 | PA      | $142076.51    | 0.02%             | 2027-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 30 Year                                                              | CUSIP: 3140J5NB1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    115041 | PA      | $110830.99    | 0.02%             | 2047-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                         | Hashemite Kingdom of Jordan                                                     | CUSIP: N/A<br>LEI: 5493000JZ4MYPVMBVN50       | Long             | DBT              | NUSS              | JO        |    400000 | PA      | $400060.00    | 0.07%             | 2026-01-29      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| ATI, Inc.                                           | ATI, Inc.                                                                       | CUSIP: 01741RAH5<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |    108000 | PA      | $107990.32    | 0.02%             | 2027-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                 | Petroleos Mexicanos                                                             | CUSIP: 71654QDC3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    250000 | PA      | $233737.50    | 0.04%             | 2030-01-23      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| ASB Bank Ltd.                                       | ASB Bank Ltd.                                                                   | CUSIP: 00216LAF0<br>LEI: 549300IBZWZL1KTPF918 | Long             | DBT              | CORP              | NZ        |   1000000 | PA      | $1022667.87   | 0.17%             | 2027-11-29      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                    | ABN AMRO Bank NV                                                                | CUSIP: 00084DAU4<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $386684.85    | 0.06%             | 2027-06-16      | Variable      | 1.54%                 | Yes           |                  2 | On Loan: —       |
| Multi-Family Connecticut Avenue Securities Trust    | Multi-Family Connecticut Avenue Securities Trust, Series 2020-01, Class M10     | CUSIP: 62548QAD3<br>LEI: 5493002KQF9IH3CTQZ40 | Long             | ABS-MBS          | CORP              | US        |    552904 | PA      | $560935.95    | 0.09%             | 2050-03-25      | Floating      | 8.19%                 | Yes           |                  2 | On Loan: No      |
| Star Parent, Inc.                                   | Star Parent, Inc.                                                               | CUSIP: 855170AA4<br>LEI: 254900GRGCJYRMDRWT73 | Long             | DBT              | CORP              | US        |    105000 | PA      | $108524.73    | 0.02%             | 2030-10-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CLX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    915000 | PA      | $920075.40    | 0.15%             | 2027-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ASB Bank Ltd.                                       | ASB Bank Ltd.                                                                   | CUSIP: 00216LAG8<br>LEI: 549300IBZWZL1KTPF918 | Long             | DBT              | CORP              | NZ        |   1000000 | PA      | $1009025.80   | 0.16%             | 2026-06-15      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| National Bank of Canada                             | National Bank of Canada                                                         | CUSIP: 63307A2X2<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |   1620000 | PA      | $1673544.30   | 0.27%             | 2028-12-18      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 30 Year                                                             | CUSIP: 3132DWEC3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    736907 | PA      | $695637.55    | 0.11%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RHP Hotel Properties LP                             | RHP Hotel Properties LP                                                         | CUSIP: 749571AF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     67000 | PA      | $66205.90     | 0.01%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Escrow Rite Aid                                     | Escrow Rite Aid                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |      6532 | PA      | $0.00         | 0.00%             | 2049-12-31      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| American Axle & Manufacturing, Inc.                 | American Axle & Manufacturing, Inc.                                             | CUSIP: 02406PBA7<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    124000 | PA      | $122947.54    | 0.02%             | 2028-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 30 Year                                                             | CUSIP: 3132AD3L0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    692607 | PA      | $646128.07    | 0.11%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Matador Resources Co.                               | Matador Resources Co.                                                           | CUSIP: 576485AG1<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |     95000 | PA      | $93017.96     | 0.02%             | 2032-04-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Somnigroup International, Inc.                      | Somnigroup International, Inc.                                                  | CUSIP: 88023UAH4<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |    140000 | PA      | $131860.88    | 0.02%             | 2029-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Griffon Corp.                                       | Griffon Corp.                                                                   | CUSIP: 398433AP7<br>LEI: 5493000C2SGNC7ZN3242 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124246.15    | 0.02%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                              | Cleveland-Cliffs, Inc.                                                          | CUSIP: 185899AH4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7879.33      | 0.00%             | 2027-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| Archrock Partners LP                                | Archrock Partners LP                                                            | CUSIP: 03959KAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $99837.71     | 0.02%             | 2028-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 5516, Class DV                                             | CUSIP: 3137HKBD5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2950067 | PA      | $3026970.14   | 0.49%             | 2035-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Ascent Resources Utica Holdings LLC                 | Ascent Resources Utica Holdings LLC                                             | CUSIP: 04364VAR4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $106581.09    | 0.02%             | 2028-12-31      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                   | Wells Fargo & Co.                                                               | CUSIP: 95000U2V4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    285000 | PA      | $279527.03    | 0.05%             | 2028-03-24      | Variable      | 3.53%                 | No            |                  2 | On Loan: No      |
| Tricon Residential Trust                            | Tricon Residential Trust, Series 2024-SFR4, Class D                             | CUSIP: 895975AD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1311000 | PA      | $1289726.80   | 0.21%             | 2041-11-17      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                              | Oportun Issuance Trust, Series 2025-A, Class C                                  | CUSIP: 68377TAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $498964.30    | 0.08%             | 2033-02-08      | Fixed         | 5.89%                 | Yes           |                  2 | On Loan: No      |
| Clarios Global LP                                   | Clarios Global LP                                                               | CUSIP: 69867DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     59000 | PA      | $59005.56     | 0.01%             | 2026-05-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Staples, Inc.                                       | Staples, Inc.                                                                   | CUSIP: 855030AS1<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |     74684 | PA      | $48075.06     | 0.01%             | 2030-01-15      | Fixed         | 12.75%                | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                               | Bank of America Corp.                                                           | CUSIP: 06051GLC1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    400000 | PA      | $414139.43    | 0.07%             | 2028-11-10      | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| BSPRT Issuer Ltd.                                   | BSPRT Issuer Ltd., Series 2021-FL7, Class B                                     | CUSIP: 05602CAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    475000 | PA      | $472000.38    | 0.08%             | 2038-12-15      | Floating      | 6.49%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Bank AG                                    | Deutsche Bank AG                                                                | CUSIP: 251526CU1<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   1303000 | PA      | $1378715.66   | 0.22%             | 2029-11-20      | Variable      | 6.82%                 | No            |                  2 | On Loan: No      |
| Marriott Ownership Resorts, Inc.                    | Marriott Ownership Resorts, Inc.                                                | CUSIP: 57164PAF3<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72621.24     | 0.01%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 20 Year                                                              | CUSIP: 3140QGGU5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    209931 | PA      | $188245.16    | 0.03%             | 2040-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group plc                            | Lloyds Banking Group plc                                                        | CUSIP: 539439AX7<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    755000 | PA      | $777128.77    | 0.13%             | 2029-03-06      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| Nationwide Building Society                         | Nationwide Building Society                                                     | CUSIP: 63861VAK3<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1015973.29   | 0.17%             | 2029-07-29      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                 | Exeter Automobile Receivables Trust, Series 2023-4A, Class D                    | CUSIP: 30166TAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $823391.36    | 0.13%             | 2029-12-17      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| DT Midstream, Inc.                                  | DT Midstream, Inc.                                                              | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $161919.99    | 0.03%             | 2029-06-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Equify ABS LLC                                      | Equify ABS LLC, Series 2023-1A, Class A                                         | CUSIP: 29444YAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     61954 | PA      | $62033.21     | 0.01%             | 2031-09-15      | Fixed         | 7.20%                 | Yes           |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                          | AerCap Ireland Capital DAC                                                      | CUSIP: 00774MBG9<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    695000 | PA      | $715198.10    | 0.12%             | 2027-04-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K125, Class X3 | CUSIP: 3137F9ZB0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    460000 | PA      | $56579.72     | 0.01%             | 2049-02-25      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                             | BPCE SA                                                                         | CUSIP: 056121AA4<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    910000 | PA      | $917708.74    | 0.15%             | 2031-05-28      | Variable      | 5.39%                 | Yes           |                  2 | On Loan: No      |
| OCP Aegis CLO Ltd.                                  | OCP Aegis CLO Ltd., Series 2024-39A, Class A1                                   | CUSIP: 67120EAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1500000 | PA      | $1501269.00   | 0.24%             | 2037-01-16      | Floating      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 5481, Class FC                                             | CUSIP: 3137HHQ46<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4631092 | PA      | $4642260.87   | 0.76%             | 2054-12-25      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Trust                           | Commercial Mortgage Trust, Series 2014-CR20, Class C                            | CUSIP: 12592LBP6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     50148 | PA      | $48372.73     | 0.01%             | 2047-11-10      | Variable      | 4.67%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 5021, Class MI                                             | CUSIP: 3137FWMC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    359877 | PA      | $62020.66     | 0.01%             | 2050-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust               | Westlake Automobile Receivables Trust, Series 2023-1A, Class D                  | CUSIP: 96042XAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $510691.40    | 0.08%             | 2028-11-15      | Fixed         | 6.79%                 | Yes           |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust       | Bridgecrest Lending Auto Securitization Trust, Series 2025-1, Class D           | CUSIP: 10806HAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1312000 | PA      | $1325425.04   | 0.22%             | 2030-11-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Sierra Timeshare Receivables Funding LLC            | Sierra Timeshare Receivables Funding LLC, Series 2024-2A, Class C               | CUSIP: 82650DAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1199463 | PA      | $1201704.70   | 0.20%             | 2041-06-20      | Fixed         | 5.83%                 | Yes           |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                                | NOVA Chemicals Corp.                                                            | CUSIP: 66977WAS8<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     67000 | PA      | $64054.31     | 0.01%             | 2029-05-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| DT Auto Owner Trust                                 | DT Auto Owner Trust, Series 2021-3A, Class D                                    | CUSIP: 23344QAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    479926 | PA      | $471584.71    | 0.08%             | 2027-05-17      | Fixed         | 1.31%                 | Yes           |                  2 | On Loan: No      |
| USA Compression Partners LP                         | USA Compression Partners LP                                                     | CUSIP: 91740PAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $74972.83     | 0.01%             | 2027-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA, REMIC, Series 2024-96, Class FA                                           | CUSIP: 3136BTK85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1905474 | PA      | $1903810.17   | 0.31%             | 2054-12-25      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Accelerated LLC                                     | Accelerated LLC, Series 2021-1H, Class B                                        | CUSIP: 00439KAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     90049 | PA      | $83382.13     | 0.01%             | 2040-10-20      | Fixed         | 1.90%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                            | Bausch Health Cos., Inc.                                                        | CUSIP: 071734AN7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    202000 | PA      | $164882.50    | 0.03%             | 2028-06-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Weekley Homes LLC                                   | Weekley Homes LLC                                                               | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     59000 | PA      | $56705.99     | 0.01%             | 2028-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Organon & Co.                                       | Organon & Co.                                                                   | CUSIP: 68622TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $187865.06    | 0.03%             | 2028-04-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| DT Auto Owner Trust                                 | DT Auto Owner Trust, Series 2023-2A, Class E                                    | CUSIP: 23346CAJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $538345.35    | 0.09%             | 2030-04-15      | Fixed         | 11.06%                | Yes           |                  2 | On Loan: No      |
| FREMF 2020-K739 Mortgage Trust                      | FREMF Mortgage Trust, Series 2020-K739, Class D                                 | CUSIP: 30289SAS6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $808117.70    | 0.13%             | 2053-11-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                           | Commercial Mortgage Trust, Series 2015-PC1, Class B                             | CUSIP: 12593GAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $194200.00    | 0.03%             | 2050-07-10      | Variable      | 4.34%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                        | Veros Auto Receivables Trust, Series 2025-1, Class B                            | CUSIP: 92511BAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1257218.88   | 0.20%             | 2029-07-16      | Fixed         | 5.54%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                          | Progress Residential Trust, Series 2024-SFR1, Class D                           | CUSIP: 74331QAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1125000 | PA      | $1054667.93   | 0.17%             | 2041-02-17      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Antero Midstream Partners LP                        | Antero Midstream Partners LP                                                    | CUSIP: 03690AAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    101000 | PA      | $99972.20     | 0.02%             | 2029-06-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                        | Avolon Holdings Funding Ltd.                                                    | CUSIP: 05401AAK7<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    875000 | PA      | $875113.75    | 0.14%             | 2026-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Capital One Financial Corp.                         | Capital One Financial Corp.                                                     | CUSIP: 14040HCX1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    345000 | PA      | $351129.54    | 0.06%             | 2029-02-01      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                | LHOME Mortgage Trust, Series 2024-RTL1, Class A1                                | CUSIP: 50205DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1225000 | PA      | $1234367.94   | 0.20%             | 2029-01-25      | Variable      | 7.02%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA, REMIC, Series 2012-136, Class DL                                          | CUSIP: 3136A97D4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    177157 | PA      | $170257.52    | 0.03%             | 2042-12-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| EMRLD Borrower LP                                   | EMRLD Borrower LP                                                               | CUSIP: 29103CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $242427.26    | 0.04%             | 2030-12-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                          | Flagship Credit Auto Trust, Series 2022-2, Class C                              | CUSIP: 33844XAJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $749408.40    | 0.12%             | 2028-04-17      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust                     | WFRBS Commercial Mortgage Trust, Series 2014-C22, Class C                       | CUSIP: 92890KBG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    725000 | PA      | $583400.25    | 0.10%             | 2057-09-15      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| Ares XXXVII CLO Ltd.                                | Ares CLO Ltd., Series 2015-4A, Class A3RR                                       | CUSIP: 04015NAQ7<br>LEI: 635400YF4AHA6NB2CU53 | Long             | ABS-CBDO         | CORP              | KY        |   1355000 | PA      | $1353238.50   | 0.22%             | 2030-10-15      | Floating      | 5.66%                 | Yes           |                  2 | On Loan: No      |
| PRET LLC                                            | PRET LLC, Series 2021-RN4, Class A1                                             | CUSIP: 69359QAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    296049 | PA      | $295636.58    | 0.05%             | 2051-10-25      | Variable      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| Shift4 Payments LLC                                 | Shift4 Payments LLC                                                             | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $102029.67    | 0.02%             | 2032-08-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| PG&E Corp.                                          | PG&E Corp.                                                                      | CUSIP: 69331CAH1<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    145000 | PA      | $141477.52    | 0.02%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cinemark USA, Inc.                                  | Cinemark USA, Inc.                                                              | CUSIP: 172441BF3<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |     90000 | PA      | $88788.18     | 0.01%             | 2028-07-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Adient Global Holdings Ltd.                         | Adient Global Holdings Ltd.                                                     | CUSIP: 00687YAC9<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    150000 | PA      | $153100.95    | 0.02%             | 2031-04-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| United Airlines, Inc.                               | United Airlines, Inc.                                                           | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |     47000 | PA      | $46443.04     | 0.01%             | 2026-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                     | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GB29<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   2705000 | PA      | $2728107.76   | 0.44%             | 2030-07-23      | Variable      | 5.05%                 | No            |                  2 | On Loan: No      |
| CCO Holdings LLC                                    | CCO Holdings LLC                                                                | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    715000 | PA      | $670420.32    | 0.11%             | 2030-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 5194, Class H                                              | CUSIP: 3137H5S81<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5518532 | PA      | $4938861.72   | 0.81%             | 2047-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FREMF 2018-K082 Mortgage Trust                      | FREMF Mortgage Trust, Series 2018-K82, Class X2B                                | CUSIP: 30297LAC6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3000000 | PA      | $8720.40      | 0.00%             | 2028-10-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| Starwood Property Trust, Inc.                       | Starwood Property Trust, Inc.                                                   | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    155000 | PA      | $161134.13    | 0.03%             | 2029-04-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| VOLT CV LLC                                         | VOLT CV LLC, Series 2021-CF2, Class A1                                          | CUSIP: 91835GAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    278879 | PA      | $277973.20    | 0.05%             | 2051-11-27      | Variable      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| Prime Security Services Borrower LLC                | Prime Security Services Borrower LLC                                            | CUSIP: 74166MAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    145000 | PA      | $144851.62    | 0.02%             | 2028-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Identity Digital Ltd.                               | Identity Digital Ltd.                                                           | CUSIP: N/A<br>LEI: 5493005BN677T7KORE19       | Long             | DBT              | CORP              | IE        |   1000000 | PA      | $1000000.00   | 0.16%             | 2065-03-20      | Fixed         | 6.79%                 | No            |                  3 | On Loan: No      |
| Exeter Automobile Receivables Trust                 | Exeter Automobile Receivables Trust, Series 2022-6A, Class D                    | CUSIP: 30168AAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $517436.55    | 0.08%             | 2029-04-06      | Fixed         | 8.03%                 | No            |                  2 | On Loan: No      |
| Antero Midstream Partners LP                        | Antero Midstream Partners LP                                                    | CUSIP: 03690AAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $99614.38     | 0.02%             | 2028-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                     | Republic Finance Issuance Trust, Series 2024-B, Class A                         | CUSIP: 76042GAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1513000 | PA      | $1526924.44   | 0.25%             | 2037-11-20      | Fixed         | 5.42%                 | Yes           |                  2 | On Loan: No      |
| VistaJet Malta Finance plc                          | VistaJet Malta Finance plc                                                      | CUSIP: 92841HAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $147765.23    | 0.02%             | 2028-06-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: —       |
| Avis Budget Rental Car Funding AESOP LLC            | Avis Budget Rental Car Funding AESOP LLC, Series 2023-6A, Class C               | CUSIP: 05377RHJ6<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $414386.44    | 0.07%             | 2029-12-20      | Fixed         | 7.03%                 | Yes           |                  2 | On Loan: No      |
| Rocket Mortgage LLC                                 | Rocket Mortgage LLC                                                             | CUSIP: 77313LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000 | PA      | $4319.30      | 0.00%             | 2033-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| FirstKey Homes Trust                                | FirstKey Homes Trust, Series 2021-SFR3, Class E1                                | CUSIP: 33768JAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $478188.45    | 0.08%             | 2038-12-17      | Fixed         | 2.98%                 | Yes           |                  2 | On Loan: No      |
| Gulfport Energy Operating Corp.                     | Gulfport Energy Operating Corp.                                                 | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |     90000 | PA      | $91301.00     | 0.01%             | 2029-09-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Take-Two Interactive Software, Inc.                 | Take-Two Interactive Software, Inc.                                             | CUSIP: 874054AJ8<br>LEI: BOMSTHHJK882EWYX3334 | Long             | DBT              | CORP              | US        |    103000 | PA      | $103223.27    | 0.02%             | 2026-03-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NYMT Loan Trust                                     | NYMT Loan Trust, Series 2021-SP1, Class A1                                      | CUSIP: 62955RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    206190 | PA      | $205174.59    | 0.03%             | 2061-08-25      | Variable      | 4.67%                 | Yes           |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                                | NOVA Chemicals Corp.                                                            | CUSIP: 66977WAT6<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |    270000 | PA      | $284402.88    | 0.05%             | 2028-11-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Ally Financial, Inc.                                | Ally Financial, Inc.                                                            | CUSIP: 02005NBF6<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |     65000 | PA      | $65110.88     | 0.01%             | 2025-11-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Prologis LP                                         | Prologis LP                                                                     | CUSIP: 74340XCQ2<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    925000 | PA      | $927902.97    | 0.15%             | 2031-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card Master Trust          | Mercury Financial Credit Card Master Trust, Series 2024-2A, Class A             | CUSIP: 58940BAZ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1281000 | PA      | $1291671.75   | 0.21%             | 2029-07-20      | Fixed         | 6.56%                 | Yes           |                  2 | On Loan: No      |
| American Homes 4 Rent LP                            | American Homes 4 Rent LP                                                        | CUSIP: 02666TAK3<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |   1140000 | PA      | $1139139.81   | 0.19%             | 2030-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                 | Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M2                 | CUSIP: 20754LAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    521000 | PA      | $525663.42    | 0.09%             | 2041-12-25      | Floating      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| Civitas Resources, Inc.                             | Civitas Resources, Inc.                                                         | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    105000 | PA      | $102659.11    | 0.02%             | 2031-07-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                | FREMF Mortgage Trust, Series 2020-K115, Class X2B                               | CUSIP: 302673AL2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2900000 | PA      | $11995.85     | 0.00%             | 2053-09-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                   | HSBC Holdings plc                                                               | CUSIP: 404280DU0<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1750000 | PA      | $1809312.35   | 0.29%             | 2029-03-09      | Variable      | 6.16%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Transmission LLC                        | FirstEnergy Transmission LLC                                                    | CUSIP: 33767BAG4<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |    325000 | PA      | $322013.81    | 0.05%             | 2030-01-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| CCO Holdings LLC                                    | CCO Holdings LLC                                                                | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $148452.53    | 0.02%             | 2027-05-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                 | Petroleos Mexicanos                                                             | CUSIP: 71654QCK6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    300000 | PA      | $283200.00    | 0.05%             | 2028-02-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| WR Grace Holdings LLC                               | WR Grace Holdings LLC                                                           | CUSIP: 92943GAD3<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    114000 | PA      | $112399.21    | 0.02%             | 2027-06-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                   | Wells Fargo & Co.                                                               | CUSIP: 95000U3L5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1245000 | PA      | $1268003.25   | 0.21%             | 2028-04-22      | Variable      | 5.71%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                          | Progress Residential Trust, Series 2021-SFR8, Class E1                          | CUSIP: 74333TAJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $337899.07    | 0.06%             | 2038-10-17      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| Permian Resources Operating LLC                     | Permian Resources Operating LLC                                                 | CUSIP: 71424VAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    210000 | PA      | $215416.95    | 0.04%             | 2032-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| First Student Bidco, Inc.                           | First Student Bidco, Inc.                                                       | CUSIP: 337120AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    109000 | PA      | $101905.31    | 0.02%             | 2029-07-31      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Hologic, Inc.                                       | Hologic, Inc.                                                                   | CUSIP: 436440AM3<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98794.40     | 0.02%             | 2028-02-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Chemours Co. (The)                                  | Chemours Co. (The)                                                              | CUSIP: 163851AF5<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |    130000 | PA      | $116402.75    | 0.02%             | 2028-11-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust       | Bridgecrest Lending Auto Securitization Trust, Series 2024-1, Class C           | CUSIP: 107933AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1508920.80   | 0.25%             | 2029-04-16      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                          | Flagship Credit Auto Trust, Series 2022-1, Class D                              | CUSIP: 33845VAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    536000 | PA      | $518260.12    | 0.08%             | 2028-03-15      | Fixed         | 3.64%                 | Yes           |                  2 | On Loan: No      |
| DNB Bank ASA                                        | DNB Bank ASA                                                                    | CUSIP: 23341CAC7<br>LEI: 549300GKFG0RYRRQ1414 | Long             | DBT              | CORP              | NO        |    500000 | PA      | $501911.78    | 0.08%             | 2026-10-09      | Variable      | 5.90%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ecuador                                 | Republic of Ecuador                                                             | CUSIP: N/A<br>LEI: 5299003Y2U5XK0A35H71       | Long             | DBT              | NUSS              | EC        |    450000 | PA      | $348862.50    | 0.06%             | 2030-07-31      | Variable      | 6.90%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2020-K113 Mortgage Trust                      | FREMF Mortgage Trust, Series 2020-K113, Class D                                 | CUSIP: 30315KAE2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $641224.60    | 0.10%             | 2053-05-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| UBS AG                                              | UBS AG                                                                          | CUSIP: 22550L2M2<br>LEI: 254900R882POXXVAK772 | Long             | DBT              | CORP              | CH        |    270000 | PA      | $290181.30    | 0.05%             | 2028-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 30 Year                                                              | CUSIP: 31418E4N7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2311234 | PA      | $2334782.74   | 0.38%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                   | GLS Auto Receivables Issuer Trust, Series 2022-1A, Class D                      | CUSIP: 36263XAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $744961.95    | 0.12%             | 2028-01-18      | Fixed         | 3.97%                 | Yes           |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust       | Bridgecrest Lending Auto Securitization Trust, Series 2024-3, Class B           | CUSIP: 10805NAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1870000 | PA      | $1878757.96   | 0.31%             | 2028-10-16      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Mariner Finance issuance Trust                      | Mariner Finance issuance Trust, Series 2024-BA, Class C                         | CUSIP: 56847GAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    244000 | PA      | $245491.06    | 0.04%             | 2038-11-20      | Fixed         | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                               | Bank of America Corp.                                                           | CUSIP: 06051GLG2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    870000 | PA      | $884069.00    | 0.14%             | 2029-04-25      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| Superior Plus LP                                    | Superior Plus LP                                                                | CUSIP: 86828LAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     70000 | PA      | $66546.84     | 0.01%             | 2029-03-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| American Express Co.                                | American Express Co.                                                            | CUSIP: 025816DL0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    910000 | PA      | $916230.60    | 0.15%             | 2026-10-30      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| Carnival Corp.                                      | Carnival Corp.                                                                  | CUSIP: 143658BN1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     45000 | PA      | $45112.56     | 0.01%             | 2027-03-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| HUB International Ltd.                              | HUB International Ltd.                                                          | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |     80000 | PA      | $83313.76     | 0.01%             | 2030-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2018-K082 Mortgage Trust                      | FREMF Mortgage Trust, Series 2018-K82, Class X2A                                | CUSIP: 30297LAA0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  10628620 | PA      | $27282.60     | 0.00%             | 2028-09-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| Univision Communications, Inc.                      | Univision Communications, Inc.                                                  | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    140000 | PA      | $140089.60    | 0.02%             | 2028-08-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| United Rentals North America, Inc.                  | United Rentals North America, Inc.                                              | CUSIP: 911365BR4<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    105000 | PA      | $106428.95    | 0.02%             | 2034-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust        | American Credit Acceptance Receivables Trust, Series 2022-3, Class D            | CUSIP: 02528GAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    333000 | PA      | $333888.25    | 0.05%             | 2028-10-13      | Fixed         | 5.83%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                     | Citigroup, Inc.                                                                 | CUSIP: 17327CAT0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1096335.48   | 0.18%             | 2030-09-19      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| Outfront Media Capital LLC                          | Outfront Media Capital LLC                                                      | CUSIP: 69007TAE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $89847.15     | 0.01%             | 2029-01-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Hertz Corp. (The)                                   | Hertz Corp. (The)                                                               | CUSIP: 428040DC0<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |     95000 | PA      | $96732.14     | 0.02%             | 2029-07-15      | Fixed         | 12.62%                | Yes           |                  2 | On Loan: No      |
| Noble Finance II LLC                                | Noble Finance II LLC                                                            | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $79715.60     | 0.01%             | 2030-04-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| BXG Receivables Note Trust                          | BXG Receivables Note Trust, Series 2022-A, Class B                              | CUSIP: 12434KAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1194086 | PA      | $1176541.25   | 0.19%             | 2037-09-28      | Fixed         | 4.61%                 | Yes           |                  2 | On Loan: No      |
| Sirius XM Radio LLC                                 | Sirius XM Radio LLC                                                             | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    124000 | PA      | $122716.80    | 0.02%             | 2027-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Roc Mortgage Trust                                  | Roc Mortgage Trust, Series 2025-RTL1, Class A1                                  | CUSIP: 77119RAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    185000 | PA      | $184484.59    | 0.03%             | 2040-02-25      | Variable      | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Comstock Resources, Inc.                            | Comstock Resources, Inc.                                                        | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |    147000 | PA      | $144887.04    | 0.02%             | 2029-03-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                  | T-Mobile USA, Inc.                                                              | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1635000 | PA      | $1576576.89   | 0.26%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 20 Year                                                              | CUSIP: 3140X7LP2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1208123 | PA      | $1141632.56   | 0.19%             | 2037-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                          | iHeartCommunications, Inc.                                                      | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |     95000 | PA      | $78611.09     | 0.01%             | 2029-05-01      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| OnDeck Asset Securitization Trust IV LLC            | OnDeck Asset Securitization Trust LLC, Series 2024-2A, Class A                  | CUSIP: 67108SAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1485331.65   | 0.24%             | 2031-10-17      | Fixed         | 4.98%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust        | American Credit Acceptance Receivables Trust, Series 2022-1, Class D            | CUSIP: 02530WAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    332835 | PA      | $332200.89    | 0.05%             | 2028-03-13      | Fixed         | 2.46%                 | Yes           |                  2 | On Loan: No      |
| CPS Auto Receivables Trust                          | CPS Auto Receivables Trust, Series 2021-D, Class D                              | CUSIP: 12658VAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     95187 | PA      | $94535.20     | 0.02%             | 2027-12-15      | Fixed         | 2.31%                 | Yes           |                  2 | On Loan: No      |
| Chart Industries, Inc.                              | Chart Industries, Inc.                                                          | CUSIP: 16115QAG5<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53281.85     | 0.01%             | 2031-01-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Arches Buyer, Inc.                                  | Arches Buyer, Inc.                                                              | CUSIP: 039524AA1<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |     49000 | PA      | $46151.92     | 0.01%             | 2028-06-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Rockies Express Pipeline LLC                        | Rockies Express Pipeline LLC                                                    | CUSIP: 77340RAR8<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |     85000 | PA      | $82089.87     | 0.01%             | 2029-07-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                            | WESCO Distribution, Inc.                                                        | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    200000 | PA      | $204150.40    | 0.03%             | 2029-03-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Element Fleet Management Corp.                      | Element Fleet Management Corp.                                                  | CUSIP: 286181AM4<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |   1845000 | PA      | $1871686.50   | 0.31%             | 2027-03-13      | Fixed         | 5.64%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                        | UBS Group AG                                                                    | CUSIP: 225401AV0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    870000 | PA      | $900670.94    | 0.15%             | 2028-08-11      | Variable      | 6.44%                 | Yes           |                  2 | On Loan: No      |
| KKR Static CLO Ltd.                                 | KKR Static CLO Ltd., Series 2022-1A, Class BR2                                  | CUSIP: 48255QAW3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1151563 | PA      | $1147687.99   | 0.19%             | 2031-07-20      | Floating      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| American Express Co.                                | American Express Co.                                                            | CUSIP: 025816EF2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1075000 | PA      | $1087197.07   | 0.18%             | 2031-04-25      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| Chord Energy Corp.                                  | Chord Energy Corp.                                                              | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49654.02     | 0.01%             | 2033-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                   | GLS Auto Receivables Issuer Trust, Series 2023-3A, Class C                      | CUSIP: 36267PAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    900000 | PA      | $908213.94    | 0.15%             | 2029-05-15      | Fixed         | 6.01%                 | Yes           |                  2 | On Loan: No      |
| Bayview Opportunity Master Fund VII Trust           | Bayview Opportunity Master Fund Trust, Series 2024-SN1, Class D                 | CUSIP: 072926AF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1017519.30   | 0.17%             | 2029-07-16      | Fixed         | 6.36%                 | Yes           |                  2 | On Loan: No      |
| Rite Aid Corp.                                      | Rite Aid Corp.                                                                  | CUSIP: 767ESCAC0<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | USGA              | US        |     66000 | PA      | $0.00         | 0.00%             | 2026-11-15      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| MVW LLC                                             | MVW LLC, Series 2024-1A, Class B                                                | CUSIP: 62847RAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    987287 | PA      | $990026.55    | 0.16%             | 2043-02-20      | Fixed         | 5.51%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Americas, Inc.                        | Bausch Health Americas, Inc.                                                    | CUSIP: 91911XAV6<br>LEI: KOO0397YRO83WY5MGD97 | Long             | DBT              | CORP              | US        |     48000 | PA      | $47289.60     | 0.01%             | 2026-04-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                      | Carvana Auto Receivables Trust, Series 2024-N1, Class C                         | CUSIP: 14687QAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1268377.25   | 0.21%             | 2030-05-10      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Select Receivables Trust                   | GLS Auto Select Receivables Trust, Series 2023-1A, Class B                      | CUSIP: 36267FAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    722000 | PA      | $737620.25    | 0.12%             | 2029-03-15      | Fixed         | 6.09%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                      | BNP Paribas SA                                                                  | CUSIP: 09659W2Z6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1470000 | PA      | $1484176.89   | 0.24%             | 2030-11-19      | Variable      | 5.28%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                | FREMF Mortgage Trust, Series 2020-K118, Class X2A                               | CUSIP: 30316TAN2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  12026223 | PA      | $47871.58     | 0.01%             | 2053-10-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FirstEnergy Pennsylvania Electric Co.               | FirstEnergy Pennsylvania Electric Co.                                           | CUSIP: 591894CE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $243927.83    | 0.04%             | 2028-04-01      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                                  | CUSIP: 61747YFQ3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    930000 | PA      | $960039.34    | 0.16%             | 2030-04-18      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                         | Crescent Energy Finance LLC                                                     | CUSIP: 45344LAC7<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    215000 | PA      | $221989.56    | 0.04%             | 2028-02-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC                | Frontier Communications Holdings LLC                                            | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    227000 | PA      | $227591.79    | 0.04%             | 2027-10-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Anywhere Real Estate Group LLC                      | Anywhere Real Estate Group LLC                                                  | CUSIP: 75606DAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    134000 | PA      | $109881.22    | 0.02%             | 2029-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: —       |
| Morgan Stanley                                      | Morgan Stanley                                                                  | CUSIP: 61747YEV3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    985000 | PA      | $1021604.32   | 0.17%             | 2028-10-18      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 5394, Class AV                                             | CUSIP: 3137HBQK3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    912863 | PA      | $926315.50    | 0.15%             | 2035-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bank of Ireland Group plc                           | Bank of Ireland Group plc                                                       | CUSIP: 06279JAB5<br>LEI: 635400C8EK6DRI12LJ39 | Long             | DBT              | CORP              | IE        |    245000 | PA      | $236117.28    | 0.04%             | 2027-09-30      | Variable      | 2.03%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA, REMIC, Series 2024-20, Class MA                                           | CUSIP: 3136BRT72<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2465498 | PA      | $2461490.75   | 0.40%             | 2049-11-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                      | BNP Paribas SA                                                                  | CUSIP: 05581KAF8<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    500000 | PA      | $508776.93    | 0.08%             | 2029-06-12      | Variable      | 5.33%                 | Yes           |                  2 | On Loan: No      |
| Gray Media, Inc.                                    | Gray Media, Inc.                                                                | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    200000 | PA      | $212704.20    | 0.03%             | 2029-07-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Termocandelaria Power SA                            | Termocandelaria Power SA                                                        | CUSIP: 88087AAA6<br>LEI: 549300YDORW43JL6G659 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $199000.00    | 0.03%             | 2031-09-17      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140X4JA5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    505438 | PA      | $484931.57    | 0.08%             | 2033-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FRTKL                                               | FRTKL, Series 2021-SFR1, Class B                                                | CUSIP: 30322DAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    650000 | PA      | $621780.58    | 0.10%             | 2038-09-17      | Fixed         | 1.72%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA, REMIC, Series 2025-27, Class BV                                           | CUSIP: 3136BVKF4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1581942 | PA      | $1611005.10   | 0.26%             | 2036-03-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                            | Cooperatieve Rabobank UA                                                        | CUSIP: 74977RDN1<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    535000 | PA      | $526024.23    | 0.09%             | 2028-04-06      | Variable      | 3.65%                 | Yes           |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust       | Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class C           | CUSIP: 10806EAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1610000 | PA      | $1604071.82   | 0.26%             | 2030-08-15      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| Mariner Finance issuance Trust                      | Mariner Finance issuance Trust, Series 2024-BA, Class B                         | CUSIP: 56847GAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $251076.85    | 0.04%             | 2038-11-20      | Fixed         | 5.33%                 | Yes           |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                         | Hashemite Kingdom of Jordan                                                     | CUSIP: N/A<br>LEI: 5493000JZ4MYPVMBVN50       | Long             | DBT              | NUSS              | JO        |    200000 | PA      | $199376.00    | 0.03%             | 2025-07-07      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2020-K739 Mortgage Trust                      | FREMF Mortgage Trust, Series 2020-K739, Class X2B                               | CUSIP: 30289SAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3000000 | PA      | $5707.50      | 0.00%             | 2053-11-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| Seagate HDD Cayman                                  | Seagate HDD Cayman                                                              | CUSIP: 81180WBN0<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |     18000 | PA      | $19185.57     | 0.00%             | 2029-12-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Nexstar Media, Inc.                                 | Nexstar Media, Inc.                                                             | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144313.23    | 0.02%             | 2028-11-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: —       |
| Republic of Honduras                                | Republic of Honduras                                                            | CUSIP: 438180AK7<br>LEI: 5493002DW1JNBNG17615 | Long             | DBT              | NUSS              | HN        |    150000 | PA      | $152049.00    | 0.02%             | 2034-11-27      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                   | Credit Acceptance Auto Loan Trust, Series 2024-1A, Class C                      | CUSIP: 22537GAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $617735.22    | 0.10%             | 2034-07-17      | Fixed         | 6.71%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2024-184, Class BG                                                 | CUSIP: 38384XK93<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4689774 | PA      | $4467961.88   | 0.73%             | 2051-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Carnival Corp.                                      | Carnival Corp.                                                                  | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    230000 | PA      | $230567.97    | 0.04%             | 2033-02-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: —       |
| Exeter Automobile Receivables Trust                 | Exeter Automobile Receivables Trust, Series 2023-5A, Class D                    | CUSIP: 30168DAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $726677.49    | 0.12%             | 2030-02-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 3878, Class PL                                             | CUSIP: 3137ACM89<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    256181 | PA      | $255981.76    | 0.04%             | 2040-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CFIN 2022-RTL1 Issuer LLC                           | CFIN 2022-RTL1 Issuer LLC, Class A                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    185000 | PA      | $185000.00    | 0.03%             | 2027-08-17      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| ING Groep NV                                        | ING Groep NV                                                                    | CUSIP: 456837AV5<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $195209.12    | 0.03%             | 2027-04-01      | Variable      | 1.73%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                           | HCA, Inc.                                                                       | CUSIP: 404119CZ0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1390000 | PA      | $1410856.48   | 0.23%             | 2030-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 49 Ltd.          | Neuberger Berman Loan Advisers CLO Ltd., Series 2022-49A, Class BR              | CUSIP: 64135JAN2<br>LEI: 549300IN02DS1MN5HW62 | Long             | ABS-CBDO         | CORP              | KY        |    434000 | PA      | $434060.33    | 0.07%             | 2035-07-25      | Floating      | 5.83%                 | Yes           |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                      | Mariner Finance Issuance Trust, Series 2023-AA, Class A                         | CUSIP: 56847FAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $754708.88    | 0.12%             | 2035-10-22      | Fixed         | 6.70%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                   | HSBC Holdings plc                                                               | CUSIP: 404280ED7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $306793.22    | 0.05%             | 2030-03-04      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| VOLT CIII LLC                                       | VOLT CIII LLC, Series 2021-CF1, Class A1                                        | CUSIP: 92873JAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    137188 | PA      | $137115.26    | 0.02%             | 2051-08-25      | Variable      | 4.99%                 | Yes           |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust          | JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class C            | CUSIP: 46644YBB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $120000.54    | 0.02%             | 2048-08-15      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                       | Six Flags Entertainment Corp.                                                   | CUSIP: 83001WAC8<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |     12000 | PA      | $12011.71     | 0.00%             | 2025-07-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3132D6GR5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    628276 | PA      | $628685.45    | 0.10%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BMW US Capital LLC                                  | BMW US Capital LLC                                                              | CUSIP: 05565ECR4<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    955000 | PA      | $950197.34    | 0.15%             | 2029-08-13      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| MGM Resorts International                           | MGM Resorts International                                                       | CUSIP: 552953CH2<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |    130000 | PA      | $127154.48    | 0.02%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Icahn Enterprises LP                                | Icahn Enterprises LP                                                            | CUSIP: 451102BZ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    160000 | PA      | $152253.31    | 0.02%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Madison IAQ LLC                                     | Madison IAQ LLC                                                                 | CUSIP: 55760LAA5<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |    186000 | PA      | $179028.48    | 0.03%             | 2028-06-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                              | Arab Republic of Egypt                                                          | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |    600000 | PA      | $588351.00    | 0.10%             | 2029-03-01      | Fixed         | 7.60%                 | Yes           |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                | LHOME Mortgage Trust, Series 2025-RTL1, Class A1                                | CUSIP: 50205UAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1000331.50   | 0.16%             | 2040-01-25      | Variable      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                        | Avolon Holdings Funding Ltd.                                                    | CUSIP: 05401AAU5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    970000 | PA      | $987620.31    | 0.16%             | 2029-03-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Transocean, Inc.                                    | Transocean, Inc.                                                                | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |     80000 | PA      | $81100.40     | 0.01%             | 2030-02-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                        | Islamic Republic of Pakistan                                                    | CUSIP: N/A<br>LEI: 529900LOP29R5WKHOD86       | Long             | DBT              | NUSS              | PK        |    400000 | PA      | $389700.00    | 0.06%             | 2026-04-08      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Cherry Securitization Trust                         | Cherry Securitization Trust, Series 2024-1A, Class A                            | CUSIP: 164737AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    808000 | PA      | $813204.65    | 0.13%             | 2032-04-15      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust              | Santander Drive Auto Receivables Trust, Series 2021-3, Class D                  | CUSIP: 80287EAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     83587 | PA      | $83067.20     | 0.01%             | 2027-09-15      | Fixed         | 1.33%                 | No            |                  2 | On Loan: No      |
| NuStar Logistics LP                                 | NuStar Logistics LP                                                             | CUSIP: 67059TAE5<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55136.90     | 0.01%             | 2027-04-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CGP0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    172700 | PA      | $173266.67    | 0.03%             | 2028-02-29      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CaixaBank SA                                        | CaixaBank SA                                                                    | CUSIP: 12803RAA2<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |   1500000 | PA      | $1550966.87   | 0.25%             | 2029-01-18      | Variable      | 6.21%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Prime Money Market Fund                    | JPMorgan Prime Money Market Fund, Class IM                                      | CUSIP: 46637K844<br>LEI: 549300YD7H8SEEU7VG41 | Long             | STIV             | RF                | US        |  10110843 | NS      | $10112865.29  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumen Technologies, Inc.                            | Lumen Technologies, Inc.                                                        | CUSIP: 550241AC7<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |     91417 | PA      | $88788.76     | 0.01%             | 2030-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: —       |
| FHLMC                                               | FHLMC, REMIC, Series 5386, Class KA                                             | CUSIP: 3137HBY24<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2435446 | PA      | $2421678.31   | 0.39%             | 2047-01-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 31418EUT5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3418497 | PA      | $3423189.45   | 0.56%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                             | Hyundai Capital America                                                         | CUSIP: 44891ADG9<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   1930000 | PA      | $1892114.43   | 0.31%             | 2029-09-26      | Fixed         | 4.55%                 | Yes           |                  2 | On Loan: No      |
| CPS Auto Receivables Trust                          | CPS Auto Receivables Trust, Series 2022-A, Class D                              | CUSIP: 12659WAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    951873 | PA      | $941666.69    | 0.15%             | 2029-04-16      | Fixed         | 2.84%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered plc                              | Standard Chartered plc                                                          | CUSIP: 853254CT5<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    470000 | PA      | $476191.83    | 0.08%             | 2027-07-06      | Variable      | 6.19%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                              | Oportun Issuance Trust, Series 2021-B, Class B                                  | CUSIP: 68377GAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    240141 | PA      | $233998.16    | 0.04%             | 2031-05-08      | Fixed         | 1.96%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3132D6FA3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    888967 | PA      | $902030.72    | 0.15%             | 2038-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                           | Sunoco LP                                                                       | CUSIP: 86765LAN7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    149000 | PA      | $148653.40    | 0.02%             | 2028-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                 | New Residential Mortgage Loan Trust, Series 2024-RTL1, Class A1                 | CUSIP: 64831PAA3<br>LEI: 213800CVLC5IFCJL6C96 | Long             | ABS-MBS          | CORP              | US        |    255000 | PA      | $256519.65    | 0.04%             | 2039-03-25      | Variable      | 6.66%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC                                                                           | CUSIP: 31288QQV5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    921972 | PA      | $948437.04    | 0.15%             | 2047-09-01      | Variable      | 6.77%                 | No            |                  2 | On Loan: No      |
| Federal Republic of Nigeria                         | Federal Republic of Nigeria                                                     | CUSIP: N/A<br>LEI: 549300GSBZD84TNEQ285       | Long             | DBT              | NUSS              | NG        |    600000 | PA      | $581064.00    | 0.09%             | 2027-11-28      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Bank of New York Mellon Corp. (The)                 | Bank of New York Mellon Corp. (The)                                             | CUSIP: 06406RBQ9<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    380000 | PA      | $381749.57    | 0.06%             | 2027-04-26      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                        | UBS Group AG                                                                    | CUSIP: 902613AU2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    297000 | PA      | $298547.52    | 0.05%             | 2027-01-12      | Variable      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140XGPP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    714524 | PA      | $650441.57    | 0.11%             | 2037-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                      | Carvana Auto Receivables Trust, Series 2023-N3, Class C                         | CUSIP: 14686RAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1600000 | PA      | $1628694.56   | 0.27%             | 2029-12-10      | Fixed         | 6.55%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                     | TransDigm, Inc.                                                                 | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    345000 | PA      | $350622.47    | 0.06%             | 2029-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K115, Class X3 | CUSIP: 3137FWGA2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    430000 | PA      | $53183.43     | 0.01%             | 2048-09-25      | Variable      | 2.96%                 | No            |                  2 | On Loan: No      |
| FirstKey Homes Trust                                | FirstKey Homes Trust, Series 2022-SFR2, Class F1                                | CUSIP: 33767PAQ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $765560.56    | 0.12%             | 2039-07-17      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                           | Vistra Operations Co. LLC                                                       | CUSIP: 92840VAF9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89737.69     | 0.01%             | 2027-07-31      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                   | GLS Auto Receivables Issuer Trust, Series 2025-2A, Class D                      | CUSIP: 37989BAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1006944.20   | 0.16%             | 2031-01-15      | Fixed         | 5.59%                 | Yes           |                  2 | On Loan: No      |
| Purchasing Power Funding LLC                        | Purchasing Power Funding LLC, Series 2024-A, Class B                            | CUSIP: 745935AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1260100.00   | 0.21%             | 2028-08-15      | Fixed         | 6.43%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential                                | Progress Residential, Series 2021-SFR3, Class E1                                | CUSIP: 74333VAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $196020.44    | 0.03%             | 2026-05-17      | Fixed         | 2.54%                 | Yes           |                  2 | On Loan: No      |
| Zimmer Biomet Holdings, Inc.                        | Zimmer Biomet Holdings, Inc.                                                    | CUSIP: 98956PBB7<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |   1555000 | PA      | $1577991.93   | 0.26%             | 2030-02-19      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                      | Mariner Finance Issuance Trust, Series 2021-AA, Class A                         | CUSIP: 56848DAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    192000 | PA      | $185151.44    | 0.03%             | 2036-03-20      | Fixed         | 1.86%                 | Yes           |                  2 | On Loan: No      |
| Miter Brands Acquisition Holdco, Inc.               | Miter Brands Acquisition Holdco, Inc.                                           | CUSIP: 60672JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $80602.16     | 0.01%             | 2032-04-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Verdant Receivables LLC                             | Verdant Receivables LLC, Series 2025-1A, Class A3                               | CUSIP: 92340GAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1265000 | PA      | $1266860.31   | 0.21%             | 2033-05-12      | Fixed         | 4.96%                 | Yes           |                  2 | On Loan: No      |
| Columbia Cent CLO Ltd.                              | Columbia Cent CLO Ltd., Series 2021-31A, Class BR                               | CUSIP: 19737LAU7<br>LEI: 5493007YZPNOMQEILE23 | Long             | ABS-CBDO         | CORP              | KY        |   1750000 | PA      | $1750481.25   | 0.29%             | 2034-04-20      | Floating      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| VOLT XCVII LLC                                      | VOLT XCVII LLC, Series 2021-NPL6, Class A1                                      | CUSIP: 91835EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     25526 | PA      | $25485.96     | 0.00%             | 2051-04-25      | Variable      | 6.24%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                            | Venture Global LNG, Inc.                                                        | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    115000 | PA      | $122951.79    | 0.02%             | 2029-02-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Stagwell Global LLC                                 | Stagwell Global LLC                                                             | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |    117000 | PA      | $110007.80    | 0.02%             | 2029-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Republic of Angola                                  | Republic of Angola                                                              | CUSIP: N/A<br>LEI: 549300QHR2R3J8JSGK83       | Long             | DBT              | NUSS              | AO        |    200000 | PA      | $179850.00    | 0.03%             | 2028-05-09      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Charter Communications Operating LLC                | Charter Communications Operating LLC                                            | CUSIP: 161175CM4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    700000 | PA      | $712372.72    | 0.12%             | 2026-11-10      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                        | Royal Caribbean Cruises Ltd.                                                    | CUSIP: 780153BU5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     75000 | PA      | $76012.50     | 0.01%             | 2032-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Alliant Holdings Intermediate LLC                   | Alliant Holdings Intermediate LLC                                               | CUSIP: 01883LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $111540.44    | 0.02%             | 2028-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| FirstKey Homes Trust                                | FirstKey Homes Trust, Series 2022-SFR1, Class F2                                | CUSIP: 33768NAQ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $299475.89    | 0.05%             | 2039-05-19      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| EnfraGen Energia Sur SA                             | EnfraGen Energia Sur SA                                                         | CUSIP: N/A<br>LEI: 2549002TO75PYMY3VY07       | Long             | DBT              | CORP              | ES        |    400000 | PA      | $345900.00    | 0.06%             | 2030-12-30      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Dana, Inc.                                          | Dana, Inc.                                                                      | CUSIP: 235825AJ5<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |     23000 | PA      | $21516.54     | 0.00%             | 2032-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                             | BPCE SA                                                                         | CUSIP: 05571AAQ8<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   1525000 | PA      | $1559181.70   | 0.25%             | 2027-10-19      | Variable      | 6.61%                 | Yes           |                  2 | On Loan: No      |
| SG Commercial Mortgage Securities Trust             | SG Commercial Mortgage Securities Trust, Series 2016-C5, Class B                | CUSIP: 78419CAK0<br>LEI: 549300SZQW4U3UN4A157 | Long             | ABS-MBS          | CORP              | US        |    225000 | PA      | $214735.21    | 0.04%             | 2048-10-10      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K068, Class X1 | CUSIP: 3137FBBZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3404706 | PA      | $27028.26     | 0.00%             | 2027-08-25      | Variable      | 0.41%                 | No            |                  2 | On Loan: No      |
| LCM 26 Ltd.                                         | LCM Ltd., Series 26A, Class A1                                                  | CUSIP: 50200FAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     22128 | PA      | $22130.82     | 0.00%             | 2031-01-20      | Floating      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                      | Carvana Auto Receivables Trust, Series 2023-N4, Class B                         | CUSIP: 14688LAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1435000 | PA      | $1458514.91   | 0.24%             | 2030-02-11      | Fixed         | 6.46%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3132A7NE7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     71646 | PA      | $69948.90     | 0.01%             | 2028-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Builders FirstSource, Inc.                          | Builders FirstSource, Inc.                                                      | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    149000 | PA      | $135188.39    | 0.02%             | 2032-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| GAM Re-REMIC Trust                                  | GAM Re-REMIC Trust, Series 2022-FRR3, Class BK61                                | CUSIP: 36459DAS0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $722193.60    | 0.12%             | 2049-11-27      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Republic of Senegal                                 | Republic of Senegal                                                             | CUSIP: N/A<br>LEI: 549300NP14ZLQGWIUZ97       | Long             | DBT              | NUSS              | SN        |    200000 | PA      | $143376.00    | 0.02%             | 2033-05-23      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Bills                                                             | CUSIP: 912797PF8<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   1343000 | PA      | $1334800.09   | 0.22%             | 2025-07-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Trust                           | Commercial Mortgage Trust, Series 2015-CR26, Class B                            | CUSIP: 12593QBH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $195370.62    | 0.03%             | 2048-10-10      | Variable      | 4.51%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 5472, Class FE                                             | CUSIP: 3137HHEP2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3803245 | PA      | $3790263.37   | 0.62%             | 2054-11-25      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Group 1 Automotive, Inc.                            | Group 1 Automotive, Inc.                                                        | CUSIP: 398905AN9<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |     64000 | PA      | $61331.56     | 0.01%             | 2028-08-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Merchants Fleet Funding LLC                         | Merchants Fleet Funding LLC, Series 2023-1A, Class A                            | CUSIP: 588926AA3<br>LEI: 254900Z2OOQUA5IN2X83 | Long             | ABS-O            | CORP              | US        |    183988 | PA      | $185578.00    | 0.03%             | 2036-05-20      | Fixed         | 7.21%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                            | Venture Global LNG, Inc.                                                        | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    420000 | PA      | $429828.00    | 0.07%             | 2028-06-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| FHF Trust                                           | FHF Trust, Series 2023-1A, Class A2                                             | CUSIP: 30331GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     93001 | PA      | $93816.15     | 0.02%             | 2028-06-15      | Fixed         | 6.57%                 | Yes           |                  2 | On Loan: No      |
| JELD-WEN, Inc.                                      | JELD-WEN, Inc.                                                                  | CUSIP: 475795AD2<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |     79000 | PA      | $68976.01     | 0.01%             | 2027-12-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| SS&C Technologies, Inc.                             | SS&C Technologies, Inc.                                                         | CUSIP: 78466CAD8<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102679.20    | 0.02%             | 2032-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Vail Resorts, Inc.                                  | Vail Resorts, Inc.                                                              | CUSIP: 91879QAP4<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76829.93     | 0.01%             | 2032-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.                 | Hilton Domestic Operating Co., Inc.                                             | CUSIP: 432833AR2<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    105000 | PA      | $105709.28    | 0.02%             | 2033-03-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| EnerSys                                             | EnerSys                                                                         | CUSIP: 29275YAF9<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | DBT              | CORP              | US        |     95000 | PA      | $96969.54     | 0.02%             | 2032-01-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| JetBlue Airways Corp.                               | JetBlue Airways Corp.                                                           | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $64295.77     | 0.01%             | 2031-09-20      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Sierra Timeshare Receivables Funding LLC            | Sierra Timeshare Receivables Funding LLC, Series 2024-1A, Class B               | CUSIP: 826935AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    539469 | PA      | $541307.28    | 0.09%             | 2043-01-20      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                | FREMF Mortgage Trust, Series 2020-K115, Class X2A                               | CUSIP: 302673AJ7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  12829678 | PA      | $50475.80     | 0.01%             | 2053-09-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| Expand Energy Corp.                                 | Expand Energy Corp.                                                             | CUSIP: 845467AS8<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44755.51     | 0.01%             | 2030-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Sierra Timeshare Receivables Funding LLC            | Sierra Timeshare Receivables Funding LLC, Series 2023-2A, Class A               | CUSIP: 82650BAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    478413 | PA      | $485735.70    | 0.08%             | 2040-04-20      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                   | Wells Fargo & Co.                                                               | CUSIP: 95000U3G6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    210000 | PA      | $220371.93    | 0.04%             | 2029-10-23      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust        | American Credit Acceptance Receivables Trust, Series 2024-4, Class D            | CUSIP: 024945AG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    668000 | PA      | $666894.59    | 0.11%             | 2031-08-12      | Fixed         | 5.34%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Bank AG                                    | Deutsche Bank AG                                                                | CUSIP: 251526CE7<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    350000 | PA      | $345103.45    | 0.06%             | 2026-11-24      | Variable      | 2.13%                 | No            |                  2 | On Loan: No      |
| CaixaBank SA                                        | CaixaBank SA                                                                    | CUSIP: 12803RAB0<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |    805000 | PA      | $823567.56    | 0.13%             | 2027-09-13      | Variable      | 6.68%                 | Yes           |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                    | ABN AMRO Bank NV                                                                | CUSIP: 00084DBA7<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $509449.11    | 0.08%             | 2027-09-18      | Variable      | 6.34%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered plc                              | Standard Chartered plc                                                          | CUSIP: 85325C2A9<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   1605000 | PA      | $1603684.90   | 0.26%             | 2030-10-15      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| KBC Group NV                                        | KBC Group NV                                                                    | CUSIP: 48241FAD6<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | DBT              | CORP              | BE        |   1000000 | PA      | $1003436.93   | 0.16%             | 2030-10-16      | Variable      | 4.93%                 | Yes           |                  2 | On Loan: No      |
| F&G Global Funding                                  | F&G Global Funding                                                              | CUSIP: 30321L2G6<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1192840.60   | 0.19%             | 2027-06-10      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Ecopetrol SA                                        | Ecopetrol SA                                                                    | CUSIP: 279158AT6<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | NUSS              | CO        |     50000 | PA      | $52450.00     | 0.01%             | 2029-01-19      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| NGL Energy Operating LLC                            | NGL Energy Operating LLC                                                        | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $83085.93     | 0.01%             | 2029-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Sierra Timeshare Receivables Funding LLC            | Sierra Timeshare Receivables Funding LLC, Series 2025-1A, Class A               | CUSIP: 82653CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    996893 | PA      | $996507.15    | 0.16%             | 2042-01-21      | Fixed         | 4.81%                 | Yes           |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                           | Republic of Cote d'Ivoire                                                       | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    340000 | PA      | $320468.70    | 0.05%             | 2036-04-01      | Fixed         | 8.07%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 30 Year                                                              | CUSIP: 3140XHBR7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    211496 | PA      | $197406.58    | 0.03%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DaVita, Inc.                                        | DaVita, Inc.                                                                    | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    248000 | PA      | $231741.34    | 0.04%             | 2030-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| LendingPoint Pass-Through Trust                     | LendingPoint Pass-Through Trust, Series 2022-ST1, Class A                       | CUSIP: 52607NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10616 | PA      | $10433.04     | 0.00%             | 2028-03-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                          | iHeartCommunications, Inc.                                                      | CUSIP: 45174HBM8<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    173550 | PA      | $133655.54    | 0.02%             | 2030-08-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: —       |
| FREMF Mortgage Trust                                | FREMF Mortgage Trust, Series 2020-K118, Class X2B                               | CUSIP: 30316TAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2457000 | PA      | $10272.47     | 0.00%             | 2053-10-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                     | Republic Finance Issuance Trust, Series 2024-A, Class A                         | CUSIP: 76041RAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1304000 | PA      | $1318579.11   | 0.21%             | 2032-08-20      | Fixed         | 5.91%                 | Yes           |                  2 | On Loan: No      |
| ACCO Brands Corp.                                   | ACCO Brands Corp.                                                               | CUSIP: 00081TAK4<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | DBT              | CORP              | US        |    122000 | PA      | $107767.88    | 0.02%             | 2029-03-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| TEGNA, Inc.                                         | TEGNA, Inc.                                                                     | CUSIP: 87901JAJ4<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |     71000 | PA      | $68830.49     | 0.01%             | 2028-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Edgewell Personal Care Co.                          | Edgewell Personal Care Co.                                                      | CUSIP: 28035QAA0<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |    108000 | PA      | $106180.75    | 0.02%             | 2028-06-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| FirstEnergy Pennsylvania Electric Co.               | FirstEnergy Pennsylvania Electric Co.                                           | CUSIP: 708696CA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $225784.16    | 0.04%             | 2026-03-30      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K121, Class X1 | CUSIP: 3137F83S0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   9739676 | PA      | $418112.59    | 0.07%             | 2030-10-25      | Variable      | 1.02%                 | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                            | Benchmark Mortgage Trust, Series 2024-V5, Class C                               | CUSIP: 08163XBC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $308353.14    | 0.05%             | 2057-01-10      | Variable      | 6.97%                 | No            |                  2 | On Loan: No      |
| Boost Newco Borrower LLC                            | Boost Newco Borrower LLC                                                        | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |    200000 | PA      | $211611.80    | 0.03%             | 2031-01-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Legacy Mortgage Asset Trust                         | Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1                          | CUSIP: 52474XAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     92206 | PA      | $91834.95     | 0.01%             | 2061-07-25      | Variable      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| CommScope LLC                                       | CommScope LLC                                                                   | CUSIP: 203372AX5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |     73000 | PA      | $69899.77     | 0.01%             | 2029-09-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Darden Restaurants, Inc.                            | Darden Restaurants, Inc.                                                        | CUSIP: 237194AQ8<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | DBT              | CORP              | US        |    515000 | PA      | $510367.80    | 0.08%             | 2029-10-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                      | Carvana Auto Receivables Trust, Series 2024-P1, Class C                         | CUSIP: 14688NAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    444000 | PA      | $451914.30    | 0.07%             | 2030-07-10      | Fixed         | 5.57%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                   | GLS Auto Receivables Issuer Trust, Series 2020-4A, Class E                      | CUSIP: 36261EAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    796070 | PA      | $795629.71    | 0.13%             | 2027-10-15      | Fixed         | 3.51%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 30 Year                                                             | CUSIP: 3132DVMV4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  12550292 | PA      | $12969618.06  | 2.11%             | 2054-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corp.                                      | DISH DBS Corp.                                                                  | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     76000 | PA      | $65342.44     | 0.01%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Beast Mortgage Trust                                | Beast Mortgage Trust, Series 2021-1818, Class B                                 | CUSIP: 07403PAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    179000 | PA      | $140317.26    | 0.02%             | 2036-03-15      | Floating      | 5.89%                 | Yes           |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                | Clear Channel Outdoor Holdings, Inc.                                            | CUSIP: 18453HAC0<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     26000 | PA      | $23757.50     | 0.00%             | 2028-04-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: —       |
| Banco Bilbao Vizcaya Argentaria SA                  | Banco Bilbao Vizcaya Argentaria SA                                              | CUSIP: 05946KAK7<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |    800000 | PA      | $801730.69    | 0.13%             | 2026-09-14      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                             | Hyundai Capital America                                                         | CUSIP: 44891ACT2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    965000 | PA      | $969642.39    | 0.16%             | 2027-01-08      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Rite Aid Corp.                                      | Rite Aid Corp., Escrow                                                          | CUSIP: 767ESCAG1<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | USGA              | US        |     19023 | PA      | $0.00         | 0.00%             | 2024-10-18      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| Community Health Systems, Inc.                      | Community Health Systems, Inc.                                                  | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     77000 | PA      | $65908.54     | 0.01%             | 2031-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Enel Finance International NV                       | Enel Finance International NV                                                   | CUSIP: 29278GAW8<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    445000 | PA      | $445232.47    | 0.07%             | 2027-06-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                               | Bank of America Corp.                                                           | CUSIP: 06051GLS6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1554043.89   | 0.25%             | 2029-09-15      | Variable      | 5.82%                 | No            |                  2 | On Loan: No      |
| Antero Resources Corp.                              | Antero Resources Corp.                                                          | CUSIP: 03674XAS5<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |     59000 | PA      | $57922.89     | 0.01%             | 2030-03-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Regional Management Issuance Trust                  | Regional Management Issuance Trust, Series 2024-1, Class A                      | CUSIP: 758983AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1533144.00   | 0.25%             | 2036-07-15      | Fixed         | 5.83%                 | Yes           |                  2 | On Loan: No      |
| Nomura Holdings, Inc.                               | Nomura Holdings, Inc.                                                           | CUSIP: 65535HAR0<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $199275.19    | 0.03%             | 2025-07-16      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                        | ING Groep NV                                                                    | CUSIP: 456837AU7<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $498577.20    | 0.08%             | 2026-07-01      | Variable      | 1.40%                 | Yes           |                  2 | On Loan: No      |
| Elastic NV                                          | Elastic NV                                                                      | CUSIP: 28415LAA1<br>LEI: 2549003I48WHHH937I59 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $93766.94     | 0.02%             | 2029-07-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                     | Santander UK Group Holdings plc                                                 | CUSIP: 80281LAV7<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |   1425000 | PA      | $1457406.68   | 0.24%             | 2031-04-15      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                 | New Residential Mortgage Loan Trust, Series 2022-SFR1, Class E1                 | CUSIP: 64831KAJ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    520000 | PA      | $499031.83    | 0.08%             | 2039-02-17      | Fixed         | 3.55%                 | Yes           |                  2 | On Loan: No      |
| VOLT XCIX LLC                                       | VOLT XCIX LLC, Series 2021-NPL8, Class A1                                       | CUSIP: 92872VAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     18355 | PA      | $18343.51     | 0.00%             | 2051-04-25      | Variable      | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                  | Credit Agricole SA                                                              | CUSIP: 22535WAG2<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    765000 | PA      | $764122.36    | 0.12%             | 2026-06-16      | Variable      | 1.91%                 | Yes           |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                          | Flagship Credit Auto Trust, Series 2023-3, Class C                              | CUSIP: 33846BAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    900000 | PA      | $914638.95    | 0.15%             | 2029-07-16      | Fixed         | 6.01%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA, REMIC, Series 2025-4, Class PV                                            | CUSIP: 3136BUS84<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    733008 | PA      | $754808.95    | 0.12%             | 2036-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Macquarie Group Ltd.                                | Macquarie Group Ltd.                                                            | CUSIP: 55607PAF2<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |    140000 | PA      | $134512.28    | 0.02%             | 2027-09-23      | Variable      | 1.63%                 | Yes           |                  2 | On Loan: No      |
| United Rentals North America, Inc.                  | United Rentals North America, Inc.                                              | CUSIP: 911365BG8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     64000 | PA      | $63320.92     | 0.01%             | 2028-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Penske Automotive Group, Inc.                       | Penske Automotive Group, Inc.                                                   | CUSIP: 70959WAK9<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | DBT              | CORP              | US        |     64000 | PA      | $59992.01     | 0.01%             | 2029-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AIB Group plc                                       | AIB Group plc                                                                   | CUSIP: 00135TAF1<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |    790000 | PA      | $796964.61    | 0.13%             | 2031-05-15      | Variable      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| Business Jet Securities LLC                         | Business Jet Securities LLC, Series 2022-1A, Class A                            | CUSIP: 12327AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    324691 | PA      | $317783.83    | 0.05%             | 2037-06-15      | Fixed         | 4.46%                 | Yes           |                  3 | On Loan: No      |
| OneMain Finance Corp.                               | OneMain Finance Corp.                                                           | CUSIP: 85172FAR0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     58000 | PA      | $56194.75     | 0.01%             | 2029-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Oportun Issuance Trust                              | Oportun Issuance Trust, Series 2025-A, Class B                                  | CUSIP: 68377TAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $798701.36    | 0.13%             | 2033-02-08      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                     | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GC93<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    610000 | PA      | $618890.75    | 0.10%             | 2031-04-23      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| GFL Environmental, Inc.                             | GFL Environmental, Inc.                                                         | CUSIP: 36168QAN4<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |     71000 | PA      | $69269.53     | 0.01%             | 2029-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| California Housing Finance Agency                   | California Housing Finance Agency, Series 2021-1, Class X                       | CUSIP: 13033DAF2<br>LEI: 549300BOPCVLBA552Z14 | Long             | ABS-MBS          | MUN               | US        |   2058521 | PA      | $88885.69     | 0.01%             | 2035-11-20      | Variable      | 0.80%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140XGWZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    387380 | PA      | $358561.02    | 0.06%             | 2036-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CFMT LLC                                            | CFMT LLC, Series 2024-HB13, Class M1                                            | CUSIP: 12530VAB1<br>LEI: 984500D67D63D8645054 | Long             | ABS-MBS          | CORP              | US        |    674000 | PA      | $639105.20    | 0.10%             | 2034-05-25      | Variable      | 3.00%                 | Yes           |                  3 | On Loan: No      |
| Republic of Turkiye (The)                           | Republic of Turkiye (The)                                                       | CUSIP: 900123DP2<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    200000 | PA      | $195706.00    | 0.03%             | 2032-02-12      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Trust                           | Commercial Mortgage Trust, Series 2014-UBS5, Class C                            | CUSIP: 12592KBH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2200000 | PA      | $2024000.00   | 0.33%             | 2047-09-10      | Variable      | 4.72%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Receivables Trust                         | SBNA Auto Receivables Trust, Series 2024-A, Class D                             | CUSIP: 78437PAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1270471.63   | 0.21%             | 2030-04-15      | Fixed         | 6.04%                 | Yes           |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust                     | WFRBS Commercial Mortgage Trust, Series 2014-C21, Class C                       | CUSIP: 92939FAY5<br>LEI: 5493000F7E2NMQ4HIO61 | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $948100.00    | 0.15%             | 2047-08-15      | Variable      | 4.23%                 | No            |                  2 | On Loan: No      |
| AmeriGas Partners LP                                | AmeriGas Partners LP                                                            | CUSIP: 030981AM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $45444.69     | 0.01%             | 2028-06-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| SDR Commercial Mortgage Trust                       | SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A                        | CUSIP: 811304AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    804000 | PA      | $798221.25    | 0.13%             | 2039-05-15      | Floating      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                           | Vistra Operations Co. LLC                                                       | CUSIP: 92840VAH5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     27000 | PA      | $26101.52     | 0.00%             | 2029-05-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Elara HGV Timeshare Issuer LLC                      | Elara HGV Timeshare Issuer LLC, Series 2023-A, Class A                          | CUSIP: 28415AAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    314998 | PA      | $322987.35    | 0.05%             | 2038-02-25      | Fixed         | 6.16%                 | Yes           |                  2 | On Loan: No      |
| Sirius XM Radio LLC                                 | Sirius XM Radio LLC                                                             | CUSIP: 82967NBC1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    190000 | PA      | $186892.57    | 0.03%             | 2029-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Block, Inc.                                         | Block, Inc.                                                                     | CUSIP: 852234AP8<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     38000 | PA      | $34336.12     | 0.01%             | 2031-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 30 Year                                                              | CUSIP: 3140XHPX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1659587 | PA      | $1573343.24   | 0.26%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Amer Sports Co.                                     | Amer Sports Co.                                                                 | CUSIP: 02352NAA7<br>LEI: 549300NRKH9WF70VFC95 | Long             | DBT              | CORP              | US        |     80000 | PA      | $82601.60     | 0.01%             | 2031-02-16      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of South Africa                            | Republic of South Africa                                                        | CUSIP: 836205BF0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    350000 | PA      | $338810.50    | 0.06%             | 2036-11-19      | Fixed         | 7.10%                 | Yes           |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                      | ZF North America Capital, Inc.                                                  | CUSIP: 98877DAD7<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    175000 | PA      | $173437.13    | 0.03%             | 2028-04-14      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| DT Auto Owner Trust                                 | DT Auto Owner Trust, Series 2023-3A, Class E                                    | CUSIP: 23345WAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $533411.45    | 0.09%             | 2030-05-15      | Fixed         | 10.21%                | Yes           |                  2 | On Loan: No      |
| DTE Energy Co.                                      | DTE Energy Co.                                                                  | CUSIP: 233331BK2<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |   1455000 | PA      | $1475113.41   | 0.24%             | 2029-03-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Graphic Packaging International LLC                 | Graphic Packaging International LLC                                             | CUSIP: 38869AAE7<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |     80000 | PA      | $80118.16     | 0.01%             | 2032-07-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CND9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  14705000 | PA      | $14661344.53  | 2.39%             | 2028-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AmeriGas Partners LP                                | AmeriGas Partners LP                                                            | CUSIP: 030981AJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     99000 | PA      | $99941.00     | 0.02%             | 2026-08-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CMH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    585000 | PA      | $586325.39    | 0.10%             | 2027-01-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| XPO, Inc.                                           | XPO, Inc.                                                                       | CUSIP: 98379KAB8<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |    145000 | PA      | $150128.36    | 0.02%             | 2031-06-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| CPS Auto Receivables Trust                          | CPS Auto Receivables Trust, Series 2024-C, Class C                              | CUSIP: 223920AC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    896000 | PA      | $905858.42    | 0.15%             | 2030-10-15      | Fixed         | 5.76%                 | Yes           |                  2 | On Loan: No      |
| Nabors Industries, Inc.                             | Nabors Industries, Inc.                                                         | CUSIP: 62957HAJ4<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |     85000 | PA      | $81604.16     | 0.01%             | 2027-05-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                | GNMA II, 30 Year                                                                | CUSIP: 3622ADHZ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2518304 | PA      | $2508050.22   | 0.41%             | 2054-09-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                     | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GZK3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    390000 | PA      | $376760.63    | 0.06%             | 2028-02-24      | Variable      | 2.64%                 | No            |                  2 | On Loan: No      |
| Standard Industries, Inc.                           | Standard Industries, Inc.                                                       | CUSIP: 853496AD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    194000 | PA      | $190496.46    | 0.03%             | 2028-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 4718, Class DA                                             | CUSIP: 3137FAST6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    201293 | PA      | $186403.10    | 0.03%             | 2047-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                  | T-Mobile USA, Inc.                                                              | CUSIP: 87264ABV6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    600000 | PA      | $572208.24    | 0.09%             | 2029-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                   | Wells Fargo & Co.                                                               | CUSIP: 95000U3A9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    945000 | PA      | $947595.54    | 0.15%             | 2028-07-25      | Variable      | 4.81%                 | No            |                  2 | On Loan: No      |
| FREMF 17-K68 Mortgage Trust                         | FREMF Mortgage Trust, Series 2017-K68, Class D                                  | CUSIP: 30305EAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $822548.50    | 0.13%             | 2049-10-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| NCR Atleos Corp.                                    | NCR Atleos Corp.                                                                | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |    120000 | PA      | $131078.40    | 0.02%             | 2029-04-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust                     | WFRBS Commercial Mortgage Trust, Series 2013-C11, Class C                       | CUSIP: 92937EAH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    117000 | PA      | $111315.08    | 0.02%             | 2045-03-15      | Variable      | 4.01%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                               | OneMain Finance Corp.                                                           | CUSIP: 85172FAN9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     67000 | PA      | $67907.11     | 0.01%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust               | Wells Fargo Commercial Mortgage Trust, Series 2015-NXS4, Class B                | CUSIP: 94989XBH7<br>LEI: 549300RD723OFH36TP29 | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $492877.05    | 0.08%             | 2048-12-15      | Variable      | 4.22%                 | No            |                  2 | On Loan: No      |
| FirstKey Homes Trust                                | FirstKey Homes Trust, Series 2022-SFR2, Class F2                                | CUSIP: 33767PAS7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $380899.44    | 0.06%             | 2039-07-17      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                       | Six Flags Entertainment Corp.                                                   | CUSIP: 150190AE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $106796.44    | 0.02%             | 2029-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                        | ING Groep NV                                                                    | CUSIP: 456837BR3<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   1385000 | PA      | $1392817.09   | 0.23%             | 2031-03-25      | Variable      | 5.07%                 | No            |                  2 | On Loan: No      |
| KBC Group NV                                        | KBC Group NV                                                                    | CUSIP: 48241FAB0<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | DBT              | CORP              | BE        |   1030000 | PA      | $1058057.94   | 0.17%             | 2029-01-19      | Variable      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 5481, Class FA                                             | CUSIP: 3137HHQ20<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2782865 | PA      | $2780205.75   | 0.45%             | 2054-12-25      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                               | Bank of America Corp.                                                           | CUSIP: 06051GLV9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1015474.35   | 0.17%             | 2027-09-15      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| Brink's Co. (The)                                   | Brink's Co. (The)                                                               | CUSIP: 109696AD6<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76949.55     | 0.01%             | 2032-06-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                      | Carvana Auto Receivables Trust, Series 2024-P2, Class A3                        | CUSIP: 14688PAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    900000 | PA      | $908290.98    | 0.15%             | 2029-07-10      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Chart Industries, Inc.                              | Chart Industries, Inc.                                                          | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |    107000 | PA      | $111686.71    | 0.02%             | 2030-01-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| RTX Corp.                                           | RTX Corp.                                                                       | CUSIP: 75513ECT6<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    850000 | PA      | $864598.04    | 0.14%             | 2026-11-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust              | Santander Drive Auto Receivables Trust, Series 2022-6, Class D                  | CUSIP: 802918AF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $504577.15    | 0.08%             | 2031-02-18      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                   | HSBC Holdings plc                                                               | CUSIP: 404280ER6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    585000 | PA      | $586486.99    | 0.10%             | 2031-03-03      | Variable      | 5.13%                 | No            |                  2 | On Loan: No      |
| Alliant Energy Finance LLC                          | Alliant Energy Finance LLC                                                      | CUSIP: 01882YAF3<br>LEI: 54930033ER6EOI5DL570 | Long             | DBT              | CORP              | US        |   1145000 | PA      | $1156939.57   | 0.19%             | 2027-06-06      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                            | BX Trust, Series 2021-RISE, Class D                                             | CUSIP: 12434EAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    304318 | PA      | $302036.09    | 0.05%             | 2036-11-15      | Floating      | 6.19%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 20 Year                                                              | CUSIP: 31418EJ27<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2043928 | PA      | $1966754.86   | 0.32%             | 2042-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Republic of Angola                                  | Republic of Angola                                                              | CUSIP: N/A<br>LEI: 549300QHR2R3J8JSGK83       | Long             | DBT              | NUSS              | AO        |    200000 | PA      | $199812.50    | 0.03%             | 2025-11-12      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Aqua Finance Trust                                  | Aqua Finance Trust, Series 2021-A, Class B                                      | CUSIP: 03842VAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    313000 | PA      | $282802.67    | 0.05%             | 2046-07-17      | Fixed         | 2.40%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                                 | Medline Borrower LP                                                             | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |     90000 | PA      | $87952.90     | 0.01%             | 2029-10-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                       | Six Flags Entertainment Corp.                                                   | CUSIP: 83001AAC6<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |     56000 | PA      | $55875.15     | 0.01%             | 2027-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| VOC Escrow Ltd.                                     | VOC Escrow Ltd.                                                                 | CUSIP: 91832VAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    100000 | PA      | $98638.17     | 0.02%             | 2028-02-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA                                                                            | CUSIP: 3140J9B83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    745299 | PA      | $767651.31    | 0.13%             | 2047-05-01      | Variable      | 6.69%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA, REMIC, Series 2024-27, Class CA                                           | CUSIP: 3136BRYP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1629152 | PA      | $1635558.04   | 0.27%             | 2048-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                      | BNP Paribas SA                                                                  | CUSIP: 09659W3D4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1150000 | PA      | $1150680.13   | 0.19%             | 2031-05-09      | Variable      | 5.08%                 | Yes           |                  2 | On Loan: No      |
| Istanbul Metropolitan Municipality                  | Istanbul Metropolitan Municipality                                              | CUSIP: 46522TAC2<br>LEI: 213800T1VDQSNKA2MD76 | Long             | DBT              | NUSS              | TR        |    200000 | PA      | $212800.00    | 0.03%             | 2028-12-06      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| American Airlines, Inc.                             | American Airlines, Inc.                                                         | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    451750 | PA      | $443608.41    | 0.07%             | 2029-04-20      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| EquipmentShare.com, Inc.                            | EquipmentShare.com, Inc.                                                        | CUSIP: 29450YAA7<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    165000 | PA      | $171292.28    | 0.03%             | 2028-05-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| MEG Energy Corp.                                    | MEG Energy Corp.                                                                | CUSIP: 552704AF5<br>LEI: 5493002WXPTG5ZC1T326 | Long             | DBT              | CORP              | CA        |    175000 | PA      | $174095.76    | 0.03%             | 2029-02-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase Commercial Mortgage Securities Trust | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2015-JP1, Class C   | CUSIP: 46590KAK0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $936112.80    | 0.15%             | 2049-01-15      | Variable      | 4.72%                 | No            |                  2 | On Loan: No      |
| Biogen, Inc.                                        | Biogen, Inc.                                                                    | CUSIP: 09062XAN3<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | DBT              | CORP              | US        |   1115000 | PA      | $1120601.29   | 0.18%             | 2031-01-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Newell Brands, Inc.                                 | Newell Brands, Inc.                                                             | CUSIP: 651229BC9<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    235000 | PA      | $235473.76    | 0.04%             | 2027-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Linked Notes             | Santander Bank Auto Credit-Linked Notes, Series 2024-B, Class C                 | CUSIP: 80280BAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1495926.30   | 0.24%             | 2033-01-18      | Fixed         | 5.14%                 | Yes           |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                        | Veros Auto Receivables Trust, Series 2023-1, Class C                            | CUSIP: 924933AC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1283487.25   | 0.21%             | 2028-11-15      | Fixed         | 8.32%                 | Yes           |                  2 | On Loan: No      |
| Prestige Brands, Inc.                               | Prestige Brands, Inc.                                                           | CUSIP: 74112BAL9<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |     54000 | PA      | $53738.55     | 0.01%             | 2028-01-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Global Infrastructure Solutions, Inc.               | Global Infrastructure Solutions, Inc.                                           | CUSIP: 37960XAA5<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |    134000 | PA      | $130783.85    | 0.02%             | 2029-06-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Business Jet Securities LLC                         | Business Jet Securities LLC, Series 2024-1A, Class B                            | CUSIP: 12327CAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    822694 | PA      | $839896.22    | 0.14%             | 2039-05-15      | Fixed         | 6.92%                 | Yes           |                  3 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.               | NextEra Energy Capital Holdings, Inc.                                           | CUSIP: 65339KBS8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    445000 | PA      | $446153.87    | 0.07%             | 2025-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ON Semiconductor Corp.                              | ON Semiconductor Corp.                                                          | CUSIP: 682189AQ8<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |    125000 | PA      | $119386.08    | 0.02%             | 2028-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered plc                              | Standard Chartered plc                                                          | CUSIP: 853254DB3<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    755000 | PA      | $765486.95    | 0.12%             | 2028-05-14      | Variable      | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Churchill Downs, Inc.                               | Churchill Downs, Inc.                                                           | CUSIP: 171484AG3<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124565.70    | 0.02%             | 2027-04-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| FirstKey Homes Trust                                | FirstKey Homes Trust, Series 2022-SFR1, Class F1                                | CUSIP: 33768NAN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $605762.99    | 0.10%             | 2039-05-19      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Seagate HDD Cayman                                  | Seagate HDD Cayman                                                              | CUSIP: 81180WBP5<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |      6000 | PA      | $6406.64      | 0.00%             | 2031-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| 1011778 BC ULC                                      | 1011778 BC ULC                                                                  | CUSIP: 68245XAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     46000 | PA      | $44525.91     | 0.01%             | 2028-01-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Diamond Foreign Asset Co.                           | Diamond Foreign Asset Co.                                                       | CUSIP: 25260WAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     50000 | PA      | $50087.10     | 0.01%             | 2030-10-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Oportun Funding Trust                               | Oportun Funding Trust, Series 2024-3, Class B                                   | CUSIP: 68377NAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2092000 | PA      | $2090355.69   | 0.34%             | 2029-08-15      | Fixed         | 5.48%                 | Yes           |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.                | Mitsubishi UFJ Financial Group, Inc.                                            | CUSIP: 606822DK7<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    465000 | PA      | $471420.87    | 0.08%             | 2031-04-24      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| Lithia Motors, Inc.                                 | Lithia Motors, Inc.                                                             | CUSIP: 536797AF0<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |     31000 | PA      | $29052.95     | 0.00%             | 2031-01-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                  | Canadian Imperial Bank of Commerce                                              | CUSIP: 13608JAA5<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    660000 | PA      | $675312.83    | 0.11%             | 2029-04-08      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| Oportun Issuance Trust                              | Oportun Issuance Trust, Series 2022-A, Class B                                  | CUSIP: 68378NAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $599610.18    | 0.10%             | 2031-06-09      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 10 Year                                                             | CUSIP: 3133LPSX6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    270855 | PA      | $258312.90    | 0.04%             | 2030-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GFL Environmental, Inc.                             | GFL Environmental, Inc.                                                         | CUSIP: 36168QAQ7<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $103729.90    | 0.02%             | 2031-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Select Receivables Trust                   | GLS Auto Select Receivables Trust, Series 2023-1A, Class A3                     | CUSIP: 36267FAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    757000 | PA      | $764132.91    | 0.12%             | 2028-10-16      | Fixed         | 5.96%                 | Yes           |                  2 | On Loan: No      |
| Hilcorp Energy I LP                                 | Hilcorp Energy I LP                                                             | CUSIP: 431318AU8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    137000 | PA      | $130874.43    | 0.02%             | 2029-02-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| FirstKey Homes Trust                                | FirstKey Homes Trust, Series 2022-SFR2, Class D                                 | CUSIP: 33767PAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    615000 | PA      | $599918.60    | 0.10%             | 2039-07-17      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                         | Hashemite Kingdom of Jordan                                                     | CUSIP: N/A<br>LEI: 5493000JZ4MYPVMBVN50       | Long             | DBT              | NUSS              | JO        |    200000 | PA      | $205126.00    | 0.03%             | 2028-01-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                    | Goodyear Tire & Rubber Co. (The)                                                | CUSIP: 382550BJ9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    167000 | PA      | $155949.03    | 0.03%             | 2031-04-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Huntington Bank Auto Credit-Linked Notes            | Huntington Bank Auto Credit-Linked Notes, Series 2024-2, Class B1               | CUSIP: 44644NAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    384320 | PA      | $386491.30    | 0.06%             | 2032-10-20      | Fixed         | 5.44%                 | Yes           |                  2 | On Loan: No      |
| Marvell Technology, Inc.                            | Marvell Technology, Inc.                                                        | CUSIP: 573874AP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    670000 | PA      | $692936.18    | 0.11%             | 2029-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Corebridge Global Funding                           | Corebridge Global Funding                                                       | CUSIP: 00138CAV0<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |    645000 | PA      | $670312.75    | 0.11%             | 2028-09-19      | Fixed         | 5.90%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 5182, Class D                                              | CUSIP: 3137H5C62<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  11352008 | PA      | $10510182.04  | 1.71%             | 2043-11-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Bioceanico Sovereign Certificate Ltd.               | Bioceanico Sovereign Certificate Ltd.                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | KY        |    158358 | PA      | $124317.00    | 0.02%             | 2034-06-05      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| DT Auto Owner Trust                                 | DT Auto Owner Trust, Series 2023-1A, Class D                                    | CUSIP: 23346KAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    307000 | PA      | $310964.08    | 0.05%             | 2028-11-15      | Fixed         | 6.44%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO Ltd.                                       | Voya CLO Ltd., Series 2018-1A, Class A2                                         | CUSIP: 92917AAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1502004.00   | 0.24%             | 2031-04-19      | Floating      | 5.83%                 | Yes           |                  2 | On Loan: No      |
| SCF Equipment Leasing LLC                           | SCF Equipment Leasing LLC, Series 2024-1A, Class B                              | CUSIP: 783896AD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1083000 | PA      | $1113193.61   | 0.18%             | 2032-04-20      | Fixed         | 5.56%                 | Yes           |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Bank Ltd.                     | Sumitomo Mitsui Trust Bank Ltd.                                                 | CUSIP: 86563VBQ1<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |    820000 | PA      | $835532.72    | 0.14%             | 2029-03-07      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corp.                                      | Carnival Corp.                                                                  | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    110000 | PA      | $110289.93    | 0.02%             | 2029-05-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Home Partners of America Trust                      | Home Partners of America Trust, Series 2021-3, Class E1                         | CUSIP: 43730XAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    451426 | PA      | $408696.68    | 0.07%             | 2041-01-17      | Fixed         | 3.20%                 | Yes           |                  2 | On Loan: No      |
| JPMCC Commercial Mortgage Securities Trust          | JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class D            | CUSIP: 46647TAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    275000 | PA      | $203825.33    | 0.03%             | 2050-03-15      | Variable      | 4.49%                 | Yes           |                  2 | On Loan: No      |
| Civitas Resources, Inc.                             | Civitas Resources, Inc.                                                         | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     88000 | PA      | $88660.44     | 0.01%             | 2028-07-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Foundation Finance Trust                            | Foundation Finance Trust, Series 2021-1A, Class A                               | CUSIP: 35041LAA8<br>LEI: 549300MQ65NOVQXYNB21 | Long             | ABS-O            | CORP              | US        |     47141 | PA      | $44077.72     | 0.01%             | 2041-05-15      | Fixed         | 1.27%                 | Yes           |                  2 | On Loan: No      |
| Elara HGV Timeshare Issuer LLC                      | Elara HGV Timeshare Issuer LLC, Series 2023-A, Class C                          | CUSIP: 28415AAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    523060 | PA      | $536144.82    | 0.09%             | 2038-02-25      | Fixed         | 7.30%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                               | Albertsons Cos., Inc.                                                           | CUSIP: 013092AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $124887.89    | 0.02%             | 2028-02-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Baytex Energy Corp.                                 | Baytex Energy Corp.                                                             | CUSIP: 07317QAJ4<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |    165000 | PA      | $159876.93    | 0.03%             | 2030-04-30      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                        | Royal Caribbean Cruises Ltd.                                                    | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    150000 | PA      | $150538.42    | 0.02%             | 2033-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                    | Bombardier, Inc.                                                                | CUSIP: 097751BX8<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    139000 | PA      | $138909.09    | 0.02%             | 2028-02-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                          | Progress Residential Trust, Series 2025-SFR1, Class D                           | CUSIP: 74334NAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1369327.65   | 0.22%             | 2042-02-17      | Variable      | 3.65%                 | Yes           |                  2 | On Loan: No      |
| MVW LLC                                             | MVW LLC, Series 2021-1WA, Class A                                               | CUSIP: 55389TAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     48708 | PA      | $46472.04     | 0.01%             | 2041-01-22      | Fixed         | 1.14%                 | Yes           |                  2 | On Loan: No      |
| Hillenbrand, Inc.                                   | Hillenbrand, Inc.                                                               | CUSIP: 431571AF5<br>LEI: U246OE781574J2BUD366 | Long             | DBT              | CORP              | US        |     85000 | PA      | $85293.34     | 0.01%             | 2029-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

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

**Signature:** Timothy J. Clemens

**Name of Signer:** Timothy J. Clemens

**Title:** Treasurer and Principal Financial Officer