# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0001752724-25-180644
**Filing Date:** 2025-7
**Character Count:** 521108
**Document Hash:** aad548692b6320e76991297c9a9cd445
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180644.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180644

**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:** 251154593

**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 Inflation Managed Bond ETF (Series ID: S000074053)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000231436 | JPMorgan Inflation Managed Bond ETF | JCPI            |

## Nport-Ex

**JPMorgan Inflation Managed Bond 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 Inflation Managed Bond 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($)**<br>| **VALUE($)** |
| **U.S. Treasury Obligations — 34.3%** | **U.S. Treasury Obligations — 34.3%** | **U.S. Treasury Obligations — 34.3%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Inflation Linked Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 4/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12391949 | &nbsp;&nbsp;&nbsp;&nbsp; 12260378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12158200 | &nbsp;&nbsp;&nbsp;&nbsp; 12054334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 4/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 11397414 | &nbsp;&nbsp;&nbsp;&nbsp; 11430456 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 29445000 | &nbsp;&nbsp;&nbsp;&nbsp; 29354134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 29375000 | &nbsp;&nbsp;&nbsp;&nbsp; 29280908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/31/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 66230000 | &nbsp;&nbsp;&nbsp;&nbsp; 68286752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 29360000 | &nbsp;&nbsp;&nbsp;&nbsp; 29243019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 46065000 | &nbsp;&nbsp;&nbsp;&nbsp; 46928719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations <br>(Cost $239,312,997)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 238838700 |
| **Corporate Bonds — 29.0%** | **Corporate Bonds — 29.0%** | **Corporate Bonds — 29.0%** |
| **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** |
| &nbsp;&nbsp;&nbsp; BAE Systems plc (United Kingdom) 3.40%, 4/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 377967 |
| &nbsp;&nbsp;&nbsp; Boeing Co. (The)  | &nbsp;&nbsp;&nbsp; Boeing Co. (The)  | &nbsp;&nbsp;&nbsp; Boeing Co. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 782000 | &nbsp;&nbsp;&nbsp;&nbsp; 771446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 931000 | &nbsp;&nbsp;&nbsp;&nbsp; 917148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.39%, 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 414000 | &nbsp;&nbsp;&nbsp;&nbsp; 441727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.53%, 5/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 93929 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. 3.85%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 619068 |
| &nbsp;&nbsp;&nbsp; Leidos, Inc. 2.30%, 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 767000 | &nbsp;&nbsp;&nbsp;&nbsp; 662524 |
| &nbsp;&nbsp;&nbsp; RTX Corp. 5.75%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1876150 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5759959 |
| **Automobiles — 0.4%** | **Automobiles — 0.4%** | **Automobiles — 0.4%** |
| &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; 3.00%, 2/10/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 903000 | &nbsp;&nbsp;&nbsp;&nbsp; 876305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 919000 | &nbsp;&nbsp;&nbsp;&nbsp; 866248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 1/10/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 277571 |
| &nbsp;&nbsp;&nbsp; Stellantis Finance US, Inc. 2.69%, 9/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 678000 | &nbsp;&nbsp;&nbsp;&nbsp; 562064 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2582188 |
| **Banks — 8.8%** | **Banks — 8.8%** | **Banks — 8.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.47%, <br> 12/13/2029 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 830175 |
| &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 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 264000 | &nbsp;&nbsp;&nbsp;&nbsp; 277690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%), 5.87%, 3/28/2035 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 203015 |
| &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd. (Australia) 4.40%, 5/19/2026 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1545230 |
| &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; 2.75%, 12/3/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1583959 |
| &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 + 1.15%), 1.32%, 6/19/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 20959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N, (SOFR + 0.91%), 1.66%, 3/11/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 178000 | &nbsp;&nbsp;&nbsp;&nbsp; 173888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 1.84%), 3.82%, 1/20/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 937000 | &nbsp;&nbsp;&nbsp;&nbsp; 924434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.63%), 5.20%, 4/25/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1747000 | &nbsp;&nbsp;&nbsp;&nbsp; 1775251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.53%), 1.90%, 7/23/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3227000 | &nbsp;&nbsp;&nbsp;&nbsp; 2793532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.65%), 5.47%, 1/23/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1707000 | &nbsp;&nbsp;&nbsp;&nbsp; 1724853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group plc (Ireland) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.03%, <br> 9/30/2027 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1725000 | &nbsp;&nbsp;&nbsp;&nbsp; 1662458 |
| &nbsp;&nbsp;&nbsp; Bank of Montreal (Canada) | &nbsp;&nbsp;&nbsp; Bank of Montreal (Canada) | &nbsp;&nbsp;&nbsp; Bank of Montreal (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 3/8/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 38822 |

---

------

**JPMorgan Inflation Managed Bond 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 + 1.25%), 4.64%, 9/10/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 422000 | &nbsp;&nbsp;&nbsp;&nbsp; 421674 |
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA (France) 5.54%, 1/22/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 875887 |
| &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; (SOFR + 1.88%), 6.50%, 9/13/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 899000 | &nbsp;&nbsp;&nbsp;&nbsp; 917813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%), 5.69%, 3/12/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 615148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.23%), 5.37%, 2/25/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 363114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.98%), 6.22%, 5/9/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 313201 |
| &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 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 499744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.23%), 2.59%, 1/20/2028 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 289574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%), 5.28%, 11/19/2030 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 757233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.62%), 5.79%, 1/13/2033 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 460931 |
| &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 + 1.09%), 2.05%, 10/19/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2214000 | &nbsp;&nbsp;&nbsp;&nbsp; 2131531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.31%), 2.28%, 1/20/2032 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1194000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013792 |
| &nbsp;&nbsp;&nbsp; Capital One NA 3.45%, 7/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 447000 | &nbsp;&nbsp;&nbsp;&nbsp; 440664 |
| &nbsp;&nbsp;&nbsp; Citibank NA 5.80%, 9/29/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1561052 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc.  | &nbsp;&nbsp;&nbsp; Citigroup, Inc.  | &nbsp;&nbsp;&nbsp; Citigroup, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%), 1.12%, 1/28/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1056000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 9/29/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 272000 | &nbsp;&nbsp;&nbsp;&nbsp; 270881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 1.82%), 3.89%, 1/10/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 88821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.17%), 2.56%, 5/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1135507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.35%), 3.06%, 1/25/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 395820 |
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA (Netherlands) | &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA (Netherlands) | &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.73%), 1.98%, 12/15/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 719695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.40%), 5.56%, 2/28/2029 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 255976 |
| &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 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1498279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.13%), 5.23%, 1/9/2029 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 673000 | &nbsp;&nbsp;&nbsp;&nbsp; 680094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.69%), 5.34%, 1/10/2030 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 377000 | &nbsp;&nbsp;&nbsp;&nbsp; 382909 |
| &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 + 1.40%), 5.71%, 3/1/2030 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 407000 | &nbsp;&nbsp;&nbsp;&nbsp; 419390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.93%), 5.02%, 3/4/2031 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 321126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA (Norway) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.68%), 1.61%, <br> 3/30/2028 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 947698 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp  | &nbsp;&nbsp;&nbsp; Fifth Third Bancorp  | &nbsp;&nbsp;&nbsp; Fifth Third Bancorp  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 3/14/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 789611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.84%), 5.63%, 1/29/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 66000 | &nbsp;&nbsp;&nbsp;&nbsp; 67770 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bank NA 2.25%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 241157 |
| &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; (3-MONTH CME TERM SOFR + 1.61%), 4.29%, 9/12/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1247583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 2.01%, 9/22/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 282022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 1.87%), 3.97%, 5/22/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1040000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.39%), 2.85%, 6/4/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1141000 | &nbsp;&nbsp;&nbsp;&nbsp; 1028675 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. (SOFR + 1.28%), 5.27%, 1/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 909747 |
| &nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) (SOFR + 1.01%), 1.73%, 4/1/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp;&nbsp; 858920 |
| &nbsp;&nbsp;&nbsp; KeyBank NA 3.30%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 |
| &nbsp;&nbsp;&nbsp; KeyCorp (SOFRINDX + 1.23%), 5.12%, 4/4/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 526000 | &nbsp;&nbsp;&nbsp;&nbsp; 524880 |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group plc (United Kingdom) 3.75%, 1/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 469000 | &nbsp;&nbsp;&nbsp;&nbsp; 463262 |
| &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 + 0.83%), 2.34%, 1/19/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 578484 |
| &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; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 202762 |

---

------

**JPMorgan Inflation Managed Bond 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; Mizuho Financial Group, Inc. (Japan) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.12%), 5.38%, <br> 5/26/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp;&nbsp; 1990293 |
| &nbsp;&nbsp;&nbsp; National Bank of Canada (Canada) 5.60%, 12/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 413221 |
| &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; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.64%, 6/14/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 486000 | &nbsp;&nbsp;&nbsp;&nbsp; 470900 |
| &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; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 421632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.78%, 3/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 326178 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.09%), 4.76%, 1/26/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 573000 | &nbsp;&nbsp;&nbsp;&nbsp; 573327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%), 5.30%, 1/21/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 343911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.07%), 5.22%, 1/29/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 355642 |
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 1.53%, 8/21/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1191056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.75%), 6.83%, 11/21/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.60%), 6.53%, 1/10/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 778703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA (France) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.79%, <br> 6/9/2027 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3337000 | &nbsp;&nbsp;&nbsp;&nbsp; 3232319 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) 1.90%, 9/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1380396 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada) 1.15%, 6/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 39963 |
| &nbsp;&nbsp;&nbsp; Truist Bank 3.30%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 987170 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp.  | &nbsp;&nbsp;&nbsp; Truist Financial Corp.  | &nbsp;&nbsp;&nbsp; Truist Financial Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.45%), 7.16%, 10/30/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 296048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.62%), 5.44%, 1/24/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 511240 |
| &nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) | &nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) | &nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 835000 | &nbsp;&nbsp;&nbsp;&nbsp; 810853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD ICE Swap Rate 5 Year + 3.70%), 5.86%, 6/19/2032 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 601503 |
| &nbsp;&nbsp;&nbsp; US Bancorp  | &nbsp;&nbsp;&nbsp; US Bancorp  | &nbsp;&nbsp;&nbsp; US Bancorp  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%), 5.38%, 1/23/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 127847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.86%), 5.68%, 1/23/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 127000 | &nbsp;&nbsp;&nbsp;&nbsp; 129379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.41%), 5.42%, 2/12/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 498816 |
| &nbsp;&nbsp;&nbsp; Wachovia Corp. 7.57%, 8/1/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 366000 | &nbsp;&nbsp;&nbsp;&nbsp; 377402 |
| &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 + 2.10%), 2.39%, 6/2/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 669967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.50%), 5.20%, 1/23/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3256000 | &nbsp;&nbsp;&nbsp;&nbsp; 3309220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 1.43%), 2.88%, 10/30/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 637000 | &nbsp;&nbsp;&nbsp;&nbsp; 587843 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 61629342 |
| **Biotechnology — 0.3%** | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc.  | &nbsp;&nbsp;&nbsp; AbbVie, Inc.  | &nbsp;&nbsp;&nbsp; AbbVie, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/21/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1327953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 3/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 245711 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. 5.25%, 3/2/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 205051 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 481000 | &nbsp;&nbsp;&nbsp;&nbsp; 412058 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2190773 |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; eBay, Inc. 2.60%, 5/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 44262 |
| **Capital Markets — 2.2%** | **Capital Markets — 2.2%** | **Capital Markets — 2.2%** |
| &nbsp;&nbsp;&nbsp; Brookfield Finance, Inc. (Canada) 4.25%, 6/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 362000 | &nbsp;&nbsp;&nbsp;&nbsp; 360578 |
| &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 + 2.52%), 7.15%, 7/13/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 194510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 2.55%, 1/7/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp;&nbsp; 1397450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.72%), 3.04%, 5/28/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1126000 | &nbsp;&nbsp;&nbsp;&nbsp; 994172 |

---

------

**JPMorgan Inflation Managed Bond 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** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| &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; 4.25%, 10/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 237000 | &nbsp;&nbsp;&nbsp;&nbsp; 236616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1785000 | &nbsp;&nbsp;&nbsp;&nbsp; 1758817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.09%), 1.99%, 1/27/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 512000 | &nbsp;&nbsp;&nbsp;&nbsp; 435764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%), 2.62%, 4/22/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp;&nbsp; 2060803 |
| &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; (3-MONTH CME TERM SOFR + 2.01%), 5.03%, 1/15/2030 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.30%), 6.26%, 12/7/2034 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 315951 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  | &nbsp;&nbsp;&nbsp; Morgan Stanley  | &nbsp;&nbsp;&nbsp; Morgan Stanley  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 9/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 963000 | &nbsp;&nbsp;&nbsp;&nbsp; 959085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.45%), 5.17%, 1/16/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3540000 | &nbsp;&nbsp;&nbsp;&nbsp; 3594393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.02%), 1.93%, 4/28/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 92840 |
| &nbsp;&nbsp;&nbsp; Nasdaq, Inc. 5.55%, 2/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 321000 | &nbsp;&nbsp;&nbsp;&nbsp; 329493 |
| &nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.33%, 1/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 961389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 7/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 753000 | &nbsp;&nbsp;&nbsp;&nbsp; 675047 |
| &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 + 2.04%), 2.19%, 6/5/2026 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 249951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.98%), 1.31%, 2/2/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 879180 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15697123 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| &nbsp;&nbsp;&nbsp; RPM International, Inc. 2.95%, 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 438000 | &nbsp;&nbsp;&nbsp;&nbsp; 380980 |
| &nbsp;&nbsp;&nbsp; Westlake Corp. 3.60%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 394341 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 775321 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc.  | &nbsp;&nbsp;&nbsp; Quanta Services, Inc.  | &nbsp;&nbsp;&nbsp; Quanta Services, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 446000 | &nbsp;&nbsp;&nbsp;&nbsp; 375694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/9/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 188000 | &nbsp;&nbsp;&nbsp;&nbsp; 186288 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 561982 |
| **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. Series CB, 2.50%, 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 36370 |
| **Consumer Finance — 2.0%** | **Consumer Finance — 2.0%** | **Consumer Finance — 2.0%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC (Ireland) | &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC (Ireland) | &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 10/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1554000 | &nbsp;&nbsp;&nbsp;&nbsp; 1506128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/29/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1835000 | &nbsp;&nbsp;&nbsp;&nbsp; 1732178 |
| &nbsp;&nbsp;&nbsp; Aircastle Ltd. 5.25%, 3/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 159271 |
| &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; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 493355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.93%), 5.04%, 7/26/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 126471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.02%), 5.09%, 1/30/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 157352 |
| &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; 2.13%, 2/21/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 692000 | &nbsp;&nbsp;&nbsp;&nbsp; 672894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 832000 | &nbsp;&nbsp;&nbsp;&nbsp; 821608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1063000 | &nbsp;&nbsp;&nbsp;&nbsp; 1051839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 11/18/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4543000 | &nbsp;&nbsp;&nbsp;&nbsp; 4282005 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp.  | &nbsp;&nbsp;&nbsp; Capital One Financial Corp.  | &nbsp;&nbsp;&nbsp; Capital One Financial Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%), 5.46%, 7/26/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 509101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.27%), 2.62%, 11/2/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 709000 | &nbsp;&nbsp;&nbsp;&nbsp; 606676 |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc. 2.35%, 1/8/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 940000 | &nbsp;&nbsp;&nbsp;&nbsp; 801826 |

---

------

**JPMorgan Inflation Managed Bond 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 — continued** | **Consumer Finance — continued** | **Consumer Finance — continued** |
| &nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd. (United Kingdom) | &nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd. (United Kingdom) | &nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 3/26/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 38257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/26/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 623590 |
| &nbsp;&nbsp;&nbsp; Mitsubishi HC Finance America LLC (Japan) 5.81%, 9/12/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 206314 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13788865 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Kroger Co. (The) 5.00%, 9/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 472376 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| &nbsp;&nbsp;&nbsp; Graphic Packaging International LLC 1.51%, 4/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 453000 | &nbsp;&nbsp;&nbsp;&nbsp; 438483 |
| &nbsp;&nbsp;&nbsp; Smurfit Westrock Financing DAC (Ireland) 5.42%, 1/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 237000 | &nbsp;&nbsp;&nbsp;&nbsp; 235983 |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co. 5.00%, 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 308000 | &nbsp;&nbsp;&nbsp;&nbsp; 292695 |
| &nbsp;&nbsp;&nbsp; WRKCo, Inc. 4.90%, 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150848 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1118009 |
| **Diversified REITs — 0.3%** | **Diversified REITs — 0.3%** | **Diversified REITs — 0.3%** |
| &nbsp;&nbsp;&nbsp; Safehold GL Holdings LLC 2.80%, 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 682000 | &nbsp;&nbsp;&nbsp;&nbsp; 599179 |
| &nbsp;&nbsp;&nbsp; Simon Property Group LP 2.45%, 9/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 183950 |
| &nbsp;&nbsp;&nbsp; WP Carey, Inc.  | &nbsp;&nbsp;&nbsp; WP Carey, Inc.  | &nbsp;&nbsp;&nbsp; WP Carey, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 693967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 893000 | &nbsp;&nbsp;&nbsp;&nbsp; 716612 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2193708 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. 1.65%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1181000 | &nbsp;&nbsp;&nbsp;&nbsp; 1099106 |
| &nbsp;&nbsp;&nbsp; NBN Co. Ltd. (Australia) 2.63%, 5/5/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 622996 |
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp. 6.88%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 165819 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc.  | &nbsp;&nbsp;&nbsp; Verizon Communications, Inc.  | &nbsp;&nbsp;&nbsp; Verizon Communications, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 10/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 574190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 2/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 741038 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3203149 |
| **Electric Utilities — 2.8%** | **Electric Utilities — 2.8%** | **Electric Utilities — 2.8%** |
| &nbsp;&nbsp;&nbsp; Alabama Power Co. 5.85%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 525794 |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. 5.63%, 3/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102375 |
| &nbsp;&nbsp;&nbsp; Atlantic City Electric Co. 4.00%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19816 |
| &nbsp;&nbsp;&nbsp; Baltimore Gas and Electric Co. 5.30%, 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 655945 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric LLC Series AA, 3.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 302903 |
| &nbsp;&nbsp;&nbsp; Cleveland Electric Illuminating Co. (The)  | &nbsp;&nbsp;&nbsp; Cleveland Electric Illuminating Co. (The)  | &nbsp;&nbsp;&nbsp; Cleveland Electric Illuminating Co. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 586000 | &nbsp;&nbsp;&nbsp;&nbsp; 564654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 11/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 283830 |
| &nbsp;&nbsp;&nbsp; Duke Energy Carolinas LLC 6.45%, 10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 54090 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. 5.45%, 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 555044 |
| &nbsp;&nbsp;&nbsp; Duke Energy Indiana LLC 5.25%, 3/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 551636 |
| &nbsp;&nbsp;&nbsp; Duke Energy Ohio, Inc. 5.25%, 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp; 73895 |
| &nbsp;&nbsp;&nbsp; Duquesne Light Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Duquesne Light Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Duquesne Light Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 10/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 421000 | &nbsp;&nbsp;&nbsp;&nbsp; 367804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 1/7/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 554000 | &nbsp;&nbsp;&nbsp;&nbsp; 472424 |
| &nbsp;&nbsp;&nbsp; Edison International 5.25%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 738875 |
| &nbsp;&nbsp;&nbsp; Entergy Louisiana LLC 1.60%, 12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 85201 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. 2.90%, 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 618000 | &nbsp;&nbsp;&nbsp;&nbsp; 575691 |
| &nbsp;&nbsp;&nbsp; Fells Point Funding Trust 3.05%, 1/31/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 864000 | &nbsp;&nbsp;&nbsp;&nbsp; 840224 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Pennsylvania Electric Co. 3.25%, 3/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 656000 | &nbsp;&nbsp;&nbsp;&nbsp; 632192 |
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co. 5.30%, 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015876 |

---

------

**JPMorgan Inflation Managed Bond 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** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| &nbsp;&nbsp;&nbsp; Fortis, Inc. (Canada) 3.06%, 10/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1021000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000365 |
| &nbsp;&nbsp;&nbsp; Georgia Power Co. 4.85%, 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 556938 |
| &nbsp;&nbsp;&nbsp; Interstate Power and Light Co.  | &nbsp;&nbsp;&nbsp; Interstate Power and Light Co.  | &nbsp;&nbsp;&nbsp; Interstate Power and Light Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 9/26/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 9/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 142000 | &nbsp;&nbsp;&nbsp;&nbsp; 137174 |
| &nbsp;&nbsp;&nbsp; ITC Holdings Corp. 2.95%, 5/14/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 451000 | &nbsp;&nbsp;&nbsp;&nbsp; 414482 |
| &nbsp;&nbsp;&nbsp; Kentucky Utilities Co. 3.30%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 198830 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc.  | &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc.  | &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 177861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 610129 |
| &nbsp;&nbsp;&nbsp; Niagara Mohawk Power Corp. 1.96%, 6/27/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 434929 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. 2.45%, 12/2/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 805000 | &nbsp;&nbsp;&nbsp;&nbsp; 757319 |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co.  | &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co.  | &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 458000 | &nbsp;&nbsp;&nbsp;&nbsp; 450646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1278999 | &nbsp;&nbsp;&nbsp;&nbsp; 1238506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 3/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 571000 | &nbsp;&nbsp;&nbsp;&nbsp; 561422 |
| &nbsp;&nbsp;&nbsp; PG&E Wildfire Recovery Funding LLC Series A-2, 4.26%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 848000 | &nbsp;&nbsp;&nbsp;&nbsp; 795186 |
| &nbsp;&nbsp;&nbsp; Potomac Electric Power Co. 5.20%, 3/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 172000 | &nbsp;&nbsp;&nbsp;&nbsp; 171801 |
| &nbsp;&nbsp;&nbsp; Public Service Co. of Oklahoma 5.20%, 1/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 123000 | &nbsp;&nbsp;&nbsp;&nbsp; 120207 |
| &nbsp;&nbsp;&nbsp; SCE Recovery Funding LLC Series A-2, 1.94%, 5/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 209734 |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co. 5.45%, 3/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 967417 |
| &nbsp;&nbsp;&nbsp; Southern Co. (The) 5.70%, 3/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 207000 | &nbsp;&nbsp;&nbsp;&nbsp; 213065 |
| &nbsp;&nbsp;&nbsp; Southwestern Electric Power Co. Series M, 4.10%, 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1010000 | &nbsp;&nbsp;&nbsp;&nbsp; 993095 |
| &nbsp;&nbsp;&nbsp; Tampa Electric Co. 4.90%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 274000 | &nbsp;&nbsp;&nbsp;&nbsp; 278466 |
| &nbsp;&nbsp;&nbsp; Virginia Electric and Power Co. 5.15%, 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 491730 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC 5.70%, 12/30/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 139466 |
| &nbsp;&nbsp;&nbsp; Wisconsin Electric Power Co. 3.10%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 19766620 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Halliburton Co. 2.92%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 367145 |
| &nbsp;&nbsp;&nbsp; Schlumberger Holdings Corp. 3.90%, 5/17/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 38366 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 405511 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. 5.60%, 6/12/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 714000 | &nbsp;&nbsp;&nbsp;&nbsp; 724715 |
| **Financial Services — 0.6%** | **Financial Services — 0.6%** | **Financial Services — 0.6%** |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. 3.65%, 4/5/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 295261 |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc. 5.35%, 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 869054 |
| &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; 2.15%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 901000 | &nbsp;&nbsp;&nbsp;&nbsp; 865257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 374165 |
| &nbsp;&nbsp;&nbsp; LSEGA Financing plc (United Kingdom) 2.00%, 4/6/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 890000 | &nbsp;&nbsp;&nbsp;&nbsp; 831071 |
| &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; 4.85%, 7/27/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 503723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 7/29/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 452108 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4190639 |
| **Food Products — 0.3%** | **Food Products — 0.3%** | **Food Products — 0.3%** |
| &nbsp;&nbsp;&nbsp; Bimbo Bakeries USA, Inc. (Mexico) 6.05%, 1/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 726250 |
| &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp. 4.20%, 9/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 542750 |
| &nbsp;&nbsp;&nbsp; General Mills, Inc. 4.95%, 3/29/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 151000 | &nbsp;&nbsp;&nbsp;&nbsp; 149272 |
| &nbsp;&nbsp;&nbsp; J M Smucker Co. (The) 6.20%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 264000 | &nbsp;&nbsp;&nbsp;&nbsp; 280268 |

---

------

**JPMorgan Inflation Managed Bond 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** |
| **Food Products — continued** | **Food Products — continued** | **Food Products — continued** |
| &nbsp;&nbsp;&nbsp; Mars, Inc. 5.00%, 3/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 217000 | &nbsp;&nbsp;&nbsp;&nbsp; 217730 |
| &nbsp;&nbsp;&nbsp; Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 89000 | &nbsp;&nbsp;&nbsp;&nbsp; 88835 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2005105 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; ONE Gas, Inc. 2.00%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 248000 | &nbsp;&nbsp;&nbsp;&nbsp; 218993 |
| **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co. (Canada) 2.05%, 3/5/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 178055 |
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. LP  | &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. LP  | &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/24/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 219000 | &nbsp;&nbsp;&nbsp;&nbsp; 220854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 5/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1218000 | &nbsp;&nbsp;&nbsp;&nbsp; 1244732 |
| &nbsp;&nbsp;&nbsp; Triton Container International Ltd. (Bermuda) 2.05%, 4/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 637000 | &nbsp;&nbsp;&nbsp;&nbsp; 619431 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc. 4.80%, 9/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 134000 | &nbsp;&nbsp;&nbsp;&nbsp; 129307 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2392379 |
| **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. 5.50%, 2/19/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 579000 | &nbsp;&nbsp;&nbsp;&nbsp; 584431 |
| **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** |
| &nbsp;&nbsp;&nbsp; Cencora, Inc. 5.15%, 2/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 151000 | &nbsp;&nbsp;&nbsp;&nbsp; 149711 |
| &nbsp;&nbsp;&nbsp; CommonSpirit Health  | &nbsp;&nbsp;&nbsp; CommonSpirit Health  | &nbsp;&nbsp;&nbsp; CommonSpirit Health  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 429713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 171000 | &nbsp;&nbsp;&nbsp;&nbsp; 154261 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. 1.88%, 2/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 181000 | &nbsp;&nbsp;&nbsp;&nbsp; 152072 |
| &nbsp;&nbsp;&nbsp; HCA, Inc.  | &nbsp;&nbsp;&nbsp; HCA, Inc.  | &nbsp;&nbsp;&nbsp; HCA, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 964000 | &nbsp;&nbsp;&nbsp;&nbsp; 938645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 466370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 598819 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. 3.95%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 492000 | &nbsp;&nbsp;&nbsp;&nbsp; 488527 |
| &nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc.  | &nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc.  | &nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 296920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 6/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 93000 | &nbsp;&nbsp;&nbsp;&nbsp; 85744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 6/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 287000 | &nbsp;&nbsp;&nbsp;&nbsp; 256928 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4017710 |
| **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. 3.38%, 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 883000 | &nbsp;&nbsp;&nbsp;&nbsp; 798889 |
| &nbsp;&nbsp;&nbsp; DOC DR LLC 2.63%, 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 409000 | &nbsp;&nbsp;&nbsp;&nbsp; 354083 |
| &nbsp;&nbsp;&nbsp; Healthpeak OP LLC 2.13%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 431687 |
| &nbsp;&nbsp;&nbsp; Ventas Realty LP  | &nbsp;&nbsp;&nbsp; Ventas Realty LP  | &nbsp;&nbsp;&nbsp; Ventas Realty LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 44776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 529000 | &nbsp;&nbsp;&nbsp;&nbsp; 518446 |
| &nbsp;&nbsp;&nbsp; Welltower OP LLC 2.75%, 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 904000 | &nbsp;&nbsp;&nbsp;&nbsp; 794723 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2942604 |
| **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. 3.25%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1255000 | &nbsp;&nbsp;&nbsp;&nbsp; 1170281 |
| **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp; Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 363000 | &nbsp;&nbsp;&nbsp;&nbsp; 353359 |
| &nbsp;&nbsp;&nbsp; Prologis LP 4.75%, 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 707000 | &nbsp;&nbsp;&nbsp;&nbsp; 693386 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1046745 |
| **Insurance — 0.8%** | **Insurance — 0.8%** | **Insurance — 0.8%** |
| &nbsp;&nbsp;&nbsp; Aon North America, Inc. 5.45%, 3/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 808873 |

---

------

**JPMorgan Inflation Managed Bond 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** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| &nbsp;&nbsp;&nbsp; Athene Global Funding 2.72%, 1/7/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1054000 | &nbsp;&nbsp;&nbsp;&nbsp; 973385 |
| &nbsp;&nbsp;&nbsp; CNO Global Funding  | &nbsp;&nbsp;&nbsp; CNO Global Funding  | &nbsp;&nbsp;&nbsp; CNO Global Funding  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/7/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 681000 | &nbsp;&nbsp;&nbsp;&nbsp; 653793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 1/6/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 185427 |
| &nbsp;&nbsp;&nbsp; F&G Global Funding 2.30%, 4/11/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1204000 | &nbsp;&nbsp;&nbsp;&nbsp; 1151168 |
| &nbsp;&nbsp;&nbsp; Five Corners Funding Trust II 2.85%, 5/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 368524 |
| &nbsp;&nbsp;&nbsp; Guardian Life Global Funding 0.88%, 12/10/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 512000 | &nbsp;&nbsp;&nbsp;&nbsp; 502289 |
| &nbsp;&nbsp;&nbsp; Manulife Financial Corp. (Canada) 4.15%, 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 389000 | &nbsp;&nbsp;&nbsp;&nbsp; 387796 |
| &nbsp;&nbsp;&nbsp; Principal Financial Group, Inc.  | &nbsp;&nbsp;&nbsp; Principal Financial Group, Inc.  | &nbsp;&nbsp;&nbsp; Principal Financial Group, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29028 |
| &nbsp;&nbsp;&nbsp; Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 651659 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5731521 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Hasbro, Inc. 3.90%, 11/19/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 592000 | &nbsp;&nbsp;&nbsp;&nbsp; 564223 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC 4.91%, 7/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 372000 | &nbsp;&nbsp;&nbsp;&nbsp; 371942 |
| &nbsp;&nbsp;&nbsp; Comcast Corp. 4.15%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1444000 | &nbsp;&nbsp;&nbsp;&nbsp; 1434489 |
| &nbsp;&nbsp;&nbsp; Time Warner Cable Enterprises LLC 8.38%, 7/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 346000 | &nbsp;&nbsp;&nbsp;&nbsp; 397389 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2203820 |
| **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC (Australia) | &nbsp;&nbsp;&nbsp; Glencore Funding LLC (Australia) | &nbsp;&nbsp;&nbsp; Glencore Funding LLC (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 407991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 4/27/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 576120 |
| &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc.  | &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc.  | &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 324000 | &nbsp;&nbsp;&nbsp;&nbsp; 302607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 8/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99925 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1386643 |
| **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp. 5.00%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 657365 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. 1.45%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 288000 | &nbsp;&nbsp;&nbsp;&nbsp; 279154 |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. 2.95%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 165211 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York, Inc. 3.80%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9846 |
| &nbsp;&nbsp;&nbsp; Consumers Energy Co. 4.63%, 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 292044 |
| &nbsp;&nbsp;&nbsp; DTE Energy Co. 5.20%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 712001 |
| &nbsp;&nbsp;&nbsp; NiSource, Inc. 5.25%, 3/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 566000 | &nbsp;&nbsp;&nbsp;&nbsp; 576900 |
| &nbsp;&nbsp;&nbsp; PG&E Energy Recovery Funding LLC Series A-2, 2.28%, 1/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 179994 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. 1.60%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 256216 |
| &nbsp;&nbsp;&nbsp; Puget Energy, Inc. 2.38%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 434000 | &nbsp;&nbsp;&nbsp;&nbsp; 407141 |
| &nbsp;&nbsp;&nbsp; Sempra 3.70%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 772732 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4308604 |
| **Office REITs — 0.2%** | **Office REITs — 0.2%** | **Office REITs — 0.2%** |
| &nbsp;&nbsp;&nbsp; COPT Defense Properties LP 2.00%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 457000 | &nbsp;&nbsp;&nbsp;&nbsp; 409418 |
| &nbsp;&nbsp;&nbsp; Kilroy Realty LP 2.65%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1092000 | &nbsp;&nbsp;&nbsp;&nbsp; 838374 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1247792 |
| **Oil, Gas & Consumable Fuels — 2.0%** | **Oil, Gas & Consumable Fuels — 2.0%** | **Oil, Gas & Consumable Fuels — 2.0%** |
| &nbsp;&nbsp;&nbsp; APA Infrastructure Ltd. (Australia) | &nbsp;&nbsp;&nbsp; APA Infrastructure Ltd. (Australia) | &nbsp;&nbsp;&nbsp; APA Infrastructure Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 7/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 624000 | &nbsp;&nbsp;&nbsp;&nbsp; 619509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 9/16/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 231671 |

---

------

**JPMorgan Inflation Managed Bond 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; Cameron LNG LLC 2.90%, 7/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 146000 | &nbsp;&nbsp;&nbsp;&nbsp; 130347 |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. 5.65%, 4/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 498961 |
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Holding Co. LLC  | &nbsp;&nbsp;&nbsp; Columbia Pipelines Holding Co. LLC  | &nbsp;&nbsp;&nbsp; Columbia Pipelines Holding Co. LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 10/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 186325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68%, 1/15/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 84000 | &nbsp;&nbsp;&nbsp;&nbsp; 83064 |
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC 5.44%, 2/15/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 391798 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. 3.90%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 724000 | &nbsp;&nbsp;&nbsp;&nbsp; 713077 |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. (Canada) 5.70%, 3/8/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 799000 | &nbsp;&nbsp;&nbsp;&nbsp; 814913 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP  | &nbsp;&nbsp;&nbsp; Energy Transfer LP  | &nbsp;&nbsp;&nbsp; Energy Transfer LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 446000 | &nbsp;&nbsp;&nbsp;&nbsp; 447234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 362000 | &nbsp;&nbsp;&nbsp;&nbsp; 367931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1097043 |
| &nbsp;&nbsp;&nbsp; Eni SpA (Italy) 4.25%, 5/9/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 834802 |
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC 3.95%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 392000 | &nbsp;&nbsp;&nbsp;&nbsp; 389682 |
| &nbsp;&nbsp;&nbsp; Flex Intermediate Holdco LLC 3.36%, 6/30/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1530000 | &nbsp;&nbsp;&nbsp;&nbsp; 1337922 |
| &nbsp;&nbsp;&nbsp; Gray Oak Pipeline LLC  | &nbsp;&nbsp;&nbsp; Gray Oak Pipeline LLC  | &nbsp;&nbsp;&nbsp; Gray Oak Pipeline LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 312000 | &nbsp;&nbsp;&nbsp;&nbsp; 308099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 837000 | &nbsp;&nbsp;&nbsp;&nbsp; 813269 |
| &nbsp;&nbsp;&nbsp; MPLX LP  | &nbsp;&nbsp;&nbsp; MPLX LP  | &nbsp;&nbsp;&nbsp; MPLX LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 458000 | &nbsp;&nbsp;&nbsp;&nbsp; 454461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 318000 | &nbsp;&nbsp;&nbsp;&nbsp; 315571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 268447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 339664 |
| &nbsp;&nbsp;&nbsp; NGPL PipeCo LLC 3.25%, 7/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 471000 | &nbsp;&nbsp;&nbsp;&nbsp; 411814 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. 5.38%, 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 117000 | &nbsp;&nbsp;&nbsp;&nbsp; 112939 |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc. 4.75%, 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 414000 | &nbsp;&nbsp;&nbsp;&nbsp; 404118 |
| &nbsp;&nbsp;&nbsp; Ovintiv, Inc. 5.38%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 420173 |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline LP 3.55%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 661987 |
| &nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC 4.50%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 541886 |
| &nbsp;&nbsp;&nbsp; Suncor Energy, Inc. (Canada) 5.95%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 216000 | &nbsp;&nbsp;&nbsp;&nbsp; 218703 |
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP 4.00%, 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 253000 | &nbsp;&nbsp;&nbsp;&nbsp; 231348 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) 5.60%, 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 580332 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14227090 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co.  | &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co.  | &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 7/26/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 28886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 2/22/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 787000 | &nbsp;&nbsp;&nbsp;&nbsp; 793021 |
| &nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. (Japan) 2.05%, 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 531581 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1353488 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| &nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. (Japan) 3.65%, 7/20/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 519000 | &nbsp;&nbsp;&nbsp;&nbsp; 508903 |
| &nbsp;&nbsp;&nbsp; Ontario Teachers' Cadillac Fairview Properties Trust (Canada) 3.88%, 3/20/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 320063 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 828966 |
| **Residential REITs — 0.3%** | **Residential REITs — 0.3%** | **Residential REITs — 0.3%** |
| &nbsp;&nbsp;&nbsp; Essex Portfolio LP 1.65%, 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 879000 | &nbsp;&nbsp;&nbsp;&nbsp; 736916 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartments LP 1.70%, 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 687000 | &nbsp;&nbsp;&nbsp;&nbsp; 582567 |
| &nbsp;&nbsp;&nbsp; UDR, Inc.  | &nbsp;&nbsp;&nbsp; UDR, Inc.  | &nbsp;&nbsp;&nbsp; UDR, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 97597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 244803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 266000 | &nbsp;&nbsp;&nbsp;&nbsp; 215562 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1877445 |

---

------

**JPMorgan Inflation Managed Bond 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** |
| **Retail REITs — 0.4%** | **Retail REITs — 0.4%** | **Retail REITs — 0.4%** |
| &nbsp;&nbsp;&nbsp; Brixmor Operating Partnership LP  | &nbsp;&nbsp;&nbsp; Brixmor Operating Partnership LP  | &nbsp;&nbsp;&nbsp; Brixmor Operating Partnership LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 386000 | &nbsp;&nbsp;&nbsp;&nbsp; 361700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 8/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 378358 |
| &nbsp;&nbsp;&nbsp; NNN REIT, Inc.  | &nbsp;&nbsp;&nbsp; NNN REIT, Inc.  | &nbsp;&nbsp;&nbsp; NNN REIT, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 247000 | &nbsp;&nbsp;&nbsp;&nbsp; 242954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp;&nbsp; 860207 |
| &nbsp;&nbsp;&nbsp; Realty Income Corp. 4.13%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 596919 |
| &nbsp;&nbsp;&nbsp; Regency Centers LP 3.70%, 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 335039 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2775177 |
| **Semiconductors & Semiconductor Equipment — 0.4%** | **Semiconductors & Semiconductor Equipment — 0.4%** | **Semiconductors & Semiconductor Equipment — 0.4%** |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc.  | &nbsp;&nbsp;&nbsp; Broadcom, Inc.  | &nbsp;&nbsp;&nbsp; Broadcom, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 792000 | &nbsp;&nbsp;&nbsp;&nbsp; 785648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 7/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 304000 | &nbsp;&nbsp;&nbsp;&nbsp; 309444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 108000 | &nbsp;&nbsp;&nbsp;&nbsp; 109948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 11/15/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 165643 |
| &nbsp;&nbsp;&nbsp; KLA Corp.  | &nbsp;&nbsp;&nbsp; KLA Corp.  | &nbsp;&nbsp;&nbsp; KLA Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp; 61597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 112000 | &nbsp;&nbsp;&nbsp;&nbsp; 109919 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. 2.95%, 4/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 622000 | &nbsp;&nbsp;&nbsp;&nbsp; 556169 |
| &nbsp;&nbsp;&nbsp; NXP BV (Netherlands) 2.50%, 5/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1058000 | &nbsp;&nbsp;&nbsp;&nbsp; 911903 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3010271 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc. 4.70%, 9/10/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 124000 | &nbsp;&nbsp;&nbsp;&nbsp; 120571 |
| &nbsp;&nbsp;&nbsp; Oracle Corp.  | &nbsp;&nbsp;&nbsp; Oracle Corp.  | &nbsp;&nbsp;&nbsp; Oracle Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 58743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/6/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 95442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 3/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 502000 | &nbsp;&nbsp;&nbsp;&nbsp; 452571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 53234 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. 1.40%, 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 560963 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc. 5.15%, 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 153201 |
| &nbsp;&nbsp;&nbsp; Workday, Inc. 3.50%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 294750 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1789475 |
| **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** |
| &nbsp;&nbsp;&nbsp; American Tower Corp. 1.45%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1678000 | &nbsp;&nbsp;&nbsp;&nbsp; 1612889 |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc. 4.45%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 578000 | &nbsp;&nbsp;&nbsp;&nbsp; 577266 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. 2.90%, 11/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp;&nbsp; 589862 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage LP  | &nbsp;&nbsp;&nbsp; Extra Space Storage LP  | &nbsp;&nbsp;&nbsp; Extra Space Storage LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1010000 | &nbsp;&nbsp;&nbsp;&nbsp; 878012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 467000 | &nbsp;&nbsp;&nbsp;&nbsp; 389319 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4047348 |
| **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. 1.65%, 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp; 478706 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.  | &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.  | &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 198303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 403000 | &nbsp;&nbsp;&nbsp;&nbsp; 395515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 169729 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1242253 |

---

------

**JPMorgan Inflation Managed Bond 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** |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| &nbsp;&nbsp;&nbsp; Dell International LLC 5.30%, 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 382000 | &nbsp;&nbsp;&nbsp;&nbsp; 383716 |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. 5.00%, 10/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 84000 | &nbsp;&nbsp;&nbsp;&nbsp; 81790 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 465506 |
| **Tobacco — 0.2%** | **Tobacco — 0.2%** | **Tobacco — 0.2%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. 2.45%, 2/4/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 832000 | &nbsp;&nbsp;&nbsp;&nbsp; 706084 |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp. (United Kingdom) 2.26%, 3/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1016000 | &nbsp;&nbsp;&nbsp;&nbsp; 955389 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1661473 |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| &nbsp;&nbsp;&nbsp; Air Lease Corp. 3.63%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 757000 | &nbsp;&nbsp;&nbsp;&nbsp; 742170 |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC 5.13%, 4/10/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp; 382669 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1124839 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| &nbsp;&nbsp;&nbsp; American Water Capital Corp. 5.25%, 3/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 797900 |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
| &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; 4.95%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp;&nbsp; 649524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1184000 | &nbsp;&nbsp;&nbsp;&nbsp; 1141692 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1791216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $205,213,478)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 201954210 |
| **Mortgage-Backed Securities — 15.3%** | **Mortgage-Backed Securities — 15.3%** | **Mortgage-Backed Securities — 15.3%** |
| &nbsp;&nbsp;&nbsp; FHLMC Gold Pools, 20 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # C91030, 5.50%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 8710 | &nbsp;&nbsp;&nbsp;&nbsp; 8750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # C91802, 3.50%, 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1527545 | &nbsp;&nbsp;&nbsp;&nbsp; 1481298 |
| &nbsp;&nbsp;&nbsp; FHLMC Gold Pools, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # A15232, 5.00%, 10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 70723 | &nbsp;&nbsp;&nbsp;&nbsp; 70931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # A57681, 6.00%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 496 | &nbsp;&nbsp;&nbsp;&nbsp; 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # G06493, 4.50%, 5/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 330056 | &nbsp;&nbsp;&nbsp;&nbsp; 324111 |
| &nbsp;&nbsp;&nbsp; FHLMC Gold Pools, Other  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # WN1157, 1.80%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 919752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # U90690, 3.50%, 6/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 335699 | &nbsp;&nbsp;&nbsp;&nbsp; 309433 |
| &nbsp;&nbsp;&nbsp; FHLMC UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # ZM6956, 4.50%, 6/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 685255 | &nbsp;&nbsp;&nbsp;&nbsp; 657418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QC3244, 3.00%, 6/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2321929 | &nbsp;&nbsp;&nbsp;&nbsp; 1995419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RA7937, 5.00%, 9/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 3252071 | &nbsp;&nbsp;&nbsp;&nbsp; 3160154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD8324, 5.50%, 5/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1668765 | &nbsp;&nbsp;&nbsp;&nbsp; 1654700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD3518, 5.50%, 7/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1733790 | &nbsp;&nbsp;&nbsp;&nbsp; 1721483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD3900, 5.50%, 8/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1430878 | &nbsp;&nbsp;&nbsp;&nbsp; 1420059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QI4131, 5.50%, 4/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2307381 | &nbsp;&nbsp;&nbsp;&nbsp; 2285486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD5568, 5.50%, 5/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2701777 | &nbsp;&nbsp;&nbsp;&nbsp; 2678927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QJ5547, 5.50%, 9/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2569670 | &nbsp;&nbsp;&nbsp;&nbsp; 2578661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # QJ7687, 5.50%, 11/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2306875 | &nbsp;&nbsp;&nbsp;&nbsp; 2308037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RJ2914, 5.50%, 11/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3368753 | &nbsp;&nbsp;&nbsp;&nbsp; 3350295 |
| &nbsp;&nbsp;&nbsp; FNMA UMBS, 20 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA1138, 3.50%, 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 233993 | &nbsp;&nbsp;&nbsp;&nbsp; 228965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AP9584, 3.00%, 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1049074 | &nbsp;&nbsp;&nbsp;&nbsp; 1013073 |
| &nbsp;&nbsp;&nbsp; FNMA UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AL0045, 6.00%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 95959 | &nbsp;&nbsp;&nbsp;&nbsp; 99414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 735503, 6.00%, 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 28020 | &nbsp;&nbsp;&nbsp;&nbsp; 29075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 888460, 6.50%, 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 178900 | &nbsp;&nbsp;&nbsp;&nbsp; 188166 |

---

------

**JPMorgan Inflation Managed Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 888890, 6.50%, 10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 4177 | &nbsp;&nbsp;&nbsp;&nbsp; 4400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 949320, 7.00%, 10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 18281 | &nbsp;&nbsp;&nbsp;&nbsp; 19080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 995149, 6.50%, 10/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 9889 | &nbsp;&nbsp;&nbsp;&nbsp; 10367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 994410, 7.00%, 11/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 113156 | &nbsp;&nbsp;&nbsp;&nbsp; 118347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AD9151, 5.00%, 8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 152823 | &nbsp;&nbsp;&nbsp;&nbsp; 153003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AE0681, 4.50%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 357014 | &nbsp;&nbsp;&nbsp;&nbsp; 350343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BM3500, 4.00%, 9/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 669549 | &nbsp;&nbsp;&nbsp;&nbsp; 636501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BM3499, 4.00%, 12/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 838026 | &nbsp;&nbsp;&nbsp;&nbsp; 781885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BE8354, 4.00%, 3/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 403845 | &nbsp;&nbsp;&nbsp;&nbsp; 376245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB1878, 3.00%, 10/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2325137 | &nbsp;&nbsp;&nbsp;&nbsp; 1993565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM9776, 3.00%, 11/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2029845 | &nbsp;&nbsp;&nbsp;&nbsp; 1743396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS7749, 3.00%, 2/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 999710 | &nbsp;&nbsp;&nbsp;&nbsp; 860885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB3378, 4.00%, 4/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1743884 | &nbsp;&nbsp;&nbsp;&nbsp; 1601195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS6323, 3.50%, 5/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2427139 | &nbsp;&nbsp;&nbsp;&nbsp; 2167778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB3629, 4.00%, 5/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 4112053 | &nbsp;&nbsp;&nbsp;&nbsp; 3776261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS9551, 5.50%, 9/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1405507 | &nbsp;&nbsp;&nbsp;&nbsp; 1398664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DA4015, 6.00%, 10/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 583883 | &nbsp;&nbsp;&nbsp;&nbsp; 592621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS6668, 5.50%, 12/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1166294 | &nbsp;&nbsp;&nbsp;&nbsp; 1156016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB8151, 5.50%, 3/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2280960 | &nbsp;&nbsp;&nbsp;&nbsp; 2261138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB2385, 5.50%, 6/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3450541 | &nbsp;&nbsp;&nbsp;&nbsp; 3417033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB3630, 5.50%, 6/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2943897 | &nbsp;&nbsp;&nbsp;&nbsp; 2937919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BU5025, 5.50%, 9/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1923105 | &nbsp;&nbsp;&nbsp;&nbsp; 1908639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS9262, 5.50%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1912895 | &nbsp;&nbsp;&nbsp;&nbsp; 1897845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB1954, 5.00%, 11/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2483766 | &nbsp;&nbsp;&nbsp;&nbsp; 2406291 |
| &nbsp;&nbsp;&nbsp; FNMA, Other  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN1247, 2.64%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1576000 | &nbsp;&nbsp;&nbsp;&nbsp; 1543628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN6732, 2.83%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1147265 | &nbsp;&nbsp;&nbsp;&nbsp; 1115969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN7338, 3.06%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 921598 | &nbsp;&nbsp;&nbsp;&nbsp; 896582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN7943, 3.10%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2307627 | &nbsp;&nbsp;&nbsp;&nbsp; 2241507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS8224, 4.10%, 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3775000 | &nbsp;&nbsp;&nbsp;&nbsp; 3763631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN9486, 3.57%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3608132 | &nbsp;&nbsp;&nbsp;&nbsp; 3529468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AN2069, 2.35%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1336950 | &nbsp;&nbsp;&nbsp;&nbsp; 1264080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL0907, 3.88%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 686642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BM4162, 3.12%, 10/1/2029 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 123374 | &nbsp;&nbsp;&nbsp;&nbsp; 118642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BL4333, 2.52%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1100468 | &nbsp;&nbsp;&nbsp;&nbsp; 1022185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS8252, 4.36%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3495000 | &nbsp;&nbsp;&nbsp;&nbsp; 3487713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ2889, 4.37%, 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2488624 | &nbsp;&nbsp;&nbsp;&nbsp; 2464460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BM7037, 1.76%, 3/1/2032 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 996664 | &nbsp;&nbsp;&nbsp;&nbsp; 840875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS5117, 2.58%, 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2393690 | &nbsp;&nbsp;&nbsp;&nbsp; 2115760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS8503, 4.62%, 5/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 994797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS2933, 1.82%, 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2732212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA1125, 4.00%, 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 429338 | &nbsp;&nbsp;&nbsp;&nbsp; 404759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA1437, 3.50%, 5/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 614542 | &nbsp;&nbsp;&nbsp;&nbsp; 564938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA1463, 3.50%, 6/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 595269 | &nbsp;&nbsp;&nbsp;&nbsp; 547217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0669, 4.00%, 6/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1733508 | &nbsp;&nbsp;&nbsp;&nbsp; 1616833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0230, 5.50%, 1/1/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 2788212 | &nbsp;&nbsp;&nbsp;&nbsp; 2848254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BM7238, 3.00%, 4/1/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 2072050 | &nbsp;&nbsp;&nbsp;&nbsp; 1768688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BM6734, 4.00%, 8/1/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 3181744 | &nbsp;&nbsp;&nbsp;&nbsp; 2924672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0497, 3.00%, 7/1/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 1569693 | &nbsp;&nbsp;&nbsp;&nbsp; 1328177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0546, 2.50%, 7/1/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 752732 | &nbsp;&nbsp;&nbsp;&nbsp; 578920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0617, 2.50%, 3/1/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 1899427 | &nbsp;&nbsp;&nbsp;&nbsp; 1460823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0736, 4.00%, 6/1/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 2219393 | &nbsp;&nbsp;&nbsp;&nbsp; 2019280 |

---

------

**JPMorgan Inflation Managed Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; GNMA II, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 4245, 6.00%, 9/20/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 51469 | &nbsp;&nbsp;&nbsp;&nbsp; 54530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BA7567, 4.50%, 5/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 567085 | &nbsp;&nbsp;&nbsp;&nbsp; 534984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BI0416, 4.50%, 11/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 67185 | &nbsp;&nbsp;&nbsp;&nbsp; 63977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BM9692, 4.50%, 7/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 221717 | &nbsp;&nbsp;&nbsp;&nbsp; 210181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities <br>(Cost $109,964,390)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 106797926 |
| **Asset-Backed Securities — 9.1%** | **Asset-Backed Securities — 9.1%** | **Asset-Backed Securities — 9.1%** |
| &nbsp;&nbsp;&nbsp; Air Canada Pass-Through Trust (Canada) Series 2017-1, Class AA, 3.30%, 1/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 329597 | &nbsp;&nbsp;&nbsp;&nbsp; 305962 |
| &nbsp;&nbsp;&nbsp; Aligned Data Centers Issuer LLC Series 2021-1A, Class A2, 1.94%, 8/15/2046 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1966000 | &nbsp;&nbsp;&nbsp;&nbsp; 1889293 |
| &nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3, Class AA, 3.00%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 65812 | &nbsp;&nbsp;&nbsp;&nbsp; 61864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class B, 3.95%, 7/11/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 862575 | &nbsp;&nbsp;&nbsp;&nbsp; 807543 |
| &nbsp;&nbsp;&nbsp; American Credit Acceptance Receivables Trust Series 2023-1, Class C, 5.59%, 4/12/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 384904 | &nbsp;&nbsp;&nbsp;&nbsp; 385370 |
| &nbsp;&nbsp;&nbsp; AmeriCredit Automobile Receivables Trust Series 2024-1, Class B, 5.38%, 6/18/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1020000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032515 |
| &nbsp;&nbsp;&nbsp; AMSR Trust Series 2020-SFR5, Class A, 1.38%, 11/17/2037 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 221887 | &nbsp;&nbsp;&nbsp;&nbsp; 218504 |
| &nbsp;&nbsp;&nbsp; Amur Equipment Finance Receivables LLC Series 2022-1A, Class A2, 1.64%, 10/20/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 28698 | &nbsp;&nbsp;&nbsp;&nbsp; 28651 |
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A, 2.33%, 8/20/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp;&nbsp; 353834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 5.13%, 10/20/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 467000 | &nbsp;&nbsp;&nbsp;&nbsp; 471800 |
| &nbsp;&nbsp;&nbsp; Bridgecrest Lending Auto Securitization Trust Series 2025-2, Class C, 5.17%, 3/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 632000 | &nbsp;&nbsp;&nbsp;&nbsp; 635171 |
| &nbsp;&nbsp;&nbsp; Business Jet Securities LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A, 4.46%, 6/15/2037 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 666033 | &nbsp;&nbsp;&nbsp;&nbsp; 651864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 5.36%, 9/15/2039 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 796826 | &nbsp;&nbsp;&nbsp;&nbsp; 794649 |
| &nbsp;&nbsp;&nbsp; Carmax Auto Owner Trust Series 2025-2, Class A3, 4.48%, 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 464000 | &nbsp;&nbsp;&nbsp;&nbsp; 465440 |
| &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust Series 2023-4, Class A3, 6.00%, 7/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 241000 | &nbsp;&nbsp;&nbsp;&nbsp; 244425 |
| &nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-P3, Class A3, 0.70%, 11/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10704 | &nbsp;&nbsp;&nbsp;&nbsp; 10692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-P3, Class A3, 4.61%, 11/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 108434 | &nbsp;&nbsp;&nbsp;&nbsp; 108365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-P4, Class A4, 1.64%, 12/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2646140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P4, Class A3, 4.64%, 1/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 276000 | &nbsp;&nbsp;&nbsp;&nbsp; 276929 |
| &nbsp;&nbsp;&nbsp; Consumer Portfolio Services Auto Trust Series 2025-B, Class A, 4.74%, 2/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp; 554714 |
| &nbsp;&nbsp;&nbsp; CoreVest American Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class A, 2.71%, 10/15/2052 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 29465 | &nbsp;&nbsp;&nbsp;&nbsp; 29256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A, 4.74%, 6/17/2055 (b) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 388747 | &nbsp;&nbsp;&nbsp;&nbsp; 388672 |
| &nbsp;&nbsp;&nbsp; CPS Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class C, 5.54%, 4/16/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 551591 | &nbsp;&nbsp;&nbsp;&nbsp; 552149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-D, Class C, 4.76%, 1/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 233666 |
| &nbsp;&nbsp;&nbsp; Credit Acceptance Auto Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class B, 7.02%, 5/16/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2136064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 5.68%, 3/15/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 797000 | &nbsp;&nbsp;&nbsp;&nbsp; 806131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 5.95%, 6/15/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A, 4.68%, 9/15/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1066000 | &nbsp;&nbsp;&nbsp;&nbsp; 1067107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 5.02%, 3/15/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 957000 | &nbsp;&nbsp;&nbsp;&nbsp; 962703 |
| &nbsp;&nbsp;&nbsp; Dell Equipment Finance Trust Series 2025-1, Class A3, 4.61%, 2/24/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp;&nbsp; 233221 |
| &nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A3, 4.50%, 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp; 344376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class C, 4.67%, 5/17/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 376000 | &nbsp;&nbsp;&nbsp;&nbsp; 373955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class C, 4.99%, 9/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 264000 | &nbsp;&nbsp;&nbsp;&nbsp; 264641 |
| &nbsp;&nbsp;&nbsp; DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class D, 1.99%, 9/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 732429 | &nbsp;&nbsp;&nbsp;&nbsp; 720431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 5.55%, 10/16/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1798000 | &nbsp;&nbsp;&nbsp;&nbsp; 1802023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class B, 5.41%, 2/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 436367 | &nbsp;&nbsp;&nbsp;&nbsp; 436686 |

---

------

**JPMorgan Inflation Managed Bond 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; Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4A, Class C, 4.92%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 374217 | &nbsp;&nbsp;&nbsp;&nbsp; 374257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class D, 6.69%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 243000 | &nbsp;&nbsp;&nbsp;&nbsp; 247103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class C, 5.70%, 7/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 284000 | &nbsp;&nbsp;&nbsp;&nbsp; 286847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class C, 5.09%, 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 427000 | &nbsp;&nbsp;&nbsp;&nbsp; 428418 |
| &nbsp;&nbsp;&nbsp; FHF Trust Series 2023-1A, Class A2, 6.57%, 6/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 204538 | &nbsp;&nbsp;&nbsp;&nbsp; 206330 |
| &nbsp;&nbsp;&nbsp; FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR2, Class A, 1.27%, 10/19/2037 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 955756 | &nbsp;&nbsp;&nbsp;&nbsp; 940498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class E1, 2.39%, 8/17/2038 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 576343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class D, 2.06%, 9/17/2038 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp;&nbsp; 2769495 |
| &nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust Series 2023-1, Class C, 5.43%, 5/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1802030 |
| &nbsp;&nbsp;&nbsp; FRTKL Series 2021-SFR1, Class A, 1.57%, 9/17/2038 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2118000 | &nbsp;&nbsp;&nbsp;&nbsp; 2032382 |
| &nbsp;&nbsp;&nbsp; GLS Auto Select Receivables Trust Series 2025-1A, Class A2, 4.71%, 4/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 374992 |
| &nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust Series 2024-2, Class A3, 5.39%, 7/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 483999 |
| &nbsp;&nbsp;&nbsp; HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 95642 | &nbsp;&nbsp;&nbsp;&nbsp; 85056 |
| &nbsp;&nbsp;&nbsp; Hertz Vehicle Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A, 1.99%, 6/25/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 153667 | &nbsp;&nbsp;&nbsp;&nbsp; 153368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A, 5.13%, 9/25/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 258770 |
| &nbsp;&nbsp;&nbsp; Home Partners of America Trust Series 2022-1, Class D, 4.73%, 4/17/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1145205 | &nbsp;&nbsp;&nbsp;&nbsp; 1124333 |
| &nbsp;&nbsp;&nbsp; Hyundai Auto Lease Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A3, 4.83%, 1/18/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 497000 | &nbsp;&nbsp;&nbsp;&nbsp; 499610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A3, 4.53%, 4/17/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 497000 | &nbsp;&nbsp;&nbsp;&nbsp; 498745 |
| &nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust Series 2025-A, Class A3, 4.32%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 714000 | &nbsp;&nbsp;&nbsp;&nbsp; 713946 |
| &nbsp;&nbsp;&nbsp; Kubota Credit Owner Trust Series 2023-1A, Class A3, 5.02%, 6/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 912553 | &nbsp;&nbsp;&nbsp;&nbsp; 915028 |
| &nbsp;&nbsp;&nbsp; Lendmark Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A, 5.12%, 7/20/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 177000 | &nbsp;&nbsp;&nbsp;&nbsp; 176771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 4.94%, 9/20/2034 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 733000 | &nbsp;&nbsp;&nbsp;&nbsp; 738137 |
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Lease Trust Series 2025-A, Class A4, 4.69%, 2/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 257172 |
| &nbsp;&nbsp;&nbsp; MVW LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A, 1.43%, 5/20/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 360364 | &nbsp;&nbsp;&nbsp;&nbsp; 340623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1WA, Class A, 1.14%, 1/22/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 67313 | &nbsp;&nbsp;&nbsp;&nbsp; 64223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 5.21%, 9/22/2042 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 372012 | &nbsp;&nbsp;&nbsp;&nbsp; 371847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 5.32%, 2/20/2043 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 599424 | &nbsp;&nbsp;&nbsp;&nbsp; 605942 |
| &nbsp;&nbsp;&nbsp; Nissan Auto Lease Trust Series 2025-A, Class A3, 4.75%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1145000 | &nbsp;&nbsp;&nbsp;&nbsp; 1153639 |
| &nbsp;&nbsp;&nbsp; OneMain Direct Auto Receivables Trust Series 2023-1A, Class A, 5.41%, 11/14/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2334000 | &nbsp;&nbsp;&nbsp;&nbsp; 2352751 |
| &nbsp;&nbsp;&nbsp; Oportun Issuance Trust Series 2025-A, Class B, 5.30%, 2/8/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 259000 | &nbsp;&nbsp;&nbsp;&nbsp; 258580 |
| &nbsp;&nbsp;&nbsp; Prestige Auto Receivables Trust Series 2024-2A, Class B, 4.56%, 2/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 87633 |
| &nbsp;&nbsp;&nbsp; Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR8, Class E1, 2.38%, 10/17/2038 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1144000 | &nbsp;&nbsp;&nbsp;&nbsp; 1104447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR11, Class A, 2.28%, 1/17/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1974415 | &nbsp;&nbsp;&nbsp;&nbsp; 1813910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SFR1, Class A, 4.30%, 3/17/2040 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1252224 | &nbsp;&nbsp;&nbsp;&nbsp; 1234540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR9, Class E1, 2.81%, 11/17/2040 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1048000 | &nbsp;&nbsp;&nbsp;&nbsp; 973314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR1, Class A, 3.40%, 2/17/2042 (b) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1101700 | &nbsp;&nbsp;&nbsp;&nbsp; 1031833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR2, Class A, 3.31%, 4/17/2042 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1167393 |
| &nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class B, 4.98%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 183339 | &nbsp;&nbsp;&nbsp;&nbsp; 183375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class B, 4.93%, 9/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 583000 | &nbsp;&nbsp;&nbsp;&nbsp; 585740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5, Class B, 6.16%, 12/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 740000 | &nbsp;&nbsp;&nbsp;&nbsp; 753246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class C, 5.84%, 6/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 298000 | &nbsp;&nbsp;&nbsp;&nbsp; 303955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class C, 5.64%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1108000 | &nbsp;&nbsp;&nbsp;&nbsp; 1123757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class C, 5.04%, 3/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 476000 | &nbsp;&nbsp;&nbsp;&nbsp; 478857 |
| &nbsp;&nbsp;&nbsp; SCF Equipment Leasing LLC Series 2024-1A, Class A3, 5.52%, 1/20/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 263000 | &nbsp;&nbsp;&nbsp;&nbsp; 269361 |
| &nbsp;&nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC Series 2022-2A, Class A, 4.73%, 6/20/2040 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 39045 | &nbsp;&nbsp;&nbsp;&nbsp; 38830 |

---

------

**JPMorgan Inflation Managed Bond 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; SpringCastle America Funding LLC Series 2020-AA, Class A, 1.97%, 9/25/2037 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 116777 | &nbsp;&nbsp;&nbsp;&nbsp; 109252 |
| &nbsp;&nbsp;&nbsp; Stream Innovations Issuer Trust Series 2025-1A, Class A, 5.05%, 9/15/2045 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 682000 | &nbsp;&nbsp;&nbsp;&nbsp; 683170 |
| &nbsp;&nbsp;&nbsp; Tesla Auto Lease Trust Series 2024-A, Class A3, 5.30%, 6/21/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 313000 | &nbsp;&nbsp;&nbsp;&nbsp; 313960 |
| &nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust Series 2021-C, Class A4, 0.72%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 525991 | &nbsp;&nbsp;&nbsp;&nbsp; 520453 |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1, Class AA, 3.10%, 7/7/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 642324 | &nbsp;&nbsp;&nbsp;&nbsp; 610074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, Class AA, 2.88%, 10/7/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 662911 | &nbsp;&nbsp;&nbsp;&nbsp; 621863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class AA, 3.50%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 429943 | &nbsp;&nbsp;&nbsp;&nbsp; 402537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class A, 3.70%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 719066 | &nbsp;&nbsp;&nbsp;&nbsp; 665467 |
| &nbsp;&nbsp;&nbsp; US Auto Funding Trust Series 2022-1A, Class A, 3.98%, 4/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 31836 | &nbsp;&nbsp;&nbsp;&nbsp; 31661 |
| &nbsp;&nbsp;&nbsp; Volkswagen Auto Lease Trust Series 2024-A, Class A3, 5.21%, 6/21/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 468834 |
| &nbsp;&nbsp;&nbsp; VOLT C LLC Series 2021-NPL9, Class A1, 5.99%, 5/25/2051 (b) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 189605 | &nbsp;&nbsp;&nbsp;&nbsp; 189196 |
| &nbsp;&nbsp;&nbsp; VOLT CI LLC Series 2021-NP10, Class A1, 5.99%, 5/25/2051 (b) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 189185 | &nbsp;&nbsp;&nbsp;&nbsp; 188722 |
| &nbsp;&nbsp;&nbsp; VOLT CV LLC Series 2021-CF2, Class A1, 5.49%, 11/27/2051 (b) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 546603 | &nbsp;&nbsp;&nbsp;&nbsp; 544828 |
| &nbsp;&nbsp;&nbsp; VOLT XCIII LLC Series 2021-NPL2, Class A1, 5.89%, 2/27/2051 (b) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 41621 | &nbsp;&nbsp;&nbsp;&nbsp; 41575 |
| &nbsp;&nbsp;&nbsp; VOLT XCIV LLC Series 2021-NPL3, Class A1, 6.24%, 2/27/2051 (b) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 127620 | &nbsp;&nbsp;&nbsp;&nbsp; 127505 |
| &nbsp;&nbsp;&nbsp; VOLT XCIX LLC Series 2021-NPL8, Class A1, 6.12%, 4/25/2051 (b) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 86125 | &nbsp;&nbsp;&nbsp;&nbsp; 86074 |
| &nbsp;&nbsp;&nbsp; VOLT XCVI LLC Series 2021-NPL5, Class A1, 6.12%, 3/27/2051 (b) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 98949 | &nbsp;&nbsp;&nbsp;&nbsp; 98888 |
| &nbsp;&nbsp;&nbsp; VOLT XCVII LLC Series 2021-NPL6, Class A1, 6.24%, 4/25/2051 (b) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 251663 | &nbsp;&nbsp;&nbsp;&nbsp; 251270 |
| &nbsp;&nbsp;&nbsp; Westgate Resorts LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A, 1.79%, 8/20/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 272671 | &nbsp;&nbsp;&nbsp;&nbsp; 270393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 6.56%, 1/20/2038 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 720560 | &nbsp;&nbsp;&nbsp;&nbsp; 727662 |
| &nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class D, 2.12%, 1/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 513369 | &nbsp;&nbsp;&nbsp;&nbsp; 509974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A3, 5.21%, 1/18/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 14837 | &nbsp;&nbsp;&nbsp;&nbsp; 14841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 5.74%, 8/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 181160 |
| &nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust Series 2023-D, Class A3, 5.79%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 278064 |
| &nbsp;&nbsp;&nbsp; World Omni Automobile Lease Securitization Trust Series 2025-A, Class A3, 4.42%, 4/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 312000 | &nbsp;&nbsp;&nbsp;&nbsp; 311443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $64,334,027)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 63799786 |
| **Collateralized Mortgage Obligations — 4.9%** | **Collateralized Mortgage Obligations — 4.9%** | **Collateralized Mortgage Obligations — 4.9%** |
| &nbsp;&nbsp;&nbsp; CHL Mortgage Pass-Through Trust Series 2004-8, Class 2A1, 4.50%, 6/25/2019 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 414 | &nbsp;&nbsp;&nbsp;&nbsp; 207 |
| &nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust Series 2004-HYB4, Class WA, 6.98%, 12/25/2034 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 4350 | &nbsp;&nbsp;&nbsp;&nbsp; 4286 |
| &nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust, Inc. Series 2003-1, Class 3A4, 5.25%, 9/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3357 | &nbsp;&nbsp;&nbsp;&nbsp; 3288 |
| &nbsp;&nbsp;&nbsp; FHLMC Seasoned Credit Risk Transfer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class M60C, 3.50%, 5/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 1184634 | &nbsp;&nbsp;&nbsp;&nbsp; 1081833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4, Class M60C, 3.50%, 6/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 1179962 | &nbsp;&nbsp;&nbsp;&nbsp; 1075030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4, Class MT, 3.50%, 6/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 312270 | &nbsp;&nbsp;&nbsp;&nbsp; 277877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2, Class M55D, 4.00%, 11/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 1232136 | &nbsp;&nbsp;&nbsp;&nbsp; 1151111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class M55D, 4.00%, 10/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 277079 | &nbsp;&nbsp;&nbsp;&nbsp; 258358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class M55G, 3.00%, 8/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 2836901 | &nbsp;&nbsp;&nbsp;&nbsp; 2535342 |
| &nbsp;&nbsp;&nbsp; FHLMC, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2988, Class TY, 5.50%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3816, Class HA, 3.50%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 44329 | &nbsp;&nbsp;&nbsp;&nbsp; 44161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3087, Class KX, 5.50%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 758 | &nbsp;&nbsp;&nbsp;&nbsp; 757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3787, Class AY, 3.50%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25789 | &nbsp;&nbsp;&nbsp;&nbsp; 25646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3794, Class LB, 3.50%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 19911 | &nbsp;&nbsp;&nbsp;&nbsp; 19798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3102, Class CE, 5.50%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4208 | &nbsp;&nbsp;&nbsp;&nbsp; 4202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3123, Class HT, 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 766 | &nbsp;&nbsp;&nbsp;&nbsp; 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3121, Class JD, 5.50%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1004 | &nbsp;&nbsp;&nbsp;&nbsp; 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3150, Class EQ, 5.00%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3663 | &nbsp;&nbsp;&nbsp;&nbsp; 3654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3898, Class KH, 3.50%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 31571 | &nbsp;&nbsp;&nbsp;&nbsp; 31368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3911, Class B, 3.50%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 47073 | &nbsp;&nbsp;&nbsp;&nbsp; 46635 |

---

------

**JPMorgan Inflation Managed Bond 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 3959, Class PB, 3.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 379514 | &nbsp;&nbsp;&nbsp;&nbsp; 374974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3337, Class MD, 5.50%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5865 | &nbsp;&nbsp;&nbsp;&nbsp; 5864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2110, Class PG, 6.00%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 19698 | &nbsp;&nbsp;&nbsp;&nbsp; 19772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3563, Class LB, 4.00%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3039 | &nbsp;&nbsp;&nbsp;&nbsp; 3003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-96, Class DB, 4.00%, 11/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25366 | &nbsp;&nbsp;&nbsp;&nbsp; 25141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3653, Class B, 4.50%, 4/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 34117 | &nbsp;&nbsp;&nbsp;&nbsp; 34102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3824, Class EY, 3.50%, 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 98451 | &nbsp;&nbsp;&nbsp;&nbsp; 96667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2525, Class AM, 4.50%, 4/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 221341 | &nbsp;&nbsp;&nbsp;&nbsp; 221189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2441, Class GF, 6.50%, 4/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 7173 | &nbsp;&nbsp;&nbsp;&nbsp; 7471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2436, Class MC, 7.00%, 4/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2846 | &nbsp;&nbsp;&nbsp;&nbsp; 2894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2760, Class KT, 4.50%, 9/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 26355 | &nbsp;&nbsp;&nbsp;&nbsp; 26308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2505, Class D, 5.50%, 9/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 31440 | &nbsp;&nbsp;&nbsp;&nbsp; 32094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2544, Class KE, 5.50%, 12/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 20445 | &nbsp;&nbsp;&nbsp;&nbsp; 20934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2557, Class HL, 5.30%, 1/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 54175 | &nbsp;&nbsp;&nbsp;&nbsp; 54382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2575, Class PE, 5.50%, 2/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 17198 | &nbsp;&nbsp;&nbsp;&nbsp; 17628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2586, Class WG, 4.00%, 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 64088 | &nbsp;&nbsp;&nbsp;&nbsp; 63001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2596, Class QD, 4.00%, 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 57674 | &nbsp;&nbsp;&nbsp;&nbsp; 55895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2621, Class QH, 5.00%, 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 71130 | &nbsp;&nbsp;&nbsp;&nbsp; 72135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2624, Class QH, 5.00%, 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 82034 | &nbsp;&nbsp;&nbsp;&nbsp; 83190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2648, Class BK, 5.00%, 7/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 7692 | &nbsp;&nbsp;&nbsp;&nbsp; 7815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4238, Class UY, 3.00%, 8/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1625603 | &nbsp;&nbsp;&nbsp;&nbsp; 1560638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2673, Class PE, 5.50%, 9/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 130151 | &nbsp;&nbsp;&nbsp;&nbsp; 133610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2696, Class DG, 5.50%, 10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 118354 | &nbsp;&nbsp;&nbsp;&nbsp; 122053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2725, Class TA, 4.50%, 12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 223470 | &nbsp;&nbsp;&nbsp;&nbsp; 223197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2733, Class ME, 5.00%, 1/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 112101 | &nbsp;&nbsp;&nbsp;&nbsp; 113314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2768, Class PK, 5.00%, 3/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 122036 | &nbsp;&nbsp;&nbsp;&nbsp; 122275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2934, Class KG, 5.00%, 2/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 93072 | &nbsp;&nbsp;&nbsp;&nbsp; 94778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2960, Class JH, 5.50%, 4/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 249394 | &nbsp;&nbsp;&nbsp;&nbsp; 256581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3082, Class PW, 5.50%, 12/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 18469 | &nbsp;&nbsp;&nbsp;&nbsp; 19036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3084, Class BH, 5.50%, 12/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 379379 | &nbsp;&nbsp;&nbsp;&nbsp; 394058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3098, Class KG, 5.50%, 1/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 426731 | &nbsp;&nbsp;&nbsp;&nbsp; 443574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3136, Class CO, PO, 4/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 5401 | &nbsp;&nbsp;&nbsp;&nbsp; 4702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3145, Class AJ, 5.50%, 4/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 15970 | &nbsp;&nbsp;&nbsp;&nbsp; 16607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3819, Class ZQ, 6.00%, 4/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 275341 | &nbsp;&nbsp;&nbsp;&nbsp; 289528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3200, PO, 8/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 30119 | &nbsp;&nbsp;&nbsp;&nbsp; 25331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3270, Class AT, 5.50%, 1/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 9963 | &nbsp;&nbsp;&nbsp;&nbsp; 9967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3272, Class PA, 6.00%, 2/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2897 | &nbsp;&nbsp;&nbsp;&nbsp; 3058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3348, Class HT, 6.00%, 7/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 25918 | &nbsp;&nbsp;&nbsp;&nbsp; 27173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3501, Class A, 4.50%, 1/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 82203 | &nbsp;&nbsp;&nbsp;&nbsp; 79825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3508, Class PK, 4.00%, 2/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1518 | &nbsp;&nbsp;&nbsp;&nbsp; 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3513, Class A, 4.50%, 2/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 5693 | &nbsp;&nbsp;&nbsp;&nbsp; 5578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3653, Class HJ, 5.00%, 4/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 253776 | &nbsp;&nbsp;&nbsp;&nbsp; 254241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3677, Class KB, 4.50%, 5/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 527401 | &nbsp;&nbsp;&nbsp;&nbsp; 525828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3677, Class PB, 4.50%, 5/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 240877 | &nbsp;&nbsp;&nbsp;&nbsp; 240822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3715, Class PC, 4.50%, 8/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 89675 | &nbsp;&nbsp;&nbsp;&nbsp; 89375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3955, Class HB, 3.00%, 12/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 26059 | &nbsp;&nbsp;&nbsp;&nbsp; 25778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3828, Class PU, 4.50%, 3/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 36033 | &nbsp;&nbsp;&nbsp;&nbsp; 35418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3852, Class TP, IF, 5.50%, 5/15/2041 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 105817 | &nbsp;&nbsp;&nbsp;&nbsp; 105698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3956, Class EB, 3.25%, 11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 608913 | &nbsp;&nbsp;&nbsp;&nbsp; 563169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3963, Class JB, 4.50%, 11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 853842 | &nbsp;&nbsp;&nbsp;&nbsp; 848580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4026, Class MQ, 4.00%, 4/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 32768 | &nbsp;&nbsp;&nbsp;&nbsp; 31443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4616, Class HP, 3.00%, 9/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 798215 | &nbsp;&nbsp;&nbsp;&nbsp; 713433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3688, Class GT, 7.49%, 11/15/2046 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 12976 | &nbsp;&nbsp;&nbsp;&nbsp; 13812 |

---

------

**JPMorgan Inflation Managed Bond 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; FHLMC, STRIPS Series 262, Class 35, 3.50%, 7/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 362676 | &nbsp;&nbsp;&nbsp;&nbsp; 337351 |
| &nbsp;&nbsp;&nbsp; FNMA, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1997-57, Class PN, 5.00%, 9/18/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 14966 | &nbsp;&nbsp;&nbsp;&nbsp; 14859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-39, Class LB, 4.50%, 6/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 24278 | &nbsp;&nbsp;&nbsp;&nbsp; 24100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-28, Class DE, 5.00%, 4/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 85147 | &nbsp;&nbsp;&nbsp;&nbsp; 85915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2001-63, Class TC, 6.00%, 12/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 19845 | &nbsp;&nbsp;&nbsp;&nbsp; 20466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2001-81, Class HE, 6.50%, 1/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 52360 | &nbsp;&nbsp;&nbsp;&nbsp; 54412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2002-75, Class GB, 5.50%, 11/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 14986 | &nbsp;&nbsp;&nbsp;&nbsp; 14878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-39, Class ZA, 6.00%, 11/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 227958 | &nbsp;&nbsp;&nbsp;&nbsp; 236005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2002-85, Class PE, 5.50%, 12/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 17960 | &nbsp;&nbsp;&nbsp;&nbsp; 18366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-21, Class OU, 5.50%, 3/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 15292 | &nbsp;&nbsp;&nbsp;&nbsp; 15734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-26, Class EB, 3.50%, 4/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 391833 | &nbsp;&nbsp;&nbsp;&nbsp; 381487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-23, Class CH, 5.00%, 4/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 14384 | &nbsp;&nbsp;&nbsp;&nbsp; 14575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-63, Class YB, 5.00%, 7/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 50546 | &nbsp;&nbsp;&nbsp;&nbsp; 51036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-69, Class N, 5.00%, 7/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 92351 | &nbsp;&nbsp;&nbsp;&nbsp; 92940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-80, Class QG, 5.00%, 8/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 102419 | &nbsp;&nbsp;&nbsp;&nbsp; 103480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-85, Class QD, 5.50%, 9/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 52993 | &nbsp;&nbsp;&nbsp;&nbsp; 54308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-94, Class CE, 5.00%, 10/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2279 | &nbsp;&nbsp;&nbsp;&nbsp; 2267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-5, Class CK, 5.00%, 1/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 55403 | &nbsp;&nbsp;&nbsp;&nbsp; 54802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-29, Class WC, 4.75%, 4/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 96967 | &nbsp;&nbsp;&nbsp;&nbsp; 95615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-48, Class TD, 5.50%, 6/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 125927 | &nbsp;&nbsp;&nbsp;&nbsp; 130465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-53, Class MJ, 5.50%, 6/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 126098 | &nbsp;&nbsp;&nbsp;&nbsp; 130515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-58, Class EP, 5.50%, 7/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 6281 | &nbsp;&nbsp;&nbsp;&nbsp; 6313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-68, Class BE, 5.25%, 8/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 109034 | &nbsp;&nbsp;&nbsp;&nbsp; 110585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-68, Class PG, 5.50%, 8/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 42062 | &nbsp;&nbsp;&nbsp;&nbsp; 42117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-102, Class PG, 5.00%, 11/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 171891 | &nbsp;&nbsp;&nbsp;&nbsp; 174511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-110, Class GL, 5.50%, 12/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 219587 | &nbsp;&nbsp;&nbsp;&nbsp; 227825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-49, Class PA, 6.00%, 6/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 23852 | &nbsp;&nbsp;&nbsp;&nbsp; 24929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-19, Class PW, 4.50%, 10/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 136129 | &nbsp;&nbsp;&nbsp;&nbsp; 135590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-114, Class HE, 5.50%, 12/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 168625 | &nbsp;&nbsp;&nbsp;&nbsp; 173200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-33, Class HE, 5.50%, 4/25/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 12678 | &nbsp;&nbsp;&nbsp;&nbsp; 13204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-65, Class KI, IF, IO, 2.18%, 7/25/2037 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 3214 | &nbsp;&nbsp;&nbsp;&nbsp; 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-71, Class KP, 5.50%, 7/25/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 8593 | &nbsp;&nbsp;&nbsp;&nbsp; 8493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-71, Class GB, 6.00%, 7/25/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 98866 | &nbsp;&nbsp;&nbsp;&nbsp; 104180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-86, Class OT, PO, 10/25/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 17446 | &nbsp;&nbsp;&nbsp;&nbsp; 14676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-72, Class BX, 5.50%, 8/25/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 8305 | &nbsp;&nbsp;&nbsp;&nbsp; 8528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-74, Class B, 5.50%, 9/25/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 4193 | &nbsp;&nbsp;&nbsp;&nbsp; 4336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-37, Class KI, IF, IO, 1.56%, 6/25/2039 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2481 | &nbsp;&nbsp;&nbsp;&nbsp; 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-86, Class IP, IO, 5.50%, 10/25/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 5818 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-92, Class AD, 6.00%, 11/25/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 64624 | &nbsp;&nbsp;&nbsp;&nbsp; 64636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-112, Class ST, IF, IO, 1.81%, 1/25/2040 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 40434 | &nbsp;&nbsp;&nbsp;&nbsp; 3923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-22, Class PE, 5.00%, 3/25/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 868217 | &nbsp;&nbsp;&nbsp;&nbsp; 884137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-35, Class SB, IF, IO, 1.98%, 4/25/2040 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 14536 | &nbsp;&nbsp;&nbsp;&nbsp; 886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-37, Class CY, 5.00%, 4/25/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 500491 | &nbsp;&nbsp;&nbsp;&nbsp; 507729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-54, Class EA, 4.50%, 6/25/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 11206 | &nbsp;&nbsp;&nbsp;&nbsp; 11125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-64, Class DM, 5.00%, 6/25/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1662 | &nbsp;&nbsp;&nbsp;&nbsp; 1672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-71, Class HJ, 5.50%, 7/25/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 54416 | &nbsp;&nbsp;&nbsp;&nbsp; 56337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-123, Class BP, 4.50%, 11/25/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1259921 | &nbsp;&nbsp;&nbsp;&nbsp; 1254906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-41, Class KL, 4.00%, 5/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 752791 | &nbsp;&nbsp;&nbsp;&nbsp; 728911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-50, Class LP, 4.00%, 6/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 297803 | &nbsp;&nbsp;&nbsp;&nbsp; 283550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-137, Class CF, 4.74%, 8/25/2041 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 35472 | &nbsp;&nbsp;&nbsp;&nbsp; 35383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-103, Class DA, 3.50%, 10/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 3347 | &nbsp;&nbsp;&nbsp;&nbsp; 3328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-14, Class DE, 3.50%, 3/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 479841 | &nbsp;&nbsp;&nbsp;&nbsp; 450059 |

---

------

**JPMorgan Inflation Managed Bond 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 2012-139, Class JA, 3.50%, 12/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 237367 | &nbsp;&nbsp;&nbsp;&nbsp; 223837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-104, Class CY, 5.00%, 10/25/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2158103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-65, Class PA, 2.50%, 5/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 168481 | &nbsp;&nbsp;&nbsp;&nbsp; 152510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-96, Class CB, 4.00%, 11/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 12780 | &nbsp;&nbsp;&nbsp;&nbsp; 11831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-7, Class CA, 3.50%, 11/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 2024203 | &nbsp;&nbsp;&nbsp;&nbsp; 1940145 |
| &nbsp;&nbsp;&nbsp; FNMA, STRIPS Series 314, Class 1, PO, 7/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 15800 | &nbsp;&nbsp;&nbsp;&nbsp; 13965 |
| &nbsp;&nbsp;&nbsp; GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-29, Class PD, 5.50%, 4/16/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 105574 | &nbsp;&nbsp;&nbsp;&nbsp; 105355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-65, Class AP, 5.50%, 8/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 35311 | &nbsp;&nbsp;&nbsp;&nbsp; 35417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-77, Class TK, 5.00%, 9/16/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 150020 | &nbsp;&nbsp;&nbsp;&nbsp; 149654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-16, Class GC, 5.50%, 2/20/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 381139 | &nbsp;&nbsp;&nbsp;&nbsp; 384565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-54, Class BG, 5.50%, 7/20/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 8222 | &nbsp;&nbsp;&nbsp;&nbsp; 8339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-93, Class PD, 5.00%, 11/16/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 218457 | &nbsp;&nbsp;&nbsp;&nbsp; 217907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-101, Class BE, 5.00%, 11/20/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 191870 | &nbsp;&nbsp;&nbsp;&nbsp; 191344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11, Class PL, 5.00%, 2/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 93876 | &nbsp;&nbsp;&nbsp;&nbsp; 94020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-26, Class XY, 5.50%, 3/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 349555 | &nbsp;&nbsp;&nbsp;&nbsp; 355209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-33, Class AY, 5.50%, 4/16/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 86386 | &nbsp;&nbsp;&nbsp;&nbsp; 86531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-49, Class B, 5.50%, 6/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 31136 | &nbsp;&nbsp;&nbsp;&nbsp; 31548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-51, Class DC, 5.00%, 7/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 75261 | &nbsp;&nbsp;&nbsp;&nbsp; 75615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-56, Class BD, 5.00%, 7/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 11635 | &nbsp;&nbsp;&nbsp;&nbsp; 11687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-7, Class ND, 5.50%, 8/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 11472 | &nbsp;&nbsp;&nbsp;&nbsp; 11636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-37, Class LB, 5.50%, 6/16/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 89733 | &nbsp;&nbsp;&nbsp;&nbsp; 91101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-79, Class BL, 5.75%, 8/20/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 69112 | &nbsp;&nbsp;&nbsp;&nbsp; 69098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-106, Class ST, IF, IO, 1.56%, 2/20/2038 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 63149 | &nbsp;&nbsp;&nbsp;&nbsp; 1993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-7, Class PQ, 5.00%, 2/20/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 202851 | &nbsp;&nbsp;&nbsp;&nbsp; 202297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-9, Class PW, 5.25%, 2/20/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 215354 | &nbsp;&nbsp;&nbsp;&nbsp; 215909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-23, Class YA, 5.25%, 3/20/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 49767 | &nbsp;&nbsp;&nbsp;&nbsp; 49970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-35, Class NF, 5.00%, 4/20/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 50918 | &nbsp;&nbsp;&nbsp;&nbsp; 50628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-34, Class PG, 5.25%, 4/20/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 58644 | &nbsp;&nbsp;&nbsp;&nbsp; 58673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-33, Class PB, 5.50%, 4/20/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 173704 | &nbsp;&nbsp;&nbsp;&nbsp; 174884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-38, Class BG, 5.00%, 5/16/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 275449 | &nbsp;&nbsp;&nbsp;&nbsp; 275530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-43, Class NB, 5.50%, 5/20/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 86404 | &nbsp;&nbsp;&nbsp;&nbsp; 86701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-56, Class PX, 5.50%, 6/20/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 170054 | &nbsp;&nbsp;&nbsp;&nbsp; 169596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-58, Class PE, 5.50%, 7/16/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 428111 | &nbsp;&nbsp;&nbsp;&nbsp; 433864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-62, Class SA, IF, IO, 1.71%, 7/20/2038 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1207 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-76, Class US, IF, IO, 1.46%, 9/20/2038 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 38460 | &nbsp;&nbsp;&nbsp;&nbsp; 1190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-97, Class WA, 6.09%, 11/20/2038 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 282871 | &nbsp;&nbsp;&nbsp;&nbsp; 287961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-95, Class DS, IF, IO, 2.86%, 12/20/2038 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 35476 | &nbsp;&nbsp;&nbsp;&nbsp; 581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-14, Class AG, 4.50%, 3/20/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 61167 | &nbsp;&nbsp;&nbsp;&nbsp; 60994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-72, Class SM, IF, IO, 1.81%, 8/16/2039 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 78353 | &nbsp;&nbsp;&nbsp;&nbsp; 5812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-61, Class AP, 4.00%, 8/20/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 5840 | &nbsp;&nbsp;&nbsp;&nbsp; 5707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-130, Class BD, 4.00%, 12/20/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 199337 | &nbsp;&nbsp;&nbsp;&nbsp; 195825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-157, Class OP, PO, 12/20/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 60908 | &nbsp;&nbsp;&nbsp;&nbsp; 51672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-H11, Class VA, 4.93%, 6/20/2064 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 599623 | &nbsp;&nbsp;&nbsp;&nbsp; 601746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H20, Class FA, 4.90%, 8/20/2065 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 720727 | &nbsp;&nbsp;&nbsp;&nbsp; 722688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H26, Class FG, 4.95%, 10/20/2065 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 518705 | &nbsp;&nbsp;&nbsp;&nbsp; 520546 |
| &nbsp;&nbsp;&nbsp; GSR Mortgage Loan Trust Series 2004-6F, Class 2A4, 5.50%, 5/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 31089 | &nbsp;&nbsp;&nbsp;&nbsp; 31296 |
| &nbsp;&nbsp;&nbsp; JPMorgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A2, Class 5A3, 7.11%, 11/25/2033 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 39921 | &nbsp;&nbsp;&nbsp;&nbsp; 39479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A1, Class 5A5, 6.38%, 7/25/2035 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 12055 | &nbsp;&nbsp;&nbsp;&nbsp; 12221 |
| &nbsp;&nbsp;&nbsp; MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 6.83%, 4/21/2034 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 22932 | &nbsp;&nbsp;&nbsp;&nbsp; 22573 |
| &nbsp;&nbsp;&nbsp; Merrill Lynch Mortgage Investors Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-F, Class A1, 5.08%, 10/25/2028 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 15574 | &nbsp;&nbsp;&nbsp;&nbsp; 14726 |

---

------

**JPMorgan Inflation Managed Bond 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 2004-B, Class A1, 4.94%, 5/25/2029 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 24219 | &nbsp;&nbsp;&nbsp;&nbsp; 23419 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Mortgage Loan Trust Series 2004-3, Class 4A, 5.64%, 4/25/2034 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 13332 | &nbsp;&nbsp;&nbsp;&nbsp; 12931 |
| &nbsp;&nbsp;&nbsp; PHH Mortgage Trust Series 2008-CIM2, Class 5A1, 6.00%, 7/25/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 7082 | &nbsp;&nbsp;&nbsp;&nbsp; 7674 |
| &nbsp;&nbsp;&nbsp; Seasoned Loans Structured Transaction Series 2018-2, Class A1, 3.50%, 11/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 317172 | &nbsp;&nbsp;&nbsp;&nbsp; 306922 |
| &nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust Series 2004-11, Class A1, 5.04%, 12/20/2034 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 47341 | &nbsp;&nbsp;&nbsp;&nbsp; 42695 |
| &nbsp;&nbsp;&nbsp; Thornburg Mortgage Securities Trust Series 2004-4, Class 3A, 5.55%, 12/25/2044 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 60476 | &nbsp;&nbsp;&nbsp;&nbsp; 58129 |
| &nbsp;&nbsp;&nbsp; Vendee Mortgage Trust Series 2003-2, Class Z, 5.00%, 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 190207 | &nbsp;&nbsp;&nbsp;&nbsp; 191017 |
| &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust Series 2003-AR11, Class A6, 6.70%, 10/25/2033 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 47715 | &nbsp;&nbsp;&nbsp;&nbsp; 45181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations <br>(Cost $36,332,275)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 33856280 |
| **Commercial Mortgage-Backed Securities — 4.7%** | **Commercial Mortgage-Backed Securities — 4.7%** | **Commercial Mortgage-Backed Securities — 4.7%** |
| &nbsp;&nbsp;&nbsp; 20 Times Square Trust Series 2018-20TS, Class A, 3.10%, 5/15/2035 (b) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 383071 | &nbsp;&nbsp;&nbsp;&nbsp; 362002 |
| &nbsp;&nbsp;&nbsp; BXP Trust Series 2017-GM, Class A, 3.38%, 6/13/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1445993 |
| &nbsp;&nbsp;&nbsp; FHLMC, Multi-Family Structured Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KLU2, Class A7, 2.23%, 9/25/2025 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 334333 | &nbsp;&nbsp;&nbsp;&nbsp; 331105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K737, Class AM, 2.10%, 10/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3110000 | &nbsp;&nbsp;&nbsp;&nbsp; 3010302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K072, Class A2, 3.44%, 12/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 473000 | &nbsp;&nbsp;&nbsp;&nbsp; 463907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K083, Class A2, 4.05%, 9/25/2028 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 594000 | &nbsp;&nbsp;&nbsp;&nbsp; 590291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K145, Class AM, 2.58%, 6/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp;&nbsp; 772406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KJ44, Class A2, 4.61%, 2/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1906105 |
| &nbsp;&nbsp;&nbsp; FNMA ACES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-M10, Class A2, 3.09%, 4/25/2027 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 751780 | &nbsp;&nbsp;&nbsp;&nbsp; 735694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M8, Class A2, 3.06%, 5/25/2027 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1046404 | &nbsp;&nbsp;&nbsp;&nbsp; 1021954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M12, Class A2, 3.06%, 6/25/2027 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2432481 | &nbsp;&nbsp;&nbsp;&nbsp; 2374032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M13, Class A2, 2.93%, 9/25/2027 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 315384 | &nbsp;&nbsp;&nbsp;&nbsp; 306447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M2, Class A2, 2.91%, 1/25/2028 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2963193 | &nbsp;&nbsp;&nbsp;&nbsp; 2869886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M4, Class A2, 3.06%, 3/25/2028 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1713019 | &nbsp;&nbsp;&nbsp;&nbsp; 1659185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M9, Class APT2, 3.10%, 4/25/2028 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2336916 | &nbsp;&nbsp;&nbsp;&nbsp; 2266883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M14, Class A2, 3.58%, 8/25/2028 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 375575 | &nbsp;&nbsp;&nbsp;&nbsp; 367804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M5, Class A2, 3.01%, 4/25/2029 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1880204 | &nbsp;&nbsp;&nbsp;&nbsp; 1798577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M3, Class A2, 3.06%, 2/25/2030 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1050355 | &nbsp;&nbsp;&nbsp;&nbsp; 998201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M50, Class A2, 1.20%, 10/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 352556 | &nbsp;&nbsp;&nbsp;&nbsp; 332282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M50, Class X1, IO, 1.82%, 10/25/2030 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 5394086 | &nbsp;&nbsp;&nbsp;&nbsp; 231878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M11, Class A2, 1.46%, 3/25/2031 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1517000 | &nbsp;&nbsp;&nbsp;&nbsp; 1283963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-M1G, Class A2, 1.53%, 9/25/2031 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4241812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M3, Class 1A1, 1.00%, 11/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2569 | &nbsp;&nbsp;&nbsp;&nbsp; 2553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M3, Class X1, IO, 1.90%, 11/25/2033 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 315631 | &nbsp;&nbsp;&nbsp;&nbsp; 21227 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust Series 2021-PLZA, Class A, 2.57%, 11/9/2043 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1958000 | &nbsp;&nbsp;&nbsp;&nbsp; 1645347 |
| &nbsp;&nbsp;&nbsp; MRCD MARK Mortgage Trust Series 2019-PARK, Class A, 2.72%, 12/15/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 266460 |
| &nbsp;&nbsp;&nbsp; SLG Office Trust Series 2021-OVA, Class A, 2.59%, 7/15/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1770000 | &nbsp;&nbsp;&nbsp;&nbsp; 1531961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities <br>(Cost $34,378,159)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 32838257 |
| **Foreign Government Securities — 0.3%** | **Foreign Government Securities — 0.3%** | **Foreign Government Securities — 0.3%** |
| &nbsp;&nbsp;&nbsp; Republic of Colombia 7.38%, 9/18/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 284064 |
| &nbsp;&nbsp;&nbsp; United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 721000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.66%, 5/24/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities <br>(Cost $2,205,760)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 2027464 |

---

------

**JPMorgan Inflation Managed Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** | **VALUE($)** |
| **Short-Term Investments — 1.7%** | **Short-Term Investments — 1.7%** | **Short-Term Investments — 1.7%** |
| **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% (g) (h) <br>(Cost $11,666,403)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11664594 | &nbsp;&nbsp;&nbsp;&nbsp; 11666927 |
| **Total Investments — 99.3%** <br>**(Cost $703,407,489)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **691779550** |
| **Other Assets in Excess of Liabilities — 0.7%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **4881968** |
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **696661518** |

---

&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** |  |
| ACES | Alternative Credit Enhancement Securities |
| CME | Chicago Mercantile Exchange |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| ICE | Intercontinental Exchange |
| IF | Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest <br> rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the <br> rate in effect as of May 31, 2025. The rate may be subject to a cap and floor.<br>|
| 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 |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal <br> components of eligible notes and bonds as separate securities.<br>|
| 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. |
| (a) | All or a portion of this security is deposited with the broker as initial margin for futures contracts or centrally cleared swaps. |
| (b) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (c) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2025. |
| (d) | Contingent Capital security ("CoCo"). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a <br> pre-specified trigger event occurs. The total value of aggregate CoCo holdings at May 31, 2025 is $1,545,230 or 0.22% of the Fund's net <br> assets as of May 31, 2025.<br>|
| (e) | 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>|
| (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) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan <br> Investment Management Inc.<br>|
| (h) | The rate shown is the current yield as of May 31, 2025. |

---

------

**JPMorgan Inflation Managed Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

**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 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 1206 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 133752938 | &nbsp;&nbsp;&nbsp;&nbsp; 1657499 |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 13537500 | &nbsp;&nbsp;&nbsp;&nbsp; 32063 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9502500 | &nbsp;&nbsp;&nbsp;&nbsp; 196928 |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 6432984 | &nbsp;&nbsp;&nbsp;&nbsp; (522)<br>|
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 7039297 | &nbsp;&nbsp;&nbsp;&nbsp; 42280 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1928248 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (92)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (10700750)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (245928)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1682320 |

---

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

---

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

---

**Centrally Cleared Inflation-linked swap contracts outstanding as of May 31, 2025 :**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX(a)** | &nbsp;&nbsp; **FIXED RATE %** <br>| &nbsp;&nbsp; **PAY/** <br>**RECEIVE** <br>**FLOATING** <br>**RATE**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**$**<br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION) ($)**<br>| **VALUE ($)** |
| CPI-U at termination | 2.34% at termination | Receive | 4/9/2030 | USD4,135,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35166 | &nbsp;&nbsp; 35166 |
| CPI-U at termination | 2.34% at termination | Receive | 4/9/2035 | USD5,690,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67147 | &nbsp;&nbsp; 67147 |
| CPI-U at termination | 2.43% at termination | Receive | 5/7/2035 | USD8,125,000 | &nbsp;&nbsp; (4569)<br>| &nbsp;&nbsp; 40866 | &nbsp;&nbsp; 36297 |
| CPI-U at termination | 2.45% at termination | Receive | 12/3/2034 | USD3,639,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23969 | &nbsp;&nbsp; 23969 |
| CPI-U at termination | 2.45% at termination | Receive | 3/17/2035 | USD62,445,000 | &nbsp;&nbsp; 35754 | &nbsp;&nbsp; 241719 | &nbsp;&nbsp; 277473 |
| CPI-U at termination | 2.46% at termination | Receive | 5/2/2030 | USD7,395,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20513 | &nbsp;&nbsp; 20513 |
| CPI-U at termination | 2.49% at termination | Receive | 6/3/2035 | USD47,000,000 | &nbsp;&nbsp; 45887 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 45912 |
| CPI-U at termination | 2.50% at termination | Receive | 6/3/2035 | USD4,890,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| CPI-U at termination | 2.51% at termination | Receive | 2/28/2035 | USD46,170,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15439 | &nbsp;&nbsp; 15439 |
| CPI-U at termination | 2.52% at termination | Receive | 3/20/2028 | USD94,170,000 | &nbsp;&nbsp; 42605 | &nbsp;&nbsp; 351154 | &nbsp;&nbsp; 393759 |
| CPI-U at termination | 2.54% at termination | Receive | 3/6/2030 | USD4,395,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7600 | &nbsp;&nbsp; 7600 |
| CPI-U at termination | 2.56% at termination | Receive | 1/31/2030 | USD5,542,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11639 | &nbsp;&nbsp; 11639 |
| CPI-U at termination | 2.56% at termination | Receive | 3/5/2030 | USD8,675,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6776 | &nbsp;&nbsp; 6776 |
| CPI-U at termination | 2.60% at termination | Receive | 2/6/2030 | USD98,645,000 | &nbsp;&nbsp; (81155)<br>| &nbsp;&nbsp; 114448 | &nbsp;&nbsp; 33293 |
| CPI-U at termination | 2.63% at termination | Receive | 3/3/2028 | USD30,665,000 | &nbsp;&nbsp; 31546 | &nbsp;&nbsp; 58678 | &nbsp;&nbsp; 90224 |
| CPI-U at termination | 2.65% at termination | Receive | 2/10/2028 | USD59,075,000 | &nbsp;&nbsp; 3664 | &nbsp;&nbsp; 178148 | &nbsp;&nbsp; 181812 |
| CPI-U at termination | 2.67% at termination | Receive | 2/6/2028 | USD28,366,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 74662 | &nbsp;&nbsp; 74662 |
| CPI-U at termination | 3.22% at termination | Receive | 6/3/2026 | USD13,270,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 73732 | &nbsp;&nbsp; 1247949 | &nbsp;&nbsp; 1321681 |
| CPI-U at termination | 2.56% at termination | Receive | 1/31/2035 | USD8,658,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (30488)<br>| &nbsp;&nbsp; (30488)<br>|
| CPI-U at termination | 2.57% at termination | Receive | 4/2/2030 | USD14,525,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (30011)<br>| &nbsp;&nbsp; (30011)<br>|
| CPI-U at termination | 2.59% at termination | Receive | 2/4/2035 | USD15,673,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (87034)<br>| &nbsp;&nbsp; (87034)<br>|
| CPI-U at termination | 2.64% at termination | Receive | 5/7/2028 | USD31,495,000 | &nbsp;&nbsp; (5800)<br>| &nbsp;&nbsp; (2992)<br>| &nbsp;&nbsp; (8792)<br>|
| CPI-U at termination | 2.77% at termination | Receive | 4/16/2027 | USD41,350,000 | &nbsp;&nbsp; (34478)<br>| &nbsp;&nbsp; 14905 | &nbsp;&nbsp; (19573)<br>|
|  |  |  |  |  | &nbsp;&nbsp; (40278)<br>| &nbsp;&nbsp; (135620)<br>| &nbsp;&nbsp; (175898)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 33454 | &nbsp;&nbsp; 1112329 | &nbsp;&nbsp; 1145783 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CPI-U | Consumer Price Index for All Urban Consumers |
| USD | United States Dollar |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Value of floating rate index at May 31, 2025 was as follows:

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

------

**JPMorgan Inflation Managed Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | |
|:---|:---|
| **FLOATING RATE INDEX** | **VALUE** |
| &nbsp;&nbsp;&nbsp; CPI-U | 3.21% |

---

**Centrally Cleared Credit default swap contracts outstanding - buy protection**<sup>(\*)</sup> **as of May 31, 2025:**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| &nbsp;&nbsp; **PAYMENT** <br>**FREQUENCY**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| CDX.NA.IG.44-V1 | 1.00 | Quarterly | 6/20/2030 | 0.56 | USD 106,340,000 | &nbsp;&nbsp; (1952047)<br>| &nbsp;&nbsp; (394930)<br>| &nbsp;&nbsp; (2346977)<br>|

---

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

---

| | |
|:---|:---|
| (\*) | The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from <br> the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference <br> obligation, as defined under the terms of individual swap contracts. |
| (a) | Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to <br> make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which <br> may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated <br> to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of <br> greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying <br> reference obligations included in a particular index. |
| (b) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, <br> upon occurrence of a credit event. |
| (c) | Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between <br> the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors). |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CDX | Credit Default Swap Index |
| USD | United States Dollar |

---

**Centrally Cleared interest rate swap contracts outstanding as of May 31, 2025:**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | &nbsp;&nbsp; **FIXED RATE %** <br>| &nbsp;&nbsp; **PAY/** <br>**RECEIVE** <br>**FLOATING** <br>**RATE**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<br>| **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)($)**<br>|
| 1 day SOFR annually | 4.00 annually | Pay | 3/15/2035 | USD23,480,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (112988)<br>|
| 1 day SOFR annually | 4.08 annually | Pay | 4/1/2035 | USD26,805,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (55812)<br>|
|  |  |  |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (168800)<br>|

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| SOFR | Secured Overnight Financing Rate |
| USD | United States Dollar |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Value of floating rate index at May 31, 2025 was as follows:

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

---

| | |
|:---|:---|
| **FLOATING RATE INDEX** | **VALUE** |
| &nbsp;&nbsp;&nbsp; 1 day SOFR | 4.35% |

---

------

**JPMorgan Inflation Managed Bond 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.

Futures contracts are generally valued on the basis of available market quotations. Swaps are valued utilizing market quotations from approved Pricing Services.

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 Inflation Managed Bond 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; $60846910 | &nbsp;&nbsp;&nbsp;&nbsp; $2952876 | &nbsp;&nbsp;&nbsp;&nbsp; $63799786 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33856073 | &nbsp;&nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp;&nbsp; 33856280 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32838257 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32838257 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 201954210 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 201954210 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2027464 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2027464 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 106797926 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 106797926 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 238838700 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 238838700 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 11666927 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11666927 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $11666927 | &nbsp;&nbsp;&nbsp;&nbsp; $677159540 | &nbsp;&nbsp;&nbsp;&nbsp; $2953083 | &nbsp;&nbsp;&nbsp;&nbsp; $691779550 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1928770 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1928770 |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1262854 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1262854 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(246450)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(246450)<br>|
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (714255)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (714255)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1682320 | &nbsp;&nbsp;&nbsp;&nbsp; $548599 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2230919 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended 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>| $10430555 | $63468485 | $62232838 | $1880 | $(1155)<br>| $11666927 | 11664594 | $103545 | $— |

---

&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.

**C. Derivatives**— The Fund used derivative instruments including options, futures contracts, forward foreign currency exchange contracts and swaps, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties' failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund's risk of loss associated with these instruments may exceed their value.

------

**JPMorgan Inflation Managed Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Fund's ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund's net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty's credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Fund.

Notes (1) — (2) below describe the various derivatives used by the Fund.

**(1). Futures Contracts**— The Fund used currency, index, interest rate, treasury or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio. The Fund used commodity futures contracts to obtain long and short exposure to the underlying commodities markets. The purchase of futures contracts will tend to increase the Fund's exposure to positive and negative price fluctuations in the underlying instrument. The sales of futures contracts will tend to offset both positive and negative market price changes.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as change in net unrealized appreciation/depreciation on futures contracts. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted.

The Fund may be exposed to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subject the Fund to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

The Fund's futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

**(2). Swaps** — The Fund engaged in various swap transactions to manage credit, interest rate (e.g., duration, yield curve), currency, inflation and total return risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter ("OTC swaps") between the Fund and a counterparty or are centrally cleared ("centrally cleared swaps") through a central clearinghouse managed by a Futures Commission Merchant ("FCM") that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, and amortized over the term of the swap. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation on swaps. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund's outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund's custodian bank.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

The Fund's swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

------

**JPMorgan Inflation Managed Bond ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

<u>Inflation-Linked Swaps</u>

The Fund used inflation-linked swaps to provide inflation protection within its portfolio. These are agreements between counterparties to exchange interest payments based on interest rates over the life of the swap. One cash flow stream will typically be a floating rate payment based upon the Consumer Price Index upon while the other is a pre-determined fixed interest rate. The use of swaps exposes the Fund to interest rate risk.

<u>Credit Default Swaps</u>

The Fund entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Fund, as a protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund's portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

<u>Interest Rate Swaps</u>

The Fund entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically based on a fixed interest rate.

------

## 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 Inflation Managed Bond ETF

- **b. EDGAR series identifier (if any):** S000074053

- **c. LEI of Series:** 5493001Z7M5V3WTBX559

**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:** $698952623.84

**Total Liabilities:** $2256535.56

**Net Assets:** $696696088.28

**Cash Not Reported:** $235056.90

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -257430.74282000 | **1-Year:** 26551.52955000 | **5-Year:** 78945.00774000 | **10-Year:** 52840.19731000 | **30-Year:** 0.00000000

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

- **3-Month:** -102551.41614000 | **1-Year:** 6.06302000 | **5-Year:** 45.59931000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000231436 | 0.92%                | 0.45%                | -0.55%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $200933.63               | $-160279.82                                |
| Month 2  | $-240441.58              | $2187120.26                                |
| Month 3  | $78004.98                | $-4634359.95                               |

**Designated Index Information**

- **Index Name:** U.S. Treasury Inflation Notes: 1-10 Year

- **Index Identifier:** 63TRUSD0

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Prestige Auto Receivables Trust                      | Prestige Auto Receivables Trust, Series 2024-2A, Class B                        | CUSIP: 74113SAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     88000 | PA      | $87633.17     | 0.01%             | 2029-02-15      | Fixed         | 4.56%                 | Yes           |                  2 | On Loan: No      |
| Tampa Electric Co.                                   | Tampa Electric Co.                                                              | CUSIP: 875127BM3<br>LEI: WS423EPRKJIIJUITXD73 | Long             | DBT              | CORP              | US        |    274000 | PA      | $278466.48    | 0.04%             | 2029-03-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                          | Hertz Vehicle Financing LLC, Series 2025-2A, Class A                            | CUSIP: 42806MCX5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260000 | PA      | $258769.99    | 0.04%             | 2031-09-25      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3852, Class TP                                             | CUSIP: 3137ABB59<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    105817 | PA      | $105698.27    | 0.02%             | 2041-05-15      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Enbridge, Inc.                                       | Enbridge, Inc.                                                                  | CUSIP: 29250NBR5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    799000 | PA      | $814912.88    | 0.12%             | 2033-03-08      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| KeyCorp                                              | KeyCorp                                                                         | CUSIP: 49326EEQ2<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    526000 | PA      | $524880.17    | 0.08%             | 2031-04-04      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| COPT Defense Properties LP                           | COPT Defense Properties LP                                                      | CUSIP: 22003BAN6<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              | CORP              | US        |    457000 | PA      | $409418.07    | 0.06%             | 2029-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Humana, Inc.                                         | Humana, Inc.                                                                    | CUSIP: 444859BF8<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    492000 | PA      | $488527.22    | 0.07%             | 2027-03-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                     | CUSIP: 3140LKNV1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $994796.87    | 0.14%             | 2033-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| DTE Energy Co.                                       | DTE Energy Co.                                                                  | CUSIP: 233331BN6<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |    700000 | PA      | $712000.99    | 0.10%             | 2030-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust                | GM Financial Automobile Leasing Trust, Series 2024-2, Class A3                  | CUSIP: 36269WAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    480000 | PA      | $483998.93    | 0.07%             | 2027-07-20      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                      | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38145GAH3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1785000 | PA      | $1758817.35   | 0.25%             | 2026-11-16      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Hasbro, Inc.                                         | Hasbro, Inc.                                                                    | CUSIP: 418056AZ0<br>LEI: 549300NUB6D2R1ITYR45 | Long             | DBT              | CORP              | US        |    592000 | PA      | $564223.16    | 0.08%             | 2029-11-19      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| VOLT XCIV LLC                                        | VOLT XCIV LLC, Series 2021-NPL3, Class A1                                       | CUSIP: 92873AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    127620 | PA      | $127505.30    | 0.02%             | 2051-02-27      | Variable      | 6.24%                 | Yes           |                  2 | On Loan: No      |
| Extra Space Storage LP                               | Extra Space Storage LP                                                          | CUSIP: 30225VAG2<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    467000 | PA      | $389318.53    | 0.06%             | 2032-03-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Kroger Co. (The)                                     | Kroger Co. (The)                                                                | CUSIP: 501044DV0<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |    485000 | PA      | $472376.10    | 0.07%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                     | ABN AMRO Bank NV                                                                | CUSIP: 00084DAW0<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    900000 | PA      | $830174.53    | 0.12%             | 2029-12-13      | Variable      | 2.47%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                      | Citigroup, Inc.                                                                 | CUSIP: 172967LD1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     90000 | PA      | $88820.58     | 0.01%             | 2028-01-10      | Variable      | 3.89%                 | No            |                  2 | On Loan: No      |
| FRTKL                                                | FRTKL, Series 2021-SFR1, Class A                                                | CUSIP: 30322DAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2118000 | PA      | $2032381.76   | 0.29%             | 2038-09-17      | Fixed         | 1.57%                 | Yes           |                  2 | On Loan: No      |
| Steel Dynamics, Inc.                                 | Steel Dynamics, Inc.                                                            | CUSIP: 858119BQ2<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99925.14     | 0.01%             | 2034-08-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Flex Intermediate Holdco LLC                         | Flex Intermediate Holdco LLC                                                    | CUSIP: 33939HAA7<br>LEI: 549300290TQIGM30A243 | Long             | DBT              | CORP              | US        |   1530000 | PA      | $1337921.96   | 0.19%             | 2031-06-30      | Fixed         | 3.36%                 | Yes           |                  2 | On Loan: No      |
| Westlake Corp.                                       | Westlake Corp.                                                                  | CUSIP: 960413AT9<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | DBT              | CORP              | US        |    400000 | PA      | $394341.38    | 0.06%             | 2026-08-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Principal Financial Group, Inc.                      | Principal Financial Group, Inc.                                                 | CUSIP: 74251VAM4<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19578.56     | 0.00%             | 2026-11-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                | United Mexican States                                                           | CUSIP: 91087BAM2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   1200000 | PA      | $1022400.00   | 0.15%             | 2031-05-24      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2015-H26, Class FG                                                 | CUSIP: 38376RKA3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    518705 | PA      | $520545.69    | 0.07%             | 2065-10-20      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| United States of America                             | U.S. Treasury Notes                                                             | CUSIP: 91282CMZ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  29360000 | PA      | $29243018.60  | 4.20%             | 2030-04-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                           | Progress Residential Trust, Series 2021-SFR9, Class E1                          | CUSIP: 74333QAJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1048000 | PA      | $973314.28    | 0.14%             | 2040-11-17      | Fixed         | 2.81%                 | Yes           |                  2 | On Loan: No      |
| Broadcom, Inc.                                       | Broadcom, Inc.                                                                  | CUSIP: 11135FAL5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    792000 | PA      | $785647.81    | 0.11%             | 2028-09-15      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                           | Progress Residential Trust, Series 2025-SFR1, Class A                           | CUSIP: 74334NAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1101700 | PA      | $1031832.72   | 0.15%             | 2042-02-17      | Variable      | 3.40%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                       | Hyundai Auto Receivables Trust, Series 2025-A, Class A3                         | CUSIP: 44935CAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    714000 | PA      | $713945.59    | 0.10%             | 2029-10-15      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| United States of America                             | U.S. Treasury Inflation Linked Notes                                            | CUSIP: 91282CCA7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12391949 | PA      | $12260378.01  | 1.76%             | 2026-04-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Duquesne Light Holdings, Inc.                        | Duquesne Light Holdings, Inc.                                                   | CUSIP: 266233AH8<br>LEI: 4CUJ1D8WDXK9X7QI6B93 | Long             | DBT              | CORP              | US        |    421000 | PA      | $367803.80    | 0.05%             | 2030-10-01      | Fixed         | 2.53%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2003-65, Class AP                                                  | CUSIP: 38374BQX4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     35311 | PA      | $35416.66     | 0.01%             | 2033-08-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Columbia Pipelines Operating Co. LLC                 | Columbia Pipelines Operating Co. LLC                                            | CUSIP: 19828TAG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $391797.66    | 0.06%             | 2035-02-15      | Fixed         | 5.44%                 | Yes           |                  2 | On Loan: No      |
| Coterra Energy, Inc.                                 | Coterra Energy, Inc.                                                            | CUSIP: 127097AG8<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |    724000 | PA      | $713077.21    | 0.10%             | 2027-05-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| NNN REIT, Inc.                                       | NNN REIT, Inc.                                                                  | CUSIP: 637417AL0<br>LEI: 5493008JKH5SOTI0JS97 | Long             | DBT              | CORP              | US        |    870000 | PA      | $860207.57    | 0.12%             | 2028-10-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Leidos, Inc.                                         | Leidos, Inc.                                                                    | CUSIP: 52532XAH8<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |    767000 | PA      | $662523.68    | 0.10%             | 2031-02-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC Gold Pools, 30 Year                                                       | CUSIP: 31296PY55<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     70723 | PA      | $70930.56     | 0.01%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                         | UBS Group AG                                                                    | CUSIP: 225401AQ1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    250000 | PA      | $249951.04    | 0.04%             | 2026-06-05      | Variable      | 2.19%                 | Yes           |                  2 | On Loan: No      |
| Mead Johnson Nutrition Co.                           | Mead Johnson Nutrition Co.                                                      | CUSIP: 582839AH9<br>LEI: E4BJRFT3MF4GJDY1SC50 | Long             | DBT              | CORP              | US        |     89000 | PA      | $88835.32     | 0.01%             | 2025-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3959, Class PB                                             | CUSIP: 3137AHH68<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    379514 | PA      | $374974.50    | 0.05%             | 2026-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Southern Co. (The)                                   | Southern Co. (The)                                                              | CUSIP: 842587DT1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    207000 | PA      | $213065.34    | 0.03%             | 2034-03-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Mitsubishi HC Finance America LLC                    | Mitsubishi HC Finance America LLC                                               | CUSIP: 606790AB9<br>LEI: 3538008O2MCHLB9FAL82 | Long             | DBT              | CORP              | US        |    200000 | PA      | $206314.23    | 0.03%             | 2028-09-12      | Fixed         | 5.81%                 | Yes           |                  2 | On Loan: No      |
| VOLT CI LLC                                          | VOLT CI LLC, Series 2021-NP10, Class A1                                         | CUSIP: 92873EAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    189185 | PA      | $188721.87    | 0.03%             | 2051-05-25      | Variable      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| DT Auto Owner Trust                                  | DT Auto Owner Trust, Series 2023-2A, Class B                                    | CUSIP: 23346CAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    436367 | PA      | $436685.63    | 0.06%             | 2029-02-15      | Fixed         | 5.41%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3136, Class CO                                             | CUSIP: 31396NGH3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5401 | PA      | $4702.43      | 0.00%             | 2036-04-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2012-14, Class DE                                           | CUSIP: 3136A4VC0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    479841 | PA      | $450059.27    | 0.06%             | 2042-03-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investors Trust               | Merrill Lynch Mortgage Investors Trust, Series 2004-B, Class A1                 | CUSIP: 59020UBU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     24219 | PA      | $23419.41     | 0.00%             | 2029-05-25      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.                 | Mitsubishi UFJ Financial Group, Inc.                                            | CUSIP: 606822CC6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    600000 | PA      | $578484.46    | 0.08%             | 2028-01-19      | Variable      | 2.34%                 | No            |                  2 | On Loan: No      |
| PG&E Wildfire Recovery Funding LLC                   | PG&E Wildfire Recovery Funding LLC, Series A-2                                  | CUSIP: 693342AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    848000 | PA      | $795185.78    | 0.11%             | 2036-06-01      | Fixed         | 4.26%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                           | FHLMC UMBS, 30 Year                                                             | CUSIP: 3133WASU3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2307381 | PA      | $2285486.15   | 0.33%             | 2054-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2557, Class HL                                             | CUSIP: 31393JLU0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     54175 | PA      | $54382.20     | 0.01%             | 2033-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Fells Point Funding Trust                            | Fells Point Funding Trust                                                       | CUSIP: 314382AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    864000 | PA      | $840224.40    | 0.12%             | 2027-01-31      | Fixed         | 3.05%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2008-56, Class PX                                                  | CUSIP: 3837426V0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    170054 | PA      | $169596.49    | 0.02%             | 2038-06-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2005-11, Class PL                                                  | CUSIP: 38374KZV8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     93876 | PA      | $94020.35     | 0.01%             | 2035-02-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                              | CUSIP: 3140XRTH8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1405507 | PA      | $1398663.74   | 0.20%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K737, Class AM | CUSIP: 3137FQXK4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3110000 | PA      | $3010301.80   | 0.43%             | 2026-10-25      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                             | Bristol-Myers Squibb Co.                                                        | CUSIP: 110122CP1<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28886.02     | 0.00%             | 2029-07-26      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Consumer Portfolio Services Auto Trust               | Consumer Portfolio Services Auto Trust, Series 2025-B, Class A                  | CUSIP: 12630SAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    555000 | PA      | $554713.79    | 0.08%             | 2029-02-15      | Fixed         | 4.74%                 | Yes           |                  2 | On Loan: No      |
| RPM International, Inc.                              | RPM International, Inc.                                                         | CUSIP: 749685AY9<br>LEI: 549300TJCKW4BRXPJ474 | Long             | DBT              | CORP              | US        |    438000 | PA      | $380979.96    | 0.05%             | 2032-01-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| United States of America                             | U.S. Treasury Notes                                                             | CUSIP: 91282CJF9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  66230000 | PA      | $68286752.12  | 9.80%             | 2028-10-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Aircastle Ltd.                                       | Aircastle Ltd.                                                                  | CUSIP: 00929JAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    160000 | PA      | $159271.42    | 0.02%             | 2030-03-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2004-54, Class BG                                                  | CUSIP: 38374HQC7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      8222 | PA      | $8339.34      | 0.00%             | 2034-07-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| 20 Times Square Trust                                | 20 Times Square Trust, Series 2018-20TS, Class A                                | CUSIP: 90137LAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    383071 | PA      | $362002.01    | 0.05%             | 2035-05-15      | Variable      | 3.10%                 | Yes           |                  2 | On Loan: No      |
| American Water Capital Corp.                         | American Water Capital Corp.                                                    | CUSIP: 03040WBF1<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |    800000 | PA      | $797899.98    | 0.11%             | 2035-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                            | Florida Power & Light Co.                                                       | CUSIP: 341081GU5<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1015875.73   | 0.15%             | 2034-06-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2008-34, Class PG                                                  | CUSIP: 383742M34<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     58644 | PA      | $58672.78     | 0.01%             | 2038-04-20      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FHLMC Seasoned Credit Risk Transfer Trust            | FHLMC Seasoned Credit Risk Transfer Trust, Series 2020-1, Class M55G            | CUSIP: 35563PPE3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2836901 | PA      | $2535341.56   | 0.36%             | 2059-08-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                              | Hyundai Capital America                                                         | CUSIP: 44891ABP1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    919000 | PA      | $866248.19    | 0.12%             | 2027-10-15      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| Mizuho Financial Group, Inc.                         | Mizuho Financial Group, Inc.                                                    | CUSIP: 60687YDD8<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |   1950000 | PA      | $1990293.01   | 0.29%             | 2030-05-26      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                              | CUSIP: 3140A4N98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    583883 | PA      | $592620.68    | 0.09%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Home Partners of America Trust                       | Home Partners of America Trust, Series 2022-1, Class D                          | CUSIP: 43730NAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1145205 | PA      | $1124333.05   | 0.16%             | 2039-04-17      | Fixed         | 4.73%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                              | CUSIP: 31416BQA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9889 | PA      | $10367.31     | 0.00%             | 2038-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | U.S. Treasury 2 Year Note                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        48 | NC      | $-808.61      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Mortgage Loan Trust                        | Citigroup Mortgage Loan Trust, Series 2004-HYB4, Class WA                       | CUSIP: 17307GMJ4<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-MBS          | CORP              | US        |      4350 | PA      | $4285.51      | 0.00%             | 2034-12-25      | Variable      | 6.98%                 | No            |                  2 | On Loan: No      |
| Crown Castle, Inc.                                   | Crown Castle, Inc.                                                              | CUSIP: 22822VAB7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    578000 | PA      | $577266.29    | 0.08%             | 2026-02-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3337, Class MD                                             | CUSIP: 31397HN87<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5865 | PA      | $5864.25      | 0.00%             | 2027-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                     | CUSIP: 3140JBZB5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    996664 | PA      | $840874.85    | 0.12%             | 2032-03-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                       | Carvana Auto Receivables Trust, Series 2024-P4, Class A3                        | CUSIP: 14076LAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    276000 | PA      | $276929.35    | 0.04%             | 2030-01-10      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                               | Truist Financial Corp.                                                          | CUSIP: 89788MAR3<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    500000 | PA      | $511239.82    | 0.07%             | 2030-01-24      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| Steel Dynamics, Inc.                                 | Steel Dynamics, Inc.                                                            | CUSIP: 858119BN9<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | DBT              | CORP              | US        |    324000 | PA      | $302606.39    | 0.04%             | 2027-10-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3963, Class JB                                             | CUSIP: 3137AHVU9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    853842 | PA      | $848579.63    | 0.12%             | 2041-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DNB Bank ASA                                         | DNB Bank ASA                                                                    | CUSIP: 25601B2B0<br>LEI: 549300GKFG0RYRRQ1414 | Long             | DBT              | CORP              | NO        |   1000000 | PA      | $947698.18    | 0.14%             | 2028-03-30      | Variable      | 1.60%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2008-9, Class PW                                                   | CUSIP: 38375PKJ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    215354 | PA      | $215908.56    | 0.03%             | 2038-02-20      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust, Inc.                  | Citigroup Mortgage Loan Trust, Inc., Series 2003-1, Class 3A4                   | CUSIP: 17307GBT4<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-MBS          | CORP              | US        |      3357 | PA      | $3288.12      | 0.00%             | 2033-09-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2017-M12, Class A2                                            | CUSIP: 3136AX7E9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2432481 | PA      | $2374031.72   | 0.34%             | 2027-06-25      | Variable      | 3.06%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                         | Avolon Holdings Funding Ltd.                                                    | CUSIP: 05401AAL5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    832000 | PA      | $821608.32    | 0.12%             | 2026-04-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| CNO Global Funding                                   | CNO Global Funding                                                              | CUSIP: 18977W2A7<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |    681000 | PA      | $653792.69    | 0.09%             | 2026-10-07      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2009-72, Class SM                                                  | CUSIP: 38373AGM2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     78353 | PA      | $5812.50      | 0.00%             | 2039-08-16      | Floating      | 1.81%                 | No            |                  2 | On Loan: No      |
| LSEGA Financing plc                                  | LSEGA Financing plc                                                             | CUSIP: 50220PAC7<br>LEI: 2138009YFYTGEHZNNZ09 | Long             | DBT              | CORP              | GB        |    890000 | PA      | $831070.85    | 0.12%             | 2028-04-06      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   7474000 | PA      | $74281.65     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2005-5, Class CK                                            | CUSIP: 31394B4Z4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     55403 | PA      | $54802.17     | 0.01%             | 2035-01-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2960, Class JH                                             | CUSIP: 31395RD62<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    249394 | PA      | $256580.87    | 0.04%             | 2035-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Australia & New Zealand Banking Group Ltd.           | Australia & New Zealand Banking Group Ltd.                                      | CUSIP: 052528AK2<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |   1550000 | PA      | $1545229.77   | 0.22%             | 2026-05-19      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| NiSource, Inc.                                       | NiSource, Inc.                                                                  | CUSIP: 65473PAN5<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    566000 | PA      | $576900.24    | 0.08%             | 2028-03-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                      | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GYB4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   2350000 | PA      | $2060802.44   | 0.30%             | 2032-04-22      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 20 Year                                                              | CUSIP: 3138MDUJ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1049074 | PA      | $1013072.54   | 0.15%             | 2032-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Mid-America Apartments LP                            | Mid-America Apartments LP                                                       | CUSIP: 59523UAS6<br>LEI: 549300FXWGE3QSYCUJ38 | Long             | DBT              | CORP              | US        |    687000 | PA      | $582567.40    | 0.08%             | 2031-02-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| WaMu Mortgage Pass-Through Certificates Trust        | WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR11, Class A6       | CUSIP: 92922FJF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     47715 | PA      | $45180.58     | 0.01%             | 2033-10-25      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                              | MPLX LP                                                                         | CUSIP: 55336VAK6<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    458000 | PA      | $454460.96    | 0.07%             | 2027-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2009-96, Class DB                                           | CUSIP: 31398FXL0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     25366 | PA      | $25140.76     | 0.00%             | 2029-11-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  31495000 | PA      | $-2992.23     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| O'Reilly Automotive, Inc.                            | O'Reilly Automotive, Inc.                                                       | CUSIP: 67103HAM9<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |    195000 | PA      | $198303.36    | 0.03%             | 2026-11-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Healthpeak OP LLC                                    | Healthpeak OP LLC                                                               | CUSIP: 42250PAD5<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | DBT              | CORP              | US        |    470000 | PA      | $431687.06    | 0.06%             | 2028-12-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                      | Santander UK Group Holdings plc                                                 | CUSIP: 80281LAM7<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |   1200000 | PA      | $1191055.61   | 0.17%             | 2026-08-21      | Variable      | 1.53%                 | No            |                  2 | On Loan: No      |
| AbbVie, Inc.                                         | AbbVie, Inc.                                                                    | CUSIP: 00287YDU0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    245000 | PA      | $245711.52    | 0.04%             | 2034-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Quanta Services, Inc.                                | Quanta Services, Inc.                                                           | CUSIP: 74762EAH5<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |    446000 | PA      | $375694.43    | 0.05%             | 2032-01-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| APA Infrastructure Ltd.                              | APA Infrastructure Ltd.                                                         | CUSIP: 00205GAD9<br>LEI: 261700SS8OEHDOCOUJ33 | Long             | DBT              | CORP              | AU        |    624000 | PA      | $619509.25    | 0.09%             | 2027-07-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Manulife Financial Corp.                             | Manulife Financial Corp.                                                        | CUSIP: 56501RAC0<br>LEI: 5493007GBX87QOZACS27 | Long             | DBT              | CORP              | CA        |    389000 | PA      | $387796.16    | 0.06%             | 2026-03-04      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2003-21, Class OU                                           | CUSIP: 31392J3H0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15292 | PA      | $15733.99     | 0.00%             | 2033-03-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Duke Energy Ohio, Inc.                               | Duke Energy Ohio, Inc.                                                          | CUSIP: 26442EAJ9<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |     73000 | PA      | $73895.06     | 0.01%             | 2033-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                              | BPCE SA                                                                         | CUSIP: 05583JAJ1<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   1194000 | PA      | $1013792.11   | 0.15%             | 2032-01-20      | Variable      | 2.28%                 | Yes           |                  2 | On Loan: No      |
| Fifth Third Bancorp                                  | Fifth Third Bancorp                                                             | CUSIP: 316773DL1<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |     66000 | PA      | $67770.25     | 0.01%             | 2032-01-29      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)             | PNC Financial Services Group, Inc. (The)                                        | CUSIP: 693475CB9<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    350000 | PA      | $355641.91    | 0.05%             | 2031-01-29      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| Brixmor Operating Partnership LP                     | Brixmor Operating Partnership LP                                                | CUSIP: 11120VAL7<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |    440000 | PA      | $378358.29    | 0.05%             | 2031-08-16      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Macquarie Group Ltd.                                 | Macquarie Group Ltd.                                                            | CUSIP: 55608JBQ0<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |    300000 | PA      | $315950.83    | 0.05%             | 2034-12-07      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                    | Credit Acceptance Auto Loan Trust, Series 2023-1A, Class B                      | CUSIP: 224927AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2100000 | PA      | $2136063.93   | 0.31%             | 2033-05-16      | Fixed         | 7.02%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2009-112, Class ST                                          | CUSIP: 31398GKH1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     40434 | PA      | $3923.02      | 0.00%             | 2040-01-25      | Floating      | 1.81%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2003-85, Class QD                                           | CUSIP: 31393EX87<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     52993 | PA      | $54308.04     | 0.01%             | 2033-09-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | CDI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        | 106340000 | PA      | $-394930.25   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Cameron LNG LLC                                      | Cameron LNG LLC                                                                 | CUSIP: 133434AA8<br>LEI: 549300C39FLHGVD73K22 | Long             | DBT              | CORP              | US        |    146000 | PA      | $130346.81    | 0.02%             | 2031-07-15      | Fixed         | 2.90%                 | Yes           |                  2 | On Loan: No      |
| United Airlines Pass-Through Trust                   | United Airlines Pass-Through Trust, Series 2018-1, Class A                      | CUSIP: 90931VAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    719066 | PA      | $665466.68    | 0.10%             | 2030-03-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                              | CarMax Auto Owner Trust, Series 2023-4, Class A3                                | CUSIP: 14318XAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    241000 | PA      | $244425.48    | 0.04%             | 2028-07-17      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2005-110, Class GL                                          | CUSIP: 31394US60<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    219588 | PA      | $227825.33    | 0.03%             | 2035-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sonoco Products Co.                                  | Sonoco Products Co.                                                             | CUSIP: 835495AS1<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |    308000 | PA      | $292694.77    | 0.04%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2005-53, Class MJ                                           | CUSIP: 31394DE48<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    126098 | PA      | $130515.29    | 0.02%             | 2035-06-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp.                                    | BAT Capital Corp.                                                               | CUSIP: 05526DBR5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |   1016000 | PA      | $955388.83    | 0.14%             | 2028-03-25      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                | Westlake Automobile Receivables Trust, Series 2023-1A, Class C                  | CUSIP: 96042XAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    180000 | PA      | $181160.24    | 0.03%             | 2028-08-15      | Fixed         | 5.74%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3794, Class LB                                             | CUSIP: 3137A4ZL4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     19911 | PA      | $19797.72     | 0.00%             | 2026-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CPS Auto Receivables Trust                           | CPS Auto Receivables Trust, Series 2024-D, Class C                              | CUSIP: 22411JAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    235000 | PA      | $233666.16    | 0.03%             | 2031-01-15      | Fixed         | 4.76%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, STRIPS, Series 314, Class 1                                               | CUSIP: 3136FABE9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15800 | PA      | $13965.47     | 0.00%             | 2031-07-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Cleveland Electric Illuminating Co. (The)            | Cleveland Electric Illuminating Co. (The)                                       | CUSIP: 186108CK0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    586000 | PA      | $564654.29    | 0.08%             | 2028-04-01      | Fixed         | 3.50%                 | 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      |
| FNMA                                                 | FNMA, REMIC, Series 2010-22, Class PE                                           | CUSIP: 31398MHP4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    868217 | PA      | $884136.74    | 0.13%             | 2040-03-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Principal Financial Group, Inc.                      | Principal Financial Group, Inc.                                                 | CUSIP: 74251VAR3<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29027.56     | 0.00%             | 2029-05-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                | Bank of America Corp., Series N                                                 | CUSIP: 06051GJQ3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    178000 | PA      | $173888.35    | 0.02%             | 2027-03-11      | Variable      | 1.66%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2005-49, Class B                                                   | CUSIP: 38374LKD2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     31136 | PA      | $31548.16     | 0.00%             | 2035-06-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA II, 30 Year                                                                | CUSIP: 3617H9N97<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     67185 | PA      | $63976.63     | 0.01%             | 2048-11-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC Gold Pools, 30 Year                                                       | CUSIP: 3128M8RN6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    330056 | PA      | $324110.69    | 0.05%             | 2041-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                              | CUSIP: 3140M6SP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1923105 | PA      | $1908639.46   | 0.27%             | 2054-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Brixmor Operating Partnership LP                     | Brixmor Operating Partnership LP                                                | CUSIP: 11120VAK9<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |    386000 | PA      | $361700.13    | 0.05%             | 2028-04-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| UniCredit SpA                                        | UniCredit SpA                                                                   | CUSIP: 904678AF6<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |    600000 | PA      | $601502.59    | 0.09%             | 2032-06-19      | Variable      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| Aviation Capital Group LLC                           | Aviation Capital Group LLC                                                      | CUSIP: 05369AAS0<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    385000 | PA      | $382669.20    | 0.05%             | 2030-04-10      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2021-M11, Class A2                                            | CUSIP: 3136BF4D2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1517000 | PA      | $1283963.31   | 0.18%             | 2031-03-25      | Variable      | 1.46%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2005-56, Class BD                                                  | CUSIP: 38374LRM5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     11635 | PA      | $11687.16     | 0.00%             | 2035-07-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | U.S. Treasury 5 Year Note                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       112 | NC      | $71413.47     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3911, Class B                                              | CUSIP: 3137ADZD2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     47073 | PA      | $46634.79     | 0.01%             | 2026-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Ventas Realty LP                                     | Ventas Realty LP                                                                | CUSIP: 92277GAG2<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44775.62     | 0.01%             | 2026-01-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| WP Carey, Inc.                                       | WP Carey, Inc.                                                                  | CUSIP: 92936UAH2<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              | CORP              | US        |    893000 | PA      | $716612.35    | 0.10%             | 2033-04-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | OIS                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  26805000 | PA      | $-55812.34    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                     | CUSIP: 31418AS33<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    614542 | PA      | $564938.42    | 0.08%             | 2043-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Global Payments, Inc.                                | Global Payments, Inc.                                                           | CUSIP: 37940XAB8<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    400000 | PA      | $374164.68    | 0.05%             | 2029-08-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Alabama Power Co.                                    | Alabama Power Co.                                                               | CUSIP: 010392GB8<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |    500000 | PA      | $525793.97    | 0.08%             | 2033-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                          | Capital One Financial Corp.                                                     | CUSIP: 14040HCJ2<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    709000 | PA      | $606675.85    | 0.09%             | 2032-11-02      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3819, Class ZQ                                             | CUSIP: 3137A8N20<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    275341 | PA      | $289527.87    | 0.04%             | 2036-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Amur Equipment Finance Receivables LLC               | Amur Equipment Finance Receivables LLC, Series 2022-1A, Class A2                | CUSIP: 03236VAB7<br>LEI: 549300K5Y88MV8B4M421 | Long             | ABS-O            | CORP              | US        |     28698 | PA      | $28651.08     | 0.00%             | 2027-10-20      | Fixed         | 1.64%                 | Yes           |                  2 | On Loan: No      |
| Hertz Vehicle Financing III LLC                      | Hertz Vehicle Financing LLC, Series 2022-1A, Class A                            | CUSIP: 42806MAJ8<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |    153667 | PA      | $153368.08    | 0.02%             | 2026-06-25      | Fixed         | 1.99%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                     | CUSIP: 3140LKD67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3775000 | PA      | $3763630.98   | 0.54%             | 2028-05-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                      | Danske Bank A/S                                                                 | CUSIP: 23636ABK6<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    320000 | PA      | $321126.10    | 0.05%             | 2031-03-04      | Variable      | 5.02%                 | Yes           |                  2 | On Loan: No      |
| Broadcom, Inc.                                       | Broadcom, Inc.                                                                  | CUSIP: 11135FBX8<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    304000 | PA      | $309444.00    | 0.04%             | 2029-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| MRCD MARK Mortgage Trust                             | MRCD MARK Mortgage Trust, Series 2019-PARK, Class A                             | CUSIP: 55348UAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $266460.00    | 0.04%             | 2036-12-15      | Fixed         | 2.72%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                              | CUSIP: 31410GRK1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4177 | PA      | $4399.60      | 0.00%             | 2037-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| United States of America                             | U.S. Treasury Notes                                                             | CUSIP: 91282CMY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  29445000 | PA      | $29354134.50  | 4.21%             | 2027-04-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2008-62, Class SA                                                  | CUSIP: 38375XHT4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1207 | PA      | $4.62         | 0.00%             | 2038-07-20      | Floating      | 1.71%                 | No            |                  2 | On Loan: No      |
| Ventas Realty LP                                     | Ventas Realty LP                                                                | CUSIP: 92277GAJ6<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |    529000 | PA      | $518446.49    | 0.07%             | 2026-10-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2596, Class QD                                             | CUSIP: 31393NXS3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     57674 | PA      | $55895.14     | 0.01%             | 2033-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CNO Global Funding                                   | CNO Global Funding                                                              | CUSIP: 18977W2C3<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |    200000 | PA      | $185426.61    | 0.03%             | 2029-01-06      | Fixed         | 2.65%                 | Yes           |                  2 | On Loan: No      |
| MPLX LP                                              | MPLX LP                                                                         | CUSIP: 55336VBN9<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    318000 | PA      | $315571.19    | 0.05%             | 2027-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                           | AerCap Ireland Capital DAC                                                      | CUSIP: 00774MAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1554000 | PA      | $1506128.16   | 0.22%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   8125000 | PA      | $40865.72     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| American Tower Corp.                                 | American Tower Corp.                                                            | CUSIP: 03027XBR0<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   1678000 | PA      | $1612889.14   | 0.23%             | 2026-09-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                           | AT&T, Inc.                                                                      | CUSIP: 00206RKG6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1181000 | PA      | $1099105.74   | 0.16%             | 2028-02-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| FirstKey Homes Trust                                 | FirstKey Homes Trust, Series 2021-SFR1, Class E1                                | CUSIP: 33767WAJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $576343.50    | 0.08%             | 2038-08-17      | Fixed         | 2.39%                 | Yes           |                  2 | On Loan: No      |
| Broadcom, Inc.                                       | Broadcom, Inc.                                                                  | CUSIP: 11135FBY6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    108000 | PA      | $109947.53    | 0.02%             | 2031-11-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3145, Class AJ                                             | CUSIP: 31396NCK0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     15970 | PA      | $16606.67     | 0.00%             | 2036-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  94170000 | PA      | $351153.76    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  59075000 | PA      | $178147.55    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust               | Santander Drive Auto Receivables Trust, Series 2025-1, Class C                  | CUSIP: 80288DAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    476000 | PA      | $478857.43    | 0.07%             | 2031-03-17      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                      | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GVR2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    237000 | PA      | $236615.65    | 0.03%             | 2025-10-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2008-23, Class YA                                                  | CUSIP: 383742WE9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     49767 | PA      | $49969.75     | 0.01%             | 2038-03-20      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cadence Design Systems, Inc.                         | Cadence Design Systems, Inc.                                                    | CUSIP: 127387AP3<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | DBT              | CORP              | US        |    124000 | PA      | $120571.06    | 0.02%             | 2034-09-10      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Targa Resources Partners LP                          | Targa Resources Partners LP                                                     | CUSIP: 87612BBU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    253000 | PA      | $231347.62    | 0.03%             | 2032-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage LP                               | Extra Space Storage LP                                                          | CUSIP: 30225VAP2<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $878012.25    | 0.13%             | 2030-10-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2018-M3, Class A2                                             | CUSIP: 3136B1LF9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1050355 | PA      | $998200.87    | 0.14%             | 2030-02-25      | Variable      | 3.06%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                     | CUSIP: 3138LDL50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1576000 | PA      | $1543627.57   | 0.22%             | 2026-06-01      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2008-58, Class PE                                                  | CUSIP: 38375DKN7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    428111 | PA      | $433864.02    | 0.06%             | 2038-07-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  30665000 | PA      | $58677.70     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                     | CUSIP: 3140FXVK5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1899427 | PA      | $1460823.08   | 0.21%             | 2062-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2009-96, Class CB                                           | CUSIP: 31398FXJ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12780 | PA      | $11830.91     | 0.00%             | 2049-11-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                              | MPLX LP                                                                         | CUSIP: 55336VBV1<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    350000 | PA      | $339664.08    | 0.05%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3082, Class PW                                             | CUSIP: 31396G3K5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     18469 | PA      | $19036.31     | 0.00%             | 2035-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC Gold Pools, Other                                                         | CUSIP: 3132H3XT5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    335699 | PA      | $309433.30    | 0.04%             | 2042-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ONEOK, Inc.                                          | ONEOK, Inc.                                                                     | CUSIP: 682680CD3<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    414000 | PA      | $404118.24    | 0.06%             | 2031-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2021-M3, Class 1A1                                            | CUSIP: 3136BDXP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2569 | PA      | $2552.61      | 0.00%             | 2033-11-25      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust        | Bridgecrest Lending Auto Securitization Trust, Series 2025-2, Class C           | CUSIP: 10807HAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    632000 | PA      | $635171.44    | 0.09%             | 2031-03-17      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2018-M4, Class A2                                             | CUSIP: 3136B1XJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1713019 | PA      | $1659185.48   | 0.24%             | 2028-03-25      | Variable      | 3.06%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2005-68, Class PG                                           | CUSIP: 31394E7B8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     42062 | PA      | $42117.26     | 0.01%             | 2035-08-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | U.S. Treasury Long Bond                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        84 | NC      | $196928.33    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications, Inc.                         | Verizon Communications, Inc.                                                    | CUSIP: 92343VGY4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    770000 | PA      | $741038.30    | 0.11%             | 2035-02-15      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 4238, Class UY                                             | CUSIP: 3137B4FJ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1625603 | PA      | $1560637.91   | 0.22%             | 2033-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UDR, Inc.                                            | UDR, Inc.                                                                       | CUSIP: 90265EAN0<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97596.45     | 0.01%             | 2028-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                     | CUSIP: 3140HVY73<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1100468 | PA      | $1022184.56   | 0.15%             | 2029-11-01      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                         | Avolon Holdings Funding Ltd.                                                    | CUSIP: 05401AAM3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    692000 | PA      | $672893.88    | 0.10%             | 2026-02-21      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| United Airlines Pass-Through Trust                   | United Airlines Pass-Through Trust, Series 2018-1, Class AA                     | CUSIP: 909318AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    429943 | PA      | $402536.83    | 0.06%             | 2030-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                           | FHLMC UMBS, 30 Year                                                             | CUSIP: 3133KPZA9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3252071 | PA      | $3160154.19   | 0.45%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Halliburton Co.                                      | Halliburton Co.                                                                 | CUSIP: 406216BL4<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | DBT              | CORP              | US        |    400000 | PA      | $367145.50    | 0.05%             | 2030-03-01      | Fixed         | 2.92%                 | No            |                  2 | On Loan: No      |
| CommonSpirit Health                                  | CommonSpirit Health                                                             | CUSIP: 20268JAB9<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |    455000 | PA      | $429712.65    | 0.06%             | 2029-10-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Quest Diagnostics, Inc.                              | Quest Diagnostics, Inc.                                                         | CUSIP: 74834LBB5<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | DBT              | CORP              | US        |     93000 | PA      | $85743.85     | 0.01%             | 2030-06-30      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2544, Class KE                                             | CUSIP: 31393FPW0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     20445 | PA      | $20933.77     | 0.00%             | 2032-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC Gold Pools, 20 Year                                                       | CUSIP: 3128P7EB5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8710 | PA      | $8749.59      | 0.00%             | 2027-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2009-39, Class LB                                           | CUSIP: 31397NG90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     24278 | PA      | $24100.09     | 0.00%             | 2029-06-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2019-7, Class CA                                            | CUSIP: 3136B32G4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2024203 | PA      | $1940144.57   | 0.28%             | 2057-11-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Mars, Inc.                                           | Mars, Inc.                                                                      | CUSIP: 571676AZ8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    217000 | PA      | $217729.73    | 0.03%             | 2032-03-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2009-14, Class AG                                                  | CUSIP: 38374XAA3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     61167 | PA      | $60994.28     | 0.01%             | 2039-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Welltower OP LLC                                     | Welltower OP LLC                                                                | CUSIP: 95040QAP9<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |    904000 | PA      | $794723.48    | 0.11%             | 2032-01-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| WRKCo, Inc.                                          | WRKCo, Inc.                                                                     | CUSIP: 92940PAD6<br>LEI: 549300JEB576INN13W07 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150847.76    | 0.02%             | 2029-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                         | Barclays plc                                                                    | CUSIP: 06738ECY9<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    360000 | PA      | $363113.56    | 0.05%             | 2031-02-25      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   7395000 | PA      | $20513.11     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                     | Deutsche Bank AG                                                                | CUSIP: 25160PAN7<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    190000 | PA      | $194510.13    | 0.03%             | 2027-07-13      | Variable      | 7.15%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                    | HSBC Holdings plc                                                               | CUSIP: 404280CL1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $282022.22    | 0.04%             | 2028-09-22      | Variable      | 2.01%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3513, Class A                                              | CUSIP: 31397YVP3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5693 | PA      | $5577.82      | 0.00%             | 2039-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                     | Deutsche Bank AG                                                                | CUSIP: 25160PAH0<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   1450000 | PA      | $1397449.91   | 0.20%             | 2028-01-07      | Variable      | 2.55%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                   | Altria Group, Inc.                                                              | CUSIP: 02209SBL6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    832000 | PA      | $706084.34    | 0.10%             | 2032-02-04      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| United Airlines Pass-Through Trust                   | United Airlines Pass-Through Trust, Series 2016-1, Class AA                     | CUSIP: 90931LAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    642324 | PA      | $610073.57    | 0.09%             | 2028-07-07      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust               | Santander Drive Auto Receivables Trust, Series 2023-1, Class B                  | CUSIP: 80287GAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    183339 | PA      | $183374.91    | 0.03%             | 2028-02-15      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| MVW LLC                                              | MVW LLC, Series 2021-2A, Class A                                                | CUSIP: 55400KAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    360363 | PA      | $340622.94    | 0.05%             | 2039-05-20      | Fixed         | 1.43%                 | Yes           |                  2 | On Loan: No      |
| OneMain Direct Auto Receivables Trust                | OneMain Direct Auto Receivables Trust, Series 2023-1A, Class A                  | CUSIP: 682685AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2334000 | PA      | $2352750.66   | 0.34%             | 2029-11-14      | Fixed         | 5.41%                 | Yes           |                  2 | On Loan: No      |
| Gray Oak Pipeline LLC                                | Gray Oak Pipeline LLC                                                           | CUSIP: 38937LAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    312000 | PA      | $308098.85    | 0.04%             | 2025-10-15      | Fixed         | 2.60%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2005-48, Class TD                                           | CUSIP: 31394DA75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    125927 | PA      | $130465.02    | 0.02%             | 2035-06-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Triton Container International Ltd.                  | Triton Container International Ltd.                                             | CUSIP: 89680YAA3<br>LEI: 549300O4LZFLCX53XZ54 | Long             | DBT              | CORP              | BM        |    637000 | PA      | $619431.35    | 0.09%             | 2026-04-15      | Fixed         | 2.05%                 | Yes           |                  2 | On Loan: No      |
| Banque Federative du Credit Mutuel SA                | Banque Federative du Credit Mutuel SA                                           | CUSIP: 06675DCN0<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |    850000 | PA      | $875887.48    | 0.13%             | 2030-01-22      | Fixed         | 5.54%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3270, Class AT                                             | CUSIP: 31397EQH1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      9963 | PA      | $9967.15      | 0.00%             | 2037-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PG&E Energy Recovery Funding LLC                     | PG&E Energy Recovery Funding LLC, Series A-2                                    | CUSIP: 71710TAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $179994.02    | 0.03%             | 2036-01-15      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| Takeda Pharmaceutical Co. Ltd.                       | Takeda Pharmaceutical Co. Ltd.                                                  | CUSIP: 874060AX4<br>LEI: 549300ZLMVP4X0OGR454 | Long             | DBT              | CORP              | JP        |    600000 | PA      | $531580.67    | 0.08%             | 2030-03-31      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                            | RTX Corp.                                                                       | CUSIP: 75513ECU3<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1876149.52   | 0.27%             | 2029-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| United States of America                             | U.S. Treasury Notes                                                             | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  46065000 | PA      | $46928718.75  | 6.74%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                                    | NatWest Group plc                                                               | CUSIP: 639057AV0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    420000 | PA      | $421632.16    | 0.06%             | 2031-05-23      | Variable      | 5.11%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2009-86, Class IP                                           | CUSIP: 31398FTC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5818 | PA      | $999.96       | 0.00%             | 2039-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Seasoned Credit Risk Transfer Trust            | FHLMC Seasoned Credit Risk Transfer Trust, Series 2018-2, Class M55D            | CUSIP: 35563PFP9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1232136 | PA      | $1151110.90   | 0.17%             | 2057-11-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K145, Class AM | CUSIP: 3137H7YZ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    880000 | PA      | $772406.18    | 0.11%             | 2032-06-25      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| CommonSpirit Health                                  | CommonSpirit Health                                                             | CUSIP: 20268JAF0<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |    171000 | PA      | $154261.07    | 0.02%             | 2030-10-01      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                              | CUSIP: 3140ABE43<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2483766 | PA      | $2406290.92   | 0.35%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities LLC                          | Business Jet Securities LLC, Series 2024-2A, Class A                            | CUSIP: 12326TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    796826 | PA      | $794649.06    | 0.11%             | 2039-09-15      | Fixed         | 5.36%                 | Yes           |                  3 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                     | CUSIP: 3140FXZA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2219393 | PA      | $2019279.70   | 0.29%             | 2063-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Stream Innovations Issuer Trust                      | Stream Innovations Issuer Trust, Series 2025-1A, Class A                        | CUSIP: 86324XAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    682000 | PA      | $683169.67    | 0.10%             | 2045-09-15      | Fixed         | 5.05%                 | Yes           |                  3 | On Loan: No      |
| Charter Communications Operating LLC                 | Charter Communications Operating LLC                                            | CUSIP: 161175AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    372000 | PA      | $371942.41    | 0.05%             | 2025-07-23      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                              | MPLX LP                                                                         | CUSIP: 55336VBQ2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    300000 | PA      | $268446.77    | 0.04%             | 2030-08-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                       | Morgan Stanley                                                                  | CUSIP: 6174468X0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    110000 | PA      | $92840.18     | 0.01%             | 2032-04-28      | Variable      | 1.93%                 | No            |                  2 | On Loan: No      |
| AIB Group plc                                        | AIB Group plc                                                                   | CUSIP: 00135TAD6<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |    264000 | PA      | $277690.49    | 0.04%             | 2029-09-13      | Variable      | 6.61%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                              | CUSIP: 31419AXK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    357014 | PA      | $350343.01    | 0.05%             | 2040-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CenterPoint Energy, Inc.                             | CenterPoint Energy, Inc.                                                        | CUSIP: 15189TBA4<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |    288000 | PA      | $279154.15    | 0.04%             | 2026-06-01      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2004-16, Class GC                                                  | CUSIP: 38374FHH0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    381139 | PA      | $384565.17    | 0.06%             | 2034-02-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Atlantic City Electric Co.                           | Atlantic City Electric Co.                                                      | CUSIP: 048303CH2<br>LEI: 549300S5TW3VP5V06B73 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19815.67     | 0.00%             | 2028-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                     | NRG Energy, Inc.                                                                | CUSIP: 629377CP5<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    805000 | PA      | $757319.29    | 0.11%             | 2027-12-02      | Fixed         | 2.45%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                     | CUSIP: 3140FXRT1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1569693 | PA      | $1328176.55   | 0.19%             | 2060-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Capital One NA                                       | Capital One NA                                                                  | CUSIP: 25466AAJ0<br>LEI: 207ALC1P1YM0OVDV0K75 | Long             | DBT              | CORP              | US        |    447000 | PA      | $440663.53    | 0.06%             | 2026-07-27      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Plains All American Pipeline LP                      | Plains All American Pipeline LP                                                 | CUSIP: 72650RBM3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    700000 | PA      | $661986.45    | 0.10%             | 2029-12-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Sprint Capital Corp.                                 | Sprint Capital Corp.                                                            | CUSIP: 852060AD4<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |    155000 | PA      | $165818.87    | 0.02%             | 2028-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  15673000 | PA      | $-87034.29    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, STRIPS, Series 262, Class 35                                             | CUSIP: 3128HXKY0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    362676 | PA      | $337351.11    | 0.05%             | 2042-07-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2020-M50, Class X1                                            | CUSIP: 3136BCGU8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5394086 | PA      | $231877.73    | 0.03%             | 2030-10-25      | Variable      | 1.82%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2001-63, Class TC                                           | CUSIP: 31392AUJ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     19845 | PA      | $20465.86     | 0.00%             | 2031-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                              | CUSIP: 3140J73J2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    669549 | PA      | $636501.36    | 0.09%             | 2047-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                    | Wells Fargo & Co.                                                               | CUSIP: 95000U3J0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   3256000 | PA      | $3309219.81   | 0.47%             | 2030-01-23      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2022-M1G, Class A2                                            | CUSIP: 3136BLRM4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5000000 | PA      | $4241812.00   | 0.61%             | 2031-09-25      | Variable      | 1.53%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | U.S. Treasury 10 Year Note                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      1206 | NC      | $1657499.33   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2010-123, Class BP                                          | CUSIP: 31398NU85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1259921 | PA      | $1254905.87   | 0.18%             | 2040-11-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                         | Oracle Corp.                                                                    | CUSIP: 68389XCM5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     95000 | PA      | $95441.90     | 0.01%             | 2028-05-06      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2003-94, Class CE                                           | CUSIP: 31393EB32<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2279 | PA      | $2267.21      | 0.00%             | 2033-10-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2011-50, Class LP                                           | CUSIP: 31397S7A6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    297803 | PA      | $283550.14    | 0.04%             | 2041-06-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Entergy Louisiana LLC                                | Entergy Louisiana LLC                                                           | CUSIP: 29364WBE7<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |    100000 | PA      | $85201.21     | 0.01%             | 2030-12-15      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| Gray Oak Pipeline LLC                                | Gray Oak Pipeline LLC                                                           | CUSIP: 38937LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    837000 | PA      | $813269.21    | 0.12%             | 2027-10-15      | Fixed         | 3.45%                 | Yes           |                  2 | On Loan: No      |
| Graphic Packaging International LLC                  | Graphic Packaging International LLC                                             | CUSIP: 38869PAP9<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    453000 | PA      | $438483.67    | 0.06%             | 2026-04-15      | Fixed         | 1.51%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3121, Class JD                                             | CUSIP: 31396JG66<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1004 | PA      | $1001.85      | 0.00%             | 2026-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                    | HSBC Holdings plc                                                               | CUSIP: 404280CH0<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1141000 | PA      | $1028674.81   | 0.15%             | 2031-06-04      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| American Airlines Pass-Through Trust                 | American Airlines Pass-Through Trust, Series 2021-1, Class B                    | CUSIP: 02376LAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    862575 | PA      | $807543.15    | 0.12%             | 2030-07-11      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Smurfit Westrock Financing DAC                       | Smurfit Westrock Financing DAC                                                  | CUSIP: 83272YAB8<br>LEI: 6354005S6ZLHLVX7VT12 | Long             | DBT              | CORP              | IE        |    237000 | PA      | $235982.76    | 0.03%             | 2035-01-15      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                      | Danske Bank A/S                                                                 | CUSIP: 23636ABH3<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    407000 | PA      | $419389.72    | 0.06%             | 2030-03-01      | Variable      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                              | Hyundai Capital America                                                         | CUSIP: 44891ABT3<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    300000 | PA      | $277570.85    | 0.04%             | 2028-01-10      | Fixed         | 1.80%                 | Yes           |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                         | Dell Equipment Finance Trust, Series 2025-1, Class A3                           | CUSIP: 24703UAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    232000 | PA      | $233220.69    | 0.03%             | 2031-02-24      | Fixed         | 4.61%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                              | CUSIP: 3140ABUK9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3450541 | PA      | $3417033.41   | 0.49%             | 2054-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KeyBank NA                                           | KeyBank NA                                                                      | CUSIP: 49327M2K9<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250000.00    | 0.04%             | 2025-06-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                              | CUSIP: 31416AVB3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    113156 | PA      | $118347.35    | 0.02%             | 2038-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                            | Vistra Operations Co. LLC                                                       | CUSIP: 92840VAU6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    140000 | PA      | $139466.12    | 0.02%             | 2034-12-30      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  46170000 | PA      | $15438.77     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2010-28, Class DE                                           | CUSIP: 31398MG75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     85147 | PA      | $85914.96     | 0.01%             | 2030-04-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                           | Progress Residential Trust, Series 2021-SFR11, Class A                          | CUSIP: 74333XAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1974415 | PA      | $1813909.82   | 0.26%             | 2039-01-17      | Fixed         | 2.28%                 | Yes           |                  2 | On Loan: No      |
| CMS Energy Corp.                                     | CMS Energy Corp.                                                                | CUSIP: 125896BR0<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |    170000 | PA      | $165211.06    | 0.02%             | 2027-02-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                         | Pacific Gas and Electric Co.                                                    | CUSIP: 694308HP5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    458000 | PA      | $450645.76    | 0.06%             | 2026-03-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| L3Harris Technologies, Inc.                          | L3Harris Technologies, Inc.                                                     | CUSIP: 502431AL3<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    625000 | PA      | $619068.06    | 0.09%             | 2026-12-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                              | BPCE SA                                                                         | CUSIP: 05583JAK8<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   2214000 | PA      | $2131531.42   | 0.31%             | 2027-10-19      | Variable      | 2.04%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2012-137, Class CF                                          | CUSIP: 3136AAJ71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     35472 | PA      | $35383.29     | 0.01%             | 2041-08-25      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| BAE Systems plc                                      | BAE Systems plc                                                                 | CUSIP: 05523RAD9<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $377966.98    | 0.05%             | 2030-04-15      | Fixed         | 3.40%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2011-39, Class ZA                                           | CUSIP: 31397SVY7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    227958 | PA      | $236004.83    | 0.03%             | 2032-11-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                                  | DT Auto Owner Trust, Series 2021-4A, Class D                                    | CUSIP: 26253WAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    732429 | PA      | $720430.54    | 0.10%             | 2027-09-15      | Fixed         | 1.99%                 | Yes           |                  2 | On Loan: No      |
| Cheniere Energy, Inc.                                | Cheniere Energy, Inc.                                                           | CUSIP: 16411RAN9<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |    500000 | PA      | $498961.07    | 0.07%             | 2034-04-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Edison International                                 | Edison International                                                            | CUSIP: 281020AY3<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |    750000 | PA      | $738875.05    | 0.11%             | 2028-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                              | CUSIP: 3140XNAZ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2427138 | PA      | $2167778.03   | 0.31%             | 2052-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                 | Glencore Funding LLC                                                            | CUSIP: 378272AY4<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    460000 | PA      | $407991.20    | 0.06%             | 2030-09-01      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| CenterPoint Energy Houston Electric LLC              | CenterPoint Energy Houston Electric LLC, Series AA                              | CUSIP: 15189XAR9<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |    310000 | PA      | $302903.27    | 0.04%             | 2027-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                     | Boeing Co. (The)                                                                | CUSIP: 097023DA0<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    782000 | PA      | $771446.14    | 0.11%             | 2026-02-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co. LP                          | Penske Truck Leasing Co. LP                                                     | CUSIP: 709599BT0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1218000 | PA      | $1244732.09   | 0.18%             | 2028-05-01      | Fixed         | 5.55%                 | 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        |     98949 | PA      | $98888.41     | 0.01%             | 2051-03-27      | Variable      | 6.12%                 | Yes           |                  2 | On Loan: No      |
| FirstKey Homes Trust                                 | FirstKey Homes Trust, Series 2020-SFR2, Class A                                 | CUSIP: 33767JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    955756 | PA      | $940497.92    | 0.13%             | 2037-10-19      | Fixed         | 1.27%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                           | FHLMC UMBS, 30 Year                                                             | CUSIP: 3131Y1WR7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    685255 | PA      | $657417.57    | 0.09%             | 2048-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                     | Bank of Montreal                                                                | CUSIP: 06368FAJ8<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |     40000 | PA      | $38821.56     | 0.01%             | 2027-03-08      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Regency Centers LP                                   | Regency Centers LP                                                              | CUSIP: 75884RBA0<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              | CORP              | US        |    350000 | PA      | $335038.70    | 0.05%             | 2030-06-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                              | Hyundai Capital America                                                         | CUSIP: 44891ABG1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    903000 | PA      | $876305.66    | 0.13%             | 2027-02-10      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                  | U.S. Treasury Ultra Bond                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -92 | NC      | $-245928.46   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3563, Class LB                                             | CUSIP: 31398JGN7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3039 | PA      | $3002.56      | 0.00%             | 2029-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States of America                             | U.S. Treasury Inflation Linked Notes                                            | CUSIP: 91282CNB3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11397414 | PA      | $11430456.26  | 1.64%             | 2030-04-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                      | Santander UK Group Holdings plc                                                 | CUSIP: 80281LAS4<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $201822.55    | 0.03%             | 2026-11-21      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                           | Occidental Petroleum Corp.                                                      | CUSIP: 674599EK7<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    117000 | PA      | $112939.20    | 0.02%             | 2032-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2008-43, Class NB                                                  | CUSIP: 38375QQM4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     86404 | PA      | $86700.51     | 0.01%             | 2038-05-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                       | Carvana Auto Receivables Trust, Series 2022-P3, Class A3                        | CUSIP: 14686MAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    108434 | PA      | $108364.85    | 0.02%             | 2027-11-10      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| ITC Holdings Corp.                                   | ITC Holdings Corp.                                                              | CUSIP: 465685AQ8<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |    451000 | PA      | $414482.16    | 0.06%             | 2030-05-14      | Fixed         | 2.95%                 | Yes           |                  2 | On Loan: No      |
| AIB Group plc                                        | AIB Group plc                                                                   | CUSIP: 00135TAE4<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $203015.26    | 0.03%             | 2035-03-28      | Variable      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                              | CUSIP: 3140QMCQ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2325137 | PA      | $1993564.69   | 0.29%             | 2051-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2005-29, Class WC                                           | CUSIP: 31394DGG9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     96967 | PA      | $95615.45     | 0.01%             | 2035-04-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  15144000 | PA      | $330410.36    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                      | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GXR0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    512000 | PA      | $435763.83    | 0.06%             | 2032-01-27      | Variable      | 1.99%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                       | BNP Paribas SA                                                                  | CUSIP: 09659W2T0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    300000 | PA      | $289573.81    | 0.04%             | 2028-01-20      | Variable      | 2.59%                 | Yes           |                  2 | On Loan: No      |
| Truist Bank                                          | Truist Bank                                                                     | CUSIP: 86787GAJ1<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $987170.15    | 0.14%             | 2026-05-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2696, Class DG                                             | CUSIP: 31394KR89<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    118354 | PA      | $122053.26    | 0.02%             | 2033-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                     | CUSIP: 3140FXHG0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2788211 | PA      | $2848253.92   | 0.41%             | 2058-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts LLC                                 | Westgate Resorts LLC, Series 2022-1A, Class A                                   | CUSIP: 96034JAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    272671 | PA      | $270393.15    | 0.04%             | 2036-08-20      | Fixed         | 1.79%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2436, Class MC                                             | CUSIP: 3133TVR99<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2846 | PA      | $2894.42      | 0.00%             | 2032-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Consumers Energy Co.                                 | Consumers Energy Co.                                                            | CUSIP: 210518DU7<br>LEI: 7NKTFWJ1G6MELP9TU740 | Long             | DBT              | CORP              | US        |    300000 | PA      | $292043.91    | 0.04%             | 2033-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   5542000 | PA      | $11639.78     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2018-M14, Class A2                                            | CUSIP: 3136B27L0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    375575 | PA      | $367804.09    | 0.05%             | 2028-08-25      | Variable      | 3.58%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   3639000 | PA      | $23969.41     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                     | CUSIP: 3140LFVK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2393690 | PA      | $2115760.31   | 0.30%             | 2032-03-01      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| Credit Agricole SA                                   | Credit Agricole SA                                                              | CUSIP: 22535WAP2<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    673000 | PA      | $680093.83    | 0.10%             | 2029-01-09      | Variable      | 5.23%                 | Yes           |                  2 | On Loan: No      |
| United Airlines Pass-Through Trust                   | United Airlines Pass-Through Trust, Series 2016-2, Class AA                     | CUSIP: 90932EAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    662911 | PA      | $621863.15    | 0.09%             | 2028-10-07      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares, Inc.                          | Huntington Bancshares, Inc.                                                     | CUSIP: 446150BE3<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    900000 | PA      | $909747.12    | 0.13%             | 2031-01-15      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                              | CUSIP: 3140ADA84<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2943897 | PA      | $2937919.01   | 0.42%             | 2054-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2673, Class PE                                             | CUSIP: 31394JKA4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    130151 | PA      | $133609.64    | 0.02%             | 2033-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                      | Citigroup, Inc.                                                                 | CUSIP: 17327CAM5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1056000 | PA      | $1030899.74   | 0.15%             | 2027-01-28      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   4395000 | PA      | $7600.56      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NBN Co. Ltd.                                         | NBN Co. Ltd.                                                                    | CUSIP: 62878U2B7<br>LEI: 2549007CRZ2NT7S96A24 | Long             | DBT              | NUSS              | AU        |    700000 | PA      | $622995.36    | 0.09%             | 2031-05-05      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2007-71, Class GB                                           | CUSIP: 31396WNK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     98866 | PA      | $104179.66    | 0.01%             | 2037-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Nissan Auto Lease Trust                              | Nissan Auto Lease Trust, Series 2025-A, Class A3                                | CUSIP: 65479XAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1145000 | PA      | $1153638.57   | 0.17%             | 2028-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2003-26, Class EB                                           | CUSIP: 31393AKF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    391833 | PA      | $381486.83    | 0.05%             | 2033-04-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                     | CUSIP: 3140NXF73<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2488624 | PA      | $2464459.95   | 0.35%             | 2032-01-01      | Fixed         | 4.37%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                         | Pacific Gas and Electric Co.                                                    | CUSIP: 694308JM0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   1278999 | PA      | $1238505.78   | 0.18%             | 2030-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2505, Class D                                              | CUSIP: 31392UBG8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     31440 | PA      | $32093.79     | 0.00%             | 2032-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  14525000 | PA      | $-30011.33    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.                | Alexandria Real Estate Equities, Inc.                                           | CUSIP: 015271AR0<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |    883000 | PA      | $798888.95    | 0.11%             | 2031-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| GSR Mortgage Loan Trust                              | GSR Mortgage Loan Trust, Series 2004-6F, Class 2A4                              | CUSIP: 36228F2K1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     31089 | PA      | $31295.56     | 0.00%             | 2034-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2725, Class TA                                             | CUSIP: 31394MWL0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    223470 | PA      | $223197.48    | 0.03%             | 2033-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 1997-57, Class PN                                           | CUSIP: 31359QJS4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14966 | PA      | $14858.94     | 0.00%             | 2027-09-18      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2002-75, Class GB                                           | CUSIP: 31392FNE3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14986 | PA      | $14878.20     | 0.00%             | 2032-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                             | Cooperatieve Rabobank UA                                                        | CUSIP: 74977RDL5<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    750000 | PA      | $719694.90    | 0.10%             | 2027-12-15      | Variable      | 1.98%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2005-33, Class AY                                                  | CUSIP: 38374K2D4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     86386 | PA      | $86530.63     | 0.01%             | 2035-04-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Credit Agricole SA                                   | Credit Agricole SA                                                              | CUSIP: 22535WAK3<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    377000 | PA      | $382908.91    | 0.05%             | 2030-01-10      | Variable      | 5.33%                 | Yes           |                  2 | On Loan: No      |
| Goodman US Finance Three LLC                         | Goodman US Finance Three LLC                                                    | CUSIP: 38239JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    363000 | PA      | $353359.49    | 0.05%             | 2028-03-15      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                           | Flagship Credit Auto Trust, Series 2023-1, Class C                              | CUSIP: 337955AJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1800000 | PA      | $1802030.04   | 0.26%             | 2029-05-15      | Fixed         | 5.43%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                              | CUSIP: 3140J73H6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    838026 | PA      | $781884.87    | 0.11%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2009-37, Class KI                                           | CUSIP: 31396QAF6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2481 | PA      | $153.17       | 0.00%             | 2039-06-25      | Floating      | 1.56%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                     | Boeing Co. (The)                                                                | CUSIP: 097023DS1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     88000 | PA      | $93928.72     | 0.01%             | 2034-05-01      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2021-M3, Class X1                                             | CUSIP: 3136BDXR4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    315631 | PA      | $21226.84     | 0.00%             | 2033-11-25      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| Prudential Insurance Co. of America (The)            | Prudential Insurance Co. of America (The)                                       | CUSIP: 743917AH9<br>LEI: X574KRZ6V5A7UBU45C31 | Long             | DBT              | CORP              | US        |    650000 | PA      | $651659.22    | 0.09%             | 2025-07-01      | Fixed         | 8.30%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                      | Citigroup, Inc.                                                                 | CUSIP: 172967KA8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    272000 | PA      | $270881.01    | 0.04%             | 2027-09-29      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2005-51, Class DC                                                  | CUSIP: 38374LXL0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     75261 | PA      | $75614.98     | 0.01%             | 2035-07-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Consolidated Edison Co. of New York, Inc.            | Consolidated Edison Co. of New York, Inc.                                       | CUSIP: 209111FP3<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9845.44      | 0.00%             | 2028-05-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                  | Exeter Automobile Receivables Trust, Series 2022-4A, Class C                    | CUSIP: 30166BAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    374217 | PA      | $374257.17    | 0.05%             | 2028-12-15      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3787, Class AY                                             | CUSIP: 3137A5HP2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     25789 | PA      | $25645.91     | 0.00%             | 2026-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                                    | NatWest Group plc                                                               | CUSIP: 639057AN8<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    320000 | PA      | $326177.74    | 0.05%             | 2035-03-01      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                | Westlake Automobile Receivables Trust, Series 2021-3A, Class D                  | CUSIP: 96043JAL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    513369 | PA      | $509974.06    | 0.07%             | 2027-01-15      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Sempra                                               | Sempra                                                                          | CUSIP: 816851BP3<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    800000 | PA      | $772732.20    | 0.11%             | 2029-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2008-38, Class BG                                                  | CUSIP: 38375QGP8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    275449 | PA      | $275529.81    | 0.04%             | 2038-05-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                         | Barclays plc                                                                    | CUSIP: 06738ECJ2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    899000 | PA      | $917812.94    | 0.13%             | 2027-09-13      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Eni SpA                                              | Eni SpA                                                                         | CUSIP: 26874RAJ7<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |    850000 | PA      | $834801.41    | 0.12%             | 2029-05-09      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3200                                                       | CUSIP: 31397AJ95<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     30119 | PA      | $25331.05     | 0.00%             | 2036-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Roper Technologies, Inc.                             | Roper Technologies, Inc.                                                        | CUSIP: 776743AN6<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    600000 | PA      | $560962.46    | 0.08%             | 2027-09-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                             | Bristol-Myers Squibb Co.                                                        | CUSIP: 110122EH7<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    787000 | PA      | $793021.15    | 0.11%             | 2034-02-22      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K072, Class A2 | CUSIP: 3137FEBQ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    473000 | PA      | $463907.00    | 0.07%             | 2027-12-25      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                       | BNP Paribas SA                                                                  | CUSIP: 09659W2L7<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    500000 | PA      | $499744.08    | 0.07%             | 2026-06-09      | Variable      | 2.22%                 | Yes           |                  2 | On Loan: No      |
| Time Warner Cable Enterprises LLC                    | Time Warner Cable Enterprises LLC                                               | CUSIP: 88731EAJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    346000 | PA      | $397388.71    | 0.06%             | 2033-07-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| SpringCastle America Funding LLC                     | SpringCastle America Funding LLC, Series 2020-AA, Class A                       | CUSIP: 85022WAP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    116777 | PA      | $109252.15    | 0.02%             | 2037-09-25      | Fixed         | 1.97%                 | Yes           |                  2 | On Loan: No      |
| Duke Energy Indiana LLC                              | Duke Energy Indiana LLC                                                         | CUSIP: 26443TAE6<br>LEI: 6URPHM2EAWGJ2C6ISB97 | Long             | DBT              | CORP              | US        |    550000 | PA      | $551636.27    | 0.08%             | 2034-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                              | CUSIP: 3140QNXG2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1743884 | PA      | $1601195.47   | 0.23%             | 2052-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Co.                         | Canadian Pacific Railway Co.                                                    | CUSIP: 13648TAA5<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $178054.46    | 0.03%             | 2030-03-05      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Synopsys, Inc.                                       | Synopsys, Inc.                                                                  | CUSIP: 871607AE7<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    155000 | PA      | $153201.13    | 0.02%             | 2035-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Five Corners Funding Trust II                        | Five Corners Funding Trust II                                                   | CUSIP: 33834DAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $368524.26    | 0.05%             | 2030-05-15      | Fixed         | 2.85%                 | Yes           |                  2 | On Loan: No      |
| Evergy, Inc.                                         | Evergy, Inc.                                                                    | CUSIP: 30034WAB2<br>LEI: 549300PGTHDQY6PSUI61 | Long             | DBT              | CORP              | US        |    618000 | PA      | $575690.75    | 0.08%             | 2029-09-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                           | FHLMC UMBS, 30 Year                                                             | CUSIP: 3142GTGY6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3368753 | PA      | $3350295.42   | 0.48%             | 2054-11-01      | Fixed         | 5.50%                 | 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        |   1966000 | PA      | $1889292.97   | 0.27%             | 2046-08-15      | Fixed         | 1.94%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC Gold Pools, 30 Year                                                       | CUSIP: 3128KLRA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       496 | PA      | $517.52       | 0.00%             | 2036-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                 | Glencore Funding LLC                                                            | CUSIP: 378272BE7<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    650000 | PA      | $576119.95    | 0.08%             | 2031-04-27      | Fixed         | 2.85%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                     | CUSIP: 3140FXTC6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    752732 | PA      | $578920.33    | 0.08%             | 2061-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Trust                      | CoreVest American Finance Trust, Series 2019-3, Class A                         | CUSIP: 21872NAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     29465 | PA      | $29255.58     | 0.00%             | 2052-10-15      | Fixed         | 2.71%                 | Yes           |                  2 | On Loan: No      |
| HCA, Inc.                                            | HCA, Inc.                                                                       | CUSIP: 404119CC1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    700000 | PA      | $598819.38    | 0.09%             | 2031-07-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC             | Avis Budget Rental Car Funding AESOP LLC, Series 2024-2A, Class A               | CUSIP: 05377RJG0<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    467000 | PA      | $471800.06    | 0.07%             | 2028-10-20      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| Realty Income Corp.                                  | Realty Income Corp.                                                             | CUSIP: 756109AR5<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    600000 | PA      | $596919.01    | 0.09%             | 2026-10-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Take-Two Interactive Software, Inc.                  | Take-Two Interactive Software, Inc.                                             | CUSIP: 874054AN9<br>LEI: BOMSTHHJK882EWYX3334 | Long             | DBT              | CORP              | US        |    714000 | PA      | $724714.64    | 0.10%             | 2034-06-12      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                           | FHLMC UMBS, 30 Year                                                             | CUSIP: 3133AMS98<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2321929 | PA      | $1995419.35   | 0.29%             | 2051-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Macquarie Group Ltd.                                 | Macquarie Group Ltd.                                                            | CUSIP: 55608JAP3<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |    200000 | PA      | $201084.31    | 0.03%             | 2030-01-15      | Variable      | 5.03%                 | Yes           |                  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        |   1798000 | PA      | $1802023.38   | 0.26%             | 2028-10-16      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2007-37, Class LB                                                  | CUSIP: 38375KLC4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     89733 | PA      | $91101.33     | 0.01%             | 2037-06-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2003-77, Class TK                                                  | CUSIP: 38374B4M2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    150020 | PA      | $149654.25    | 0.02%             | 2033-09-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nomura Holdings, Inc.                                | Nomura Holdings, Inc.                                                           | CUSIP: 65535HAS8<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |    753000 | PA      | $675047.27    | 0.10%             | 2030-07-16      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| Ovintiv, Inc.                                        | Ovintiv, Inc.                                                                   | CUSIP: 651290AR9<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |    420000 | PA      | $420173.07    | 0.06%             | 2026-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2009-106, Class ST                                                 | CUSIP: 38376JFW9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     63149 | PA      | $1992.53      | 0.00%             | 2038-02-20      | Floating      | 1.56%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                              | CUSIP: 3140FUH84<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    403845 | PA      | $376245.21    | 0.05%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  41350000 | PA      | $14904.84     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Nasdaq, Inc.                                         | Nasdaq, Inc.                                                                    | CUSIP: 63111XAJ0<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |    321000 | PA      | $329492.66    | 0.05%             | 2034-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust               | Santander Drive Auto Receivables Trust, Series 2024-3, Class C                  | CUSIP: 80287LAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1108000 | PA      | $1123757.20   | 0.16%             | 2030-08-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2624, Class QH                                             | CUSIP: 31393RJ92<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     82034 | PA      | $83190.41     | 0.01%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Thornburg Mortgage Securities Trust                  | Thornburg Mortgage Securities Trust, Series 2004-4, Class 3A                    | CUSIP: 885220GF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     60476 | PA      | $58129.47     | 0.01%             | 2044-12-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                              | CUSIP: 3140XD2J4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2029845 | PA      | $1743395.96   | 0.25%             | 2051-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| eBay, Inc.                                           | eBay, Inc.                                                                      | CUSIP: 278642AY9<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44261.95     | 0.01%             | 2031-05-10      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                   | General Motors Financial Co., Inc.                                              | CUSIP: 37045XDE3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    940000 | PA      | $801825.59    | 0.12%             | 2031-01-08      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Expedia Group, Inc.                                  | Expedia Group, Inc.                                                             | CUSIP: 30212PAR6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1255000 | PA      | $1170280.77   | 0.17%             | 2030-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Southern California Edison Co.                       | Southern California Edison Co.                                                  | CUSIP: 842400JG9<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $967417.12    | 0.14%             | 2035-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2017-M8, Class A2                                             | CUSIP: 3136AW7J0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1046404 | PA      | $1021954.39   | 0.15%             | 2027-05-25      | Variable      | 3.06%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2008-74, Class B                                            | CUSIP: 31397MNW3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4193 | PA      | $4336.35      | 0.00%             | 2038-09-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2934, Class KG                                             | CUSIP: 31395MDU0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     93072 | PA      | $94777.58     | 0.01%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2004-93, Class PD                                                  | CUSIP: 38374J6G6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    218457 | PA      | $217907.27    | 0.03%             | 2034-11-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.                | Sumitomo Mitsui Financial Group, Inc.                                           | CUSIP: 86562MCG3<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   1500000 | PA      | $1380396.53   | 0.20%             | 2028-09-17      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                              | CUSIP: 31413MDZ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18281 | PA      | $19079.51     | 0.00%             | 2037-10-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                           | FHLMC UMBS, 30 Year                                                             | CUSIP: 3133CWEU2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2569670 | PA      | $2578660.58   | 0.37%             | 2054-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2733, Class ME                                             | CUSIP: 31394NUA4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    112101 | PA      | $113313.71    | 0.02%             | 2034-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                 | American Express Co.                                                            | CUSIP: 025816DY2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    155000 | PA      | $157352.47    | 0.02%             | 2031-01-30      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                                    | NatWest Group plc                                                               | CUSIP: 639057AC2<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    486000 | PA      | $470900.37    | 0.07%             | 2027-06-14      | Variable      | 1.64%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)             | PNC Financial Services Group, Inc. (The)                                        | CUSIP: 693475BV6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    340000 | PA      | $343911.13    | 0.05%             | 2028-01-21      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                       | Carvana Auto Receivables Trust, Series 2021-P3, Class A3                        | CUSIP: 14687JAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10704 | PA      | $10692.48     | 0.00%             | 2026-11-10      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| Martin Marietta Materials, Inc.                      | Martin Marietta Materials, Inc., Series CB                                      | CUSIP: 573284AV8<br>LEI: 5299005MZ4WZECVATV08 | Long             | DBT              | CORP              | US        |     40000 | PA      | $36370.26     | 0.01%             | 2030-03-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Georgia Power Co.                                    | Georgia Power Co.                                                               | CUSIP: 373334LA7<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    550000 | PA      | $556937.49    | 0.08%             | 2031-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2005-68, Class BE                                           | CUSIP: 31394E4D7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    109034 | PA      | $110585.19    | 0.02%             | 2035-08-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| National Bank of Canada                              | National Bank of Canada                                                         | CUSIP: 63307A2X2<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $413220.82    | 0.06%             | 2028-12-18      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| APA Infrastructure Ltd.                              | APA Infrastructure Ltd.                                                         | CUSIP: 00188LAA5<br>LEI: 261700SS8OEHDOCOUJ33 | Long             | DBT              | CORP              | AU        |    240000 | PA      | $231671.31    | 0.03%             | 2034-09-16      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Schlumberger Holdings Corp.                          | Schlumberger Holdings Corp.                                                     | CUSIP: 806851AK7<br>LEI: 529900IKZG65COT1D505 | Long             | DBT              | CORP              | US        |     39000 | PA      | $38365.78     | 0.01%             | 2028-05-17      | Fixed         | 3.90%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                    | HSBC Holdings plc                                                               | CUSIP: 404280CC1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1040000 | PA      | $1002846.64   | 0.14%             | 2030-05-22      | Variable      | 3.97%                 | No            |                  2 | On Loan: No      |
| J M Smucker Co. (The)                                | J M Smucker Co. (The)                                                           | CUSIP: 832696AX6<br>LEI: 5493000WDH6A0LHDJD55 | Long             | DBT              | CORP              | US        |    264000 | PA      | $280267.47    | 0.04%             | 2033-11-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Stellantis Finance US, Inc.                          | Stellantis Finance US, Inc.                                                     | CUSIP: 85855CAB6<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |    678000 | PA      | $562063.72    | 0.08%             | 2031-09-15      | Fixed         | 2.69%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2988, Class TY                                             | CUSIP: 31395UWJ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        13 | PA      | $13.36        | 0.00%             | 2025-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2007-33, Class HE                                           | CUSIP: 31396VGT9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12678 | PA      | $13203.77     | 0.00%             | 2037-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Columbia Pipelines Holding Co. LLC                   | Columbia Pipelines Holding Co. LLC                                              | CUSIP: 19828AAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     84000 | PA      | $83064.15     | 0.01%             | 2034-01-15      | Fixed         | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Barclays plc                                         | Barclays plc                                                                    | CUSIP: 06738ECR4<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    600000 | PA      | $615148.39    | 0.09%             | 2030-03-12      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| Verizon Communications, Inc.                         | Verizon Communications, Inc.                                                    | CUSIP: 92343VFX7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    670000 | PA      | $574190.18    | 0.08%             | 2030-10-30      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3677, Class KB                                             | CUSIP: 3137A04H5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    527401 | PA      | $525828.18    | 0.08%             | 2040-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                     | Deutsche Bank AG                                                                | CUSIP: 251526CK3<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   1126000 | PA      | $994172.26    | 0.14%             | 2032-05-28      | Variable      | 3.04%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan Trust                   | Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 4A                     | CUSIP: 61745MA52<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     13332 | PA      | $12931.33     | 0.00%             | 2034-04-25      | Variable      | 5.64%                 | No            |                  2 | On Loan: No      |
| FHLMC Seasoned Credit Risk Transfer Trust            | FHLMC Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT              | CUSIP: 35563PCM9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    312270 | PA      | $277877.25    | 0.04%             | 2057-06-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co. LP                          | Penske Truck Leasing Co. LP                                                     | CUSIP: 709599BU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    219000 | PA      | $220854.43    | 0.03%             | 2026-05-24      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| MVW LLC                                              | MVW LLC, Series 2024-1A, Class A                                                | CUSIP: 62847RAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    599424 | PA      | $605941.82    | 0.09%             | 2043-02-20      | Fixed         | 5.32%                 | Yes           |                  2 | On Loan: No      |
| Energy Transfer LP                                   | Energy Transfer LP                                                              | CUSIP: 29273VBE9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1097043.07   | 0.16%             | 2035-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Public Service Co. of Oklahoma                       | Public Service Co. of Oklahoma                                                  | CUSIP: 744533BR0<br>LEI: F3TJNSIZRGXRH8GEIK79 | Long             | DBT              | CORP              | US        |    123000 | PA      | $120206.52    | 0.02%             | 2035-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3816, Class HA                                             | CUSIP: 3137A6QZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     44329 | PA      | $44160.57     | 0.01%             | 2025-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ONE Gas, Inc.                                        | ONE Gas, Inc.                                                                   | CUSIP: 68235PAH1<br>LEI: 549300HXDWI0LATTX840 | Long             | DBT              | CORP              | US        |    248000 | PA      | $218992.84    | 0.03%             | 2030-05-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NGPL PipeCo LLC                                      | NGPL PipeCo LLC                                                                 | CUSIP: 62928CAA0<br>LEI: 549300K3NT1HSQFEM073 | Long             | DBT              | CORP              | US        |    471000 | PA      | $411814.20    | 0.06%             | 2031-07-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC Gold Pools, 20 Year                                                       | CUSIP: 3128P8AB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1527545 | PA      | $1481297.84   | 0.21%             | 2035-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust               | Santander Drive Auto Receivables Trust, Series 2023-5, Class B                  | CUSIP: 80286PAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    740000 | PA      | $753246.44    | 0.11%             | 2029-12-17      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                         | Drive Auto Receivables Trust, Series 2024-2, Class C                            | CUSIP: 26207AAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    376000 | PA      | $373954.90    | 0.05%             | 2032-05-17      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2007-79, Class BL                                                  | CUSIP: 383742DX8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     69112 | PA      | $69098.49     | 0.01%             | 2037-08-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Kentucky Utilities Co.                               | Kentucky Utilities Co.                                                          | CUSIP: 491674BK2<br>LEI: AGX0G2MXE54NFNNICD28 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198829.71    | 0.03%             | 2025-10-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Nationwide Building Society                          | Nationwide Building Society                                                     | CUSIP: 63861VAK3<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |    445000 | PA      | $452108.11    | 0.06%             | 2029-07-29      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| VOLT XCIII LLC                                       | VOLT XCIII LLC, Series 2021-NPL2, Class A1                                      | CUSIP: 92873CAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     41621 | PA      | $41574.65     | 0.01%             | 2051-02-27      | Variable      | 5.89%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  28366000 | PA      | $74662.08     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Aon North America, Inc.                              | Aon North America, Inc.                                                         | CUSIP: 03740MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $808873.47    | 0.12%             | 2034-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2010-54, Class EA                                           | CUSIP: 31398RUH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11206 | PA      | $11124.58     | 0.00%             | 2040-06-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                         | Avolon Holdings Funding Ltd.                                                    | CUSIP: 05401AAR2<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   4543000 | PA      | $4282004.65   | 0.61%             | 2027-11-18      | Fixed         | 2.53%                 | Yes           |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                         | Drive Auto Receivables Trust, Series 2025-1, Class C                            | CUSIP: 262102AE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    264000 | PA      | $264640.78    | 0.04%             | 2032-09-15      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| Republic of Colombia                                 | Republic of Colombia                                                            | CUSIP: 195325BK0<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    300000 | PA      | $284064.00    | 0.04%             | 2037-09-18      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                              | CUSIP: 3140XPTF6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    999710 | PA      | $860885.01    | 0.12%             | 2052-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Global Payments, Inc.                                | Global Payments, Inc.                                                           | CUSIP: 37940XAG7<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    901000 | PA      | $865257.43    | 0.12%             | 2027-01-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                              | CUSIP: 31418XEZ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    152823 | PA      | $153002.87    | 0.02%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Interstate Power and Light Co.                       | Interstate Power and Light Co.                                                  | CUSIP: 461070AV6<br>LEI: EF9UQIIO4KY2BWOK3P26 | Long             | DBT              | CORP              | US        |    142000 | PA      | $137173.71    | 0.02%             | 2034-09-30      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Southwestern Electric Power Co.                      | Southwestern Electric Power Co., Series M                                       | CUSIP: 845437BR2<br>LEI: R64UBJHEC74EB3HGQ410 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $993095.47    | 0.14%             | 2028-09-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| US Auto Funding Trust                                | US Auto Funding Trust, Series 2022-1A, Class A                                  | CUSIP: 90355FAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     31836 | PA      | $31660.56     | 0.00%             | 2025-04-15      | Fixed         | 3.98%                 | Yes           |                  2 | On Loan: No      |
| Macquarie Airfinance Holdings Ltd.                   | Macquarie Airfinance Holdings Ltd.                                              | CUSIP: 55609NAC2<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |     37000 | PA      | $38256.59     | 0.01%             | 2029-03-26      | Fixed         | 6.40%                 | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                  | Exeter Automobile Receivables Trust, Series 2023-1A, Class D                    | CUSIP: 30168BAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    243000 | PA      | $247103.40    | 0.04%             | 2029-06-15      | Fixed         | 6.69%                 | No            |                  2 | On Loan: No      |
| WP Carey, Inc.                                       | WP Carey, Inc.                                                                  | CUSIP: 92936UAG4<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              | CORP              | US        |    800000 | PA      | $693967.26    | 0.10%             | 2031-02-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                           | Progress Residential Trust, Series 2023-SFR1, Class A                           | CUSIP: 74334FAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1252224 | PA      | $1234540.49   | 0.18%             | 2040-03-17      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| Ameren Corp.                                         | Ameren Corp.                                                                    | CUSIP: 023608AQ5<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |    650000 | PA      | $657364.49    | 0.09%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                   | Banco Santander SA                                                              | CUSIP: 05971KAG4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   1800000 | PA      | $1583959.46   | 0.23%             | 2030-12-03      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                | Bank of America Corp.                                                           | CUSIP: 06051GMA4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1707000 | PA      | $1724853.10   | 0.25%             | 2035-01-23      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                            | HCA, Inc.                                                                       | CUSIP: 404119BX6<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    964000 | PA      | $938645.33    | 0.13%             | 2029-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                              | CUSIP: 31410GB51<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    178900 | PA      | $188165.81    | 0.03%             | 2036-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                | Bank of America Corp.                                                           | CUSIP: 06051GGF0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    937000 | PA      | $924433.76    | 0.13%             | 2028-01-20      | Variable      | 3.82%                 | No            |                  2 | On Loan: No      |
| CPS Auto Receivables Trust                           | CPS Auto Receivables Trust, Series 2023-A, Class C                              | CUSIP: 12664LAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    551591 | PA      | $552149.27    | 0.08%             | 2029-04-16      | Fixed         | 5.54%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3956, Class EB                                             | CUSIP: 3137AHEZ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    608913 | PA      | $563168.96    | 0.08%             | 2041-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA II, 30 Year                                                                | CUSIP: 3617ALMQ0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    567085 | PA      | $534983.60    | 0.08%             | 2048-05-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                    | Credit Acceptance Auto Loan Trust, Series 2024-1A, Class A                      | CUSIP: 22537GAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    797000 | PA      | $806131.23    | 0.12%             | 2034-03-15      | Fixed         | 5.68%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                           | FHLMC UMBS, 30 Year                                                             | CUSIP: 3132DWG98<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1668765 | PA      | $1654699.64   | 0.24%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  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        |    546603 | PA      | $544827.66    | 0.08%             | 2051-11-27      | Variable      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| CVS Health Corp.                                     | CVS Health Corp.                                                                | CUSIP: 126650DQ0<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    181000 | PA      | $152071.86    | 0.02%             | 2031-02-28      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2009-61, Class AP                                                  | CUSIP: 38376FFN7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      5840 | PA      | $5707.30      | 0.00%             | 2039-08-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2007-71, Class KP                                           | CUSIP: 31396WNG7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8593 | PA      | $8493.14      | 0.00%             | 2037-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 20 Year                                                              | CUSIP: 31418AHQ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    233993 | PA      | $228965.37    | 0.03%             | 2032-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Kilroy Realty LP                                     | Kilroy Realty LP                                                                | CUSIP: 49427RAR3<br>LEI: 5493008CT3N3JR7P1552 | Long             | DBT              | CORP              | US        |   1092000 | PA      | $838374.15    | 0.12%             | 2033-11-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                     | CUSIP: 31418AHB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    429338 | PA      | $404759.02    | 0.06%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                           | FHLMC UMBS, 30 Year                                                             | CUSIP: 3132DQ4B9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1733790 | PA      | $1721482.79   | 0.25%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2009-92, Class AD                                           | CUSIP: 31398FVM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     64624 | PA      | $64635.87     | 0.01%             | 2039-11-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Quest Diagnostics, Inc.                              | Quest Diagnostics, Inc.                                                         | CUSIP: 74834LBC3<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | DBT              | CORP              | US        |    287000 | PA      | $256928.27    | 0.04%             | 2031-06-30      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3102, Class CE                                             | CUSIP: 31396H5G0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4208 | PA      | $4202.04      | 0.00%             | 2026-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Mortgage Trust                              | JPMorgan Mortgage Trust, Series 2006-A2, Class 5A3                              | CUSIP: 466247K93<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     39921 | PA      | $39478.58     | 0.01%             | 2033-11-25      | Variable      | 7.11%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                            | HCA, Inc.                                                                       | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    500000 | PA      | $466370.24    | 0.07%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2003-69, Class N                                            | CUSIP: 31393DHA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     92351 | PA      | $92939.74     | 0.01%             | 2033-07-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Pennsylvania Electric Co.                | FirstEnergy Pennsylvania Electric Co.                                           | CUSIP: 708696BY4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    656000 | PA      | $632192.30    | 0.09%             | 2028-03-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Seasoned Credit Risk Transfer Trust            | FHLMC Seasoned Credit Risk Transfer Trust, Series 2017-4, Class M60C            | CUSIP: 35563PDB2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1179962 | PA      | $1075030.48   | 0.15%             | 2057-06-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts LLC                                 | Westgate Resorts LLC, Series 2024-1A, Class B                                   | CUSIP: 96034KAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    720560 | PA      | $727661.60    | 0.10%             | 2038-01-20      | Fixed         | 6.56%                 | Yes           |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                      | Santander UK Group Holdings plc                                                 | CUSIP: 80281LAT2<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    750000 | PA      | $778703.41    | 0.11%             | 2029-01-10      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series KLU2, Class A7 | CUSIP: 3137FPHV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    334333 | PA      | $331104.55    | 0.05%             | 2025-09-25      | Variable      | 2.23%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2621, Class QH                                             | CUSIP: 31393QB84<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     71130 | PA      | $72135.30     | 0.01%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   1538000 | PA      | $34559.50     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Quanta Services, Inc.                                | Quanta Services, Inc.                                                           | CUSIP: 74762EAL6<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |    188000 | PA      | $186287.78    | 0.03%             | 2034-08-09      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                     | Bank of Montreal                                                                | CUSIP: 06368L8L3<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    422000 | PA      | $421674.41    | 0.06%             | 2030-09-10      | Variable      | 4.64%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                | Bank of America Corp.                                                           | CUSIP: 06051GJD2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     21000 | PA      | $20959.18     | 0.00%             | 2026-06-19      | Variable      | 1.32%                 | 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        |   1144000 | PA      | $1104447.23   | 0.16%             | 2038-10-17      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2015-H20, Class FA                                                 | CUSIP: 38376RFG6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    720727 | PA      | $722687.68    | 0.10%             | 2065-08-20      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3828, Class PU                                             | CUSIP: 3137A7V98<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     36033 | PA      | $35417.91     | 0.01%             | 2041-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Cencora, Inc.                                        | Cencora, Inc.                                                                   | CUSIP: 03073EAY1<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |    151000 | PA      | $149710.60    | 0.02%             | 2035-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Essex Portfolio LP                                   | Essex Portfolio LP                                                              | CUSIP: 29717PAW7<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              | CORP              | US        |    879000 | PA      | $736916.16    | 0.11%             | 2031-01-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group plc                             | Lloyds Banking Group plc                                                        | CUSIP: 53944YAD5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    469000 | PA      | $463261.53    | 0.07%             | 2027-01-11      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Fiserv, Inc.                                         | Fiserv, Inc.                                                                    | CUSIP: 337738BK3<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    850000 | PA      | $869053.46    | 0.12%             | 2031-03-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Macquarie Airfinance Holdings Ltd.                   | Macquarie Airfinance Holdings Ltd.                                              | CUSIP: 55609NAD0<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |    600000 | PA      | $623590.20    | 0.09%             | 2031-03-26      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| FirstKey Homes Trust                                 | FirstKey Homes Trust, Series 2021-SFR2, Class D                                 | CUSIP: 33767TAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2900000 | PA      | $2769494.78   | 0.40%             | 2038-09-17      | Fixed         | 2.06%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust         | American Credit Acceptance Receivables Trust, Series 2023-1, Class C            | CUSIP: 02530UAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    384904 | PA      | $385369.61    | 0.06%             | 2029-04-12      | Fixed         | 5.59%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                     | CUSIP: 3140FXW73<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1733508 | PA      | $1616833.39   | 0.23%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Electric Power Co.                         | Wisconsin Electric Power Co.                                                    | CUSIP: 976656CH9<br>LEI: AENKIFMULUAWOUU8Q584 | Long             | DBT              | CORP              | US        |    400000 | PA      | $400000.00    | 0.06%             | 2025-06-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                | Bank of America Corp.                                                           | CUSIP: 06051GLG2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1747000 | PA      | $1775251.21   | 0.25%             | 2029-04-25      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                          | Toronto-Dominion Bank (The)                                                     | CUSIP: 89114QCH9<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |     40000 | PA      | $39962.80     | 0.01%             | 2025-06-12      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| Puget Energy, Inc.                                   | Puget Energy, Inc.                                                              | CUSIP: 745310AM4<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |    434000 | PA      | $407141.05    | 0.06%             | 2028-06-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                 | American Express Co.                                                            | CUSIP: 025816DL0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    490000 | PA      | $493354.94    | 0.07%             | 2026-10-30      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                     | CUSIP: 3140HSAH4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    700000 | PA      | $686642.19    | 0.10%             | 2028-12-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Trust                      | CoreVest American Finance Trust, Series 2022-1, Class A                         | CUSIP: 21873EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    388747 | PA      | $388671.80    | 0.06%             | 2055-06-17      | Variable      | 4.74%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2005-26, Class XY                                                  | CUSIP: 38374KP23<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    349555 | PA      | $355209.46    | 0.05%             | 2035-03-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                         | Barclays plc                                                                    | CUSIP: 06738ECG8<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $313201.07    | 0.04%             | 2034-05-09      | Variable      | 6.22%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                           | FHLMC UMBS, 30 Year                                                             | CUSIP: 3132E0KM3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1430878 | PA      | $1420059.35   | 0.20%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Air Canada Pass-Through Trust                        | Air Canada Pass-Through Trust, Series 2017-1, Class AA                          | CUSIP: 00908PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | CA        |    329597 | PA      | $305961.64    | 0.04%             | 2030-01-15      | Fixed         | 3.30%                 | Yes           |                  2 | On Loan: No      |
| SCE Recovery Funding LLC                             | SCE Recovery Funding LLC, Series A-2                                            | CUSIP: 78433LAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    285000 | PA      | $209733.74    | 0.03%             | 2038-05-15      | Fixed         | 1.94%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3348, Class HT                                             | CUSIP: 31397JLW2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     25918 | PA      | $27172.55     | 0.00%             | 2037-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                     | CUSIP: 3138LEJP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1336950 | PA      | $1264080.28   | 0.18%             | 2028-08-01      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)             | PNC Financial Services Group, Inc. (The)                                        | CUSIP: 693475BL8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    573000 | PA      | $573326.63    | 0.08%             | 2027-01-26      | Variable      | 4.76%                 | No            |                  2 | On Loan: No      |
| Corebridge Financial, Inc.                           | Corebridge Financial, Inc.                                                      | CUSIP: 21871XAD1<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    300000 | PA      | $295260.97    | 0.04%             | 2027-04-05      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                   | Energy Transfer LP                                                              | CUSIP: 86765BAS8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    446000 | PA      | $447234.12    | 0.06%             | 2025-12-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| General Mills, Inc.                                  | General Mills, Inc.                                                             | CUSIP: 370334CT9<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | DBT              | CORP              | US        |    151000 | PA      | $149271.88    | 0.02%             | 2033-03-29      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2011-41, Class KL                                           | CUSIP: 31397SU51<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    752791 | PA      | $728911.06    | 0.10%             | 2041-05-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receivables Trust             | AmeriCredit Automobile Receivables Trust, Series 2024-1, Class B                | CUSIP: 023947AE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1020000 | PA      | $1032514.58   | 0.15%             | 2029-06-18      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                  | Fifth Third Bancorp                                                             | CUSIP: 316773CV0<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    800000 | PA      | $789610.73    | 0.11%             | 2028-03-14      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                              | CUSIP: 3140XNMS0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1166294 | PA      | $1156015.87   | 0.17%             | 2053-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Trust                    | GLS Auto Select Receivables Trust, Series 2025-1A, Class A2                     | CUSIP: 36271FAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    375000 | PA      | $374991.64    | 0.05%             | 2030-04-15      | Fixed         | 4.71%                 | Yes           |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                   | T-Mobile USA, Inc.                                                              | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1184000 | PA      | $1141692.38   | 0.16%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2010-35, Class SB                                           | CUSIP: 31398PKD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14536 | PA      | $886.07       | 0.00%             | 2040-04-25      | Floating      | 1.98%                 | No            |                  2 | On Loan: No      |
| F&G Global Funding                                   | F&G Global Funding                                                              | CUSIP: 30321L2D3<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |   1204000 | PA      | $1151168.52   | 0.17%             | 2027-04-11      | Fixed         | 2.30%                 | Yes           |                  2 | On Loan: No      |
| Safehold GL Holdings LLC                             | Safehold GL Holdings LLC                                                        | CUSIP: 78646UAA7<br>LEI: 54930012UY5Z4Q8NL108 | Long             | DBT              | CORP              | US        |    682000 | PA      | $599178.37    | 0.09%             | 2031-06-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| World Omni Automobile Lease Securitization Trust     | World Omni Automobile Lease Securitization Trust, Series 2025-A, Class A3       | CUSIP: 98164PAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    312000 | PA      | $311443.17    | 0.04%             | 2028-04-17      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| Seasoned Loans Structured Transaction                | Seasoned Loans Structured Transaction, Series 2018-2, Class A1                  | CUSIP: 35564CAN7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    317172 | PA      | $306922.24    | 0.04%             | 2028-11-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   5690000 | PA      | $67146.95     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| US Bancorp                                           | US Bancorp                                                                      | CUSIP: 91159HJU5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    500000 | PA      | $498816.23    | 0.07%             | 2036-02-12      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner Trust                  | Toyota Auto Receivables Owner Trust, Series 2021-C, Class A4                    | CUSIP: 89239BAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    525991 | PA      | $520452.88    | 0.07%             | 2027-01-15      | Fixed         | 0.72%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2008-7, Class PQ                                                   | CUSIP: 38375PK59<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    202851 | PA      | $202296.88    | 0.03%             | 2038-02-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust              | Hyundai Auto Lease Securitization Trust, Series 2025-B, Class A3                | CUSIP: 44935DAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    497000 | PA      | $498745.27    | 0.07%             | 2028-04-17      | Fixed         | 4.53%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2009-86, Class OT                                           | CUSIP: 31398FRT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     17446 | PA      | $14675.59     | 0.00%             | 2037-10-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2003-80, Class QG                                           | CUSIP: 31393DK42<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    102419 | PA      | $103479.61    | 0.01%             | 2033-08-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2017-M13, Class A2                                            | CUSIP: 3136AY2C6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    315384 | PA      | $306446.51    | 0.04%             | 2027-09-25      | Variable      | 2.93%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2008-95, Class DS                                                  | CUSIP: 38375DYP7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     35476 | PA      | $580.95       | 0.00%             | 2038-12-20      | Floating      | 2.86%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3715, Class PC                                             | CUSIP: 3137A0TC9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     89675 | PA      | $89374.78     | 0.01%             | 2040-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                     | Boeing Co. (The)                                                                | CUSIP: 097023DR3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    414000 | PA      | $441727.46    | 0.06%             | 2031-05-01      | Fixed         | 6.39%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                       | BNP Paribas SA                                                                  | CUSIP: 09659W2Z6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    750000 | PA      | $757233.11    | 0.11%             | 2030-11-19      | Variable      | 5.28%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2010-157, Class OP                                                 | CUSIP: 38377NF41<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     60908 | PA      | $51672.22     | 0.01%             | 2040-12-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3508, Class PK                                             | CUSIP: 31397YWZ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1518 | PA      | $1444.81      | 0.00%             | 2039-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                               | Lendmark Funding Trust, Series 2022-1A, Class A                                 | CUSIP: 52608JAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    177000 | PA      | $176770.71    | 0.03%             | 2032-07-20      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Tesla Auto Lease Trust                               | Tesla Auto Lease Trust, Series 2024-A, Class A3                                 | CUSIP: 88166VAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    313000 | PA      | $313960.06    | 0.05%             | 2027-06-21      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                           | FHLMC UMBS, 30 Year                                                             | CUSIP: 3133CYRG5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2306875 | PA      | $2308036.88   | 0.33%             | 2054-11-01      | 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        |   1725000 | PA      | $1662458.40   | 0.24%             | 2027-09-30      | Variable      | 2.03%                 | Yes           |                  2 | On Loan: No      |
| UDR, Inc.                                            | UDR, Inc.                                                                       | CUSIP: 90265EAQ3<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              | CORP              | US        |    260000 | PA      | $244802.73    | 0.04%             | 2030-01-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| NNN REIT, Inc.                                       | NNN REIT, Inc.                                                                  | CUSIP: 637417AJ5<br>LEI: 5493008JKH5SOTI0JS97 | Long             | DBT              | CORP              | US        |    247000 | PA      | $242953.72    | 0.03%             | 2026-12-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Air Lease Corp.                                      | Air Lease Corp.                                                                 | CUSIP: 00912XAV6<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    757000 | PA      | $742170.07    | 0.11%             | 2027-04-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| World Omni Auto Receivables Trust                    | World Omni Auto Receivables Trust, Series 2023-D, Class A3                      | CUSIP: 98164DAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    275000 | PA      | $278063.56    | 0.04%             | 2029-02-15      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                              | CUSIP: 31402RDG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     28020 | PA      | $29075.34     | 0.00%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                          | Citibank NA                                                                     | CUSIP: 17325FBB3<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1561051.77   | 0.22%             | 2028-09-29      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                     | CUSIP: 3140LKE25<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3495000 | PA      | $3487713.10   | 0.50%             | 2030-04-01      | Fixed         | 4.36%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                     | CUSIP: 31418ATV0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    595269 | PA      | $547216.62    | 0.08%             | 2043-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                     | CUSIP: 3140JCBG8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2072050 | PA      | $1768687.89   | 0.25%             | 2059-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 4026, Class MQ                                             | CUSIP: 3137AP4C1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     32768 | PA      | $31442.58     | 0.00%             | 2042-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                     | CUSIP: 3138LKPS0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1147265 | PA      | $1115969.49   | 0.16%             | 2027-05-01      | Fixed         | 2.83%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2008-33, Class PB                                                  | CUSIP: 38375QEY1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    173704 | PA      | $174884.09    | 0.03%             | 2038-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2110, Class PG                                             | CUSIP: 3133THLK1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     19698 | PA      | $19772.32     | 0.00%             | 2029-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NXP BV                                               | NXP BV                                                                          | CUSIP: 62954HBA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1058000 | PA      | $911903.43    | 0.13%             | 2031-05-11      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                           | Progress Residential Trust, Series 2025-SFR2, Class A                           | CUSIP: 74334GAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1167393.50   | 0.17%             | 2042-04-17      | Fixed         | 3.31%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2008-76, Class US                                                  | CUSIP: 38375DUZ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     38460 | PA      | $1190.01      | 0.00%             | 2038-09-20      | Floating      | 1.46%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                           | AMSR Trust, Series 2020-SFR5, Class A                                           | CUSIP: 03217JAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    221887 | PA      | $218503.82    | 0.03%             | 2037-11-17      | Fixed         | 1.38%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2012-103, Class DA                                          | CUSIP: 3136A8ZR4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3347 | PA      | $3327.99      | 0.00%             | 2041-10-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                         | ING Groep NV                                                                    | CUSIP: 456837AV5<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    880000 | PA      | $858920.13    | 0.12%             | 2027-04-01      | Variable      | 1.73%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2586, Class WG                                             | CUSIP: 31393MW98<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     64088 | PA      | $63000.63     | 0.01%             | 2033-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                  | Societe Generale SA                                                             | CUSIP: 83368RBC5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   3337000 | PA      | $3232318.74   | 0.46%             | 2027-06-09      | Variable      | 1.79%                 | Yes           |                  2 | On Loan: No      |
| Niagara Mohawk Power Corp.                           | Niagara Mohawk Power Corp.                                                      | CUSIP: 65364UAN6<br>LEI: 3T97Y9RR5EN5Y18QHB56 | Long             | DBT              | CORP              | US        |    500000 | PA      | $434929.46    | 0.06%             | 2030-06-27      | Fixed         | 1.96%                 | Yes           |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                   | T-Mobile USA, Inc.                                                              | CUSIP: 87264ACZ6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    640000 | PA      | $649524.04    | 0.09%             | 2028-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2008-35, Class NF                                                  | CUSIP: 3837422X0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     50918 | PA      | $50628.14     | 0.01%             | 2038-04-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brookfield Finance, Inc.                             | Brookfield Finance, Inc.                                                        | CUSIP: 11271LAA0<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |    362000 | PA      | $360578.02    | 0.05%             | 2026-06-02      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AbbVie, Inc.                                         | AbbVie, Inc.                                                                    | CUSIP: 00287YBX6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1327952.93   | 0.19%             | 2029-11-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Auto Lease Trust                       | Mercedes-Benz Auto Lease Trust, Series 2025-A, Class A4                         | CUSIP: 58768YAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    255000 | PA      | $257172.37    | 0.04%             | 2031-02-18      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  22232000 | PA      | $76403.14     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Cleveland Electric Illuminating Co. (The)            | Cleveland Electric Illuminating Co. (The)                                       | CUSIP: 186108CL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    290000 | PA      | $283829.75    | 0.04%             | 2030-11-15      | Fixed         | 4.55%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                    | Credit Acceptance Auto Loan Trust, Series 2024-3A, Class A                      | CUSIP: 22535LAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1066000 | PA      | $1067107.47   | 0.15%             | 2034-09-15      | Fixed         | 4.68%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3653, Class HJ                                             | CUSIP: 31398VXZ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    253776 | PA      | $254240.57    | 0.04%             | 2040-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3098, Class KG                                             | CUSIP: 31396GS85<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    426731 | PA      | $443573.91    | 0.06%             | 2036-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| O'Reilly Automotive, Inc.                            | O'Reilly Automotive, Inc.                                                       | CUSIP: 67103HAF4<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |    403000 | PA      | $395515.23    | 0.06%             | 2027-09-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2017-M5, Class A2                                             | CUSIP: 3136AWWF0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1880204 | PA      | $1798577.02   | 0.26%             | 2029-04-25      | Variable      | 3.01%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                               | Truist Financial Corp.                                                          | CUSIP: 89788MAQ5<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    275000 | PA      | $296048.36    | 0.04%             | 2029-10-30      | Variable      | 7.16%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2006-114, Class HE                                          | CUSIP: 31396L3T5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    168625 | PA      | $173200.22    | 0.02%             | 2036-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US Bancorp                                           | US Bancorp                                                                      | CUSIP: 91159HJQ4<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    125000 | PA      | $127847.29    | 0.02%             | 2030-01-23      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3501, Class A                                              | CUSIP: 31397YS36<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     82203 | PA      | $79825.28     | 0.01%             | 2039-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.                      | Regeneron Pharmaceuticals, Inc.                                                 | CUSIP: 75886FAE7<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | DBT              | CORP              | US        |    481000 | PA      | $412057.66    | 0.06%             | 2030-09-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   4135000 | PA      | $35166.42     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                      | Citigroup, Inc.                                                                 | CUSIP: 172967MY4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1135507.02   | 0.16%             | 2032-05-01      | Variable      | 2.56%                 | No            |                  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        |  11664594 | NS      | $11666927.41  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series KJ44, Class A2 | CUSIP: 3137H9QU6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1900000 | PA      | $1906105.46   | 0.27%             | 2033-02-25      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 4616, Class HP                                             | CUSIP: 3137BS3J0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    798215 | PA      | $713432.80    | 0.10%             | 2046-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2010-130, Class BD                                                 | CUSIP: 38377LQ35<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    199337 | PA      | $195824.98    | 0.03%             | 2039-12-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  62445000 | PA      | $241719.15    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley                                       | Morgan Stanley                                                                  | CUSIP: 6174467Y9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    963000 | PA      | $959085.00    | 0.14%             | 2026-09-08      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  13615000 | PA      | $-36647.26    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                             | U.S. Treasury Inflation Linked Notes                                            | CUSIP: 912828S50<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12158200 | PA      | $12054333.79  | 1.73%             | 2026-07-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Amgen, Inc.                                          | Amgen, Inc.                                                                     | CUSIP: 031162DQ0<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205051.22    | 0.03%             | 2030-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                       | Hewlett Packard Enterprise Co.                                                  | CUSIP: 42824CBV0<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |     84000 | PA      | $81790.29     | 0.01%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vendee Mortgage Trust                                | Vendee Mortgage Trust, Series 2003-2, Class Z                                   | CUSIP: 911760TM8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    190207 | PA      | $191016.91    | 0.03%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guardian Life Global Funding                         | Guardian Life Global Funding                                                    | CUSIP: 40139LBC6<br>LEI: 635400NHILJ5JEKILC36 | Long             | DBT              | CORP              | US        |    512000 | PA      | $502288.60    | 0.07%             | 2025-12-10      | Fixed         | 0.88%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3955, Class HB                                             | CUSIP: 3137AJ7E8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     26059 | PA      | $25777.53     | 0.00%             | 2040-12-15      | Fixed         | 3.00%                 | No            |                  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        |    251663 | PA      | $251270.23    | 0.04%             | 2051-04-25      | Variable      | 6.24%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2006-49, Class PA                                           | CUSIP: 31395DXA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     23852 | PA      | $24929.36     | 0.00%             | 2036-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2648, Class BK                                             | CUSIP: 31394G4Y6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7692 | PA      | $7815.02      | 0.00%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3087, Class KX                                             | CUSIP: 31396GBL4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       758 | PA      | $756.51       | 0.00%             | 2025-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| O'Reilly Automotive, Inc.                            | O'Reilly Automotive, Inc.                                                       | CUSIP: 67103HAK3<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |    200000 | PA      | $169728.89    | 0.02%             | 2031-03-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                       | Carvana Auto Receivables Trust, Series 2021-P4, Class A4                        | CUSIP: 14687KAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2700000 | PA      | $2646139.59   | 0.38%             | 2027-12-10      | Fixed         | 1.64%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                    | HSBC Holdings plc                                                               | CUSIP: 404280BX6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1250000 | PA      | $1247583.20   | 0.18%             | 2026-09-12      | Variable      | 4.29%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2010-71, Class HJ                                           | CUSIP: 31398TDU2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     54416 | PA      | $56337.45     | 0.01%             | 2040-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2760, Class KT                                             | CUSIP: 31394T5J0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     26355 | PA      | $26308.05     | 0.00%             | 2032-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                       | Morgan Stanley Capital I Trust, Series 2021-PLZA, Class A                       | CUSIP: 61773PAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1958000 | PA      | $1645347.34   | 0.24%             | 2043-11-09      | Fixed         | 2.57%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                              | CUSIP: 3140XRJG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1912895 | PA      | $1897845.37   | 0.27%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2005-58, Class EP                                           | CUSIP: 31394ECS5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6281 | PA      | $6312.91      | 0.00%             | 2035-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wachovia Corp.                                       | Wachovia Corp.                                                                  | CUSIP: 337358BH7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    366000 | PA      | $377401.90    | 0.05%             | 2026-08-01      | Variable      | 7.57%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                    | Wells Fargo & Co.                                                               | CUSIP: 95000U2G7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    637000 | PA      | $587843.09    | 0.08%             | 2030-10-30      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| VOLT C LLC                                           | VOLT C LLC, Series 2021-NPL9, Class A1                                          | CUSIP: 91835DAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    189605 | PA      | $189195.84    | 0.03%             | 2051-05-25      | Variable      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3084, Class BH                                             | CUSIP: 31396GCR0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    379379 | PA      | $394058.23    | 0.06%             | 2035-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Volkswagen Auto Lease Trust                          | Volkswagen Auto Lease Trust, Series 2024-A, Class A3                            | CUSIP: 92866EAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    465000 | PA      | $468833.97    | 0.07%             | 2027-06-21      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                              | CUSIP: 3140QPA72<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4112053 | PA      | $3776261.06   | 0.54%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                         | Avolon Holdings Funding Ltd.                                                    | CUSIP: 05401AAG6<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   1063000 | PA      | $1051838.50   | 0.15%             | 2026-05-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2019-65, Class PA                                           | CUSIP: 3136B7AE1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    168481 | PA      | $152510.30    | 0.02%             | 2048-05-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHF Trust                                            | FHF Trust, Series 2023-1A, Class A2                                             | CUSIP: 30331GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    204538 | PA      | $206330.01    | 0.03%             | 2028-06-15      | Fixed         | 6.57%                 | Yes           |                  2 | On Loan: No      |
| Sabine Pass Liquefaction LLC                         | Sabine Pass Liquefaction LLC                                                    | CUSIP: 785592AX4<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |    550000 | PA      | $541885.75    | 0.08%             | 2030-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                    | Credit Acceptance Auto Loan Trust, Series 2025-1A, Class A                      | CUSIP: 22536KAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    957000 | PA      | $962703.05    | 0.14%             | 2035-03-15      | Fixed         | 5.02%                 | Yes           |                  2 | On Loan: No      |
| Lendmark Funding Trust                               | Lendmark Funding Trust, Series 2025-1A, Class A                                 | CUSIP: 52604QAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    733000 | PA      | $738137.30    | 0.11%             | 2034-09-20      | Fixed         | 4.94%                 | Yes           |                  3 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                     | CUSIP: 3138LLEL5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    921598 | PA      | $896582.32    | 0.13%             | 2027-11-01      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   8658000 | PA      | $-30488.02    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                       | Broadcom, Inc.                                                                  | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    200000 | PA      | $165642.99    | 0.02%             | 2035-11-15      | Fixed         | 3.14%                 | Yes           |                  2 | On Loan: No      |
| Mitsui Fudosan Co. Ltd.                              | Mitsui Fudosan Co. Ltd.                                                         | CUSIP: 60683MAA7<br>LEI: 353800ND4ZKNZDYKMF33 | Long             | DBT              | CORP              | JP        |    519000 | PA      | $508902.83    | 0.07%             | 2027-07-20      | Fixed         | 3.65%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust              | Hyundai Auto Lease Securitization Trust, Series 2025-A, Class A3                | CUSIP: 44935WAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    497000 | PA      | $499609.65    | 0.07%             | 2028-01-18      | Fixed         | 4.83%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2002-85, Class PE                                           | CUSIP: 31392FYC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     17960 | PA      | $18366.01     | 0.00%             | 2032-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHL Mortgage Pass-Through Trust                      | CHL Mortgage Pass-Through Trust, Series 2004-8, Class 2A1                       | CUSIP: 12669FZW6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       414 | PA      | $206.58       | 0.00%             | 2019-06-25      | Fixed         | 4.50%                 | No            |                  3 | On Loan: No      |
| N/A                                                  | OIS                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  23480000 | PA      | $-112987.93   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3898, Class KH                                             | CUSIP: 3137ADXN2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     31571 | PA      | $31367.92     | 0.00%             | 2026-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Co.                      | Virginia Electric and Power Co.                                                 | CUSIP: 927804GT5<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    500000 | PA      | $491730.43    | 0.07%             | 2035-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                  | Exeter Automobile Receivables Trust, Series 2025-3A, Class C                    | CUSIP: 30166XAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    427000 | PA      | $428417.60    | 0.06%             | 2031-10-15      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| Equinix, Inc.                                        | Equinix, Inc.                                                                   | CUSIP: 29444UBD7<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |    605000 | PA      | $589861.32    | 0.08%             | 2026-11-18      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2003-29, Class PD                                                  | CUSIP: 38373S7F8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    105574 | PA      | $105355.06    | 0.02%             | 2033-04-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                | Westlake Automobile Receivables Trust, Series 2023-1A, Class A3                 | CUSIP: 96042XAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     14837 | PA      | $14840.93     | 0.00%             | 2028-01-18      | Fixed         | 5.21%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                 | GNMA II, 30 Year                                                                | CUSIP: 36202EWE5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     51469 | PA      | $54530.23     | 0.01%             | 2038-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Public Service Enterprise Group, Inc.                | Public Service Enterprise Group, Inc.                                           | CUSIP: 744573AQ9<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |    300000 | PA      | $256216.37    | 0.04%             | 2030-08-15      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| American Airlines Pass-Through Trust                 | American Airlines Pass-Through Trust, Series 2016-3, Class AA                   | CUSIP: 023771R91<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     65812 | PA      | $61864.24     | 0.01%             | 2028-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DOC DR LLC                                           | DOC DR LLC                                                                      | CUSIP: 71951QAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    409000 | PA      | $354082.62    | 0.05%             | 2031-11-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Quest Diagnostics, Inc.                              | Quest Diagnostics, Inc.                                                         | CUSIP: 74834LAZ3<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | DBT              | CORP              | US        |    300000 | PA      | $296919.83    | 0.04%             | 2026-06-01      | Fixed         | 3.45%                 | 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        |        25 | NC      | $35186.05     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | USCPI                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  98645000 | PA      | $114448.17    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3677, Class PB                                             | CUSIP: 3137A05F8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    240877 | PA      | $240822.48    | 0.03%             | 2040-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| KLA Corp.                                            | KLA Corp.                                                                       | CUSIP: 482480AP5<br>LEI: 549300H0BF5JCG96TJ81 | Long             | DBT              | CORP              | US        |    112000 | PA      | $109919.22    | 0.02%             | 2034-02-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                             | Cooperatieve Rabobank UA                                                        | CUSIP: 74977RDS0<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    250000 | PA      | $255975.69    | 0.04%             | 2029-02-28      | Variable      | 5.56%                 | Yes           |                  2 | On Loan: No      |
| Simon Property Group LP                              | Simon Property Group LP                                                         | CUSIP: 828807DF1<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |    200000 | PA      | $183950.25    | 0.03%             | 2029-09-13      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3653, Class B                                              | CUSIP: 31398VWE2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     34117 | PA      | $34101.88     | 0.00%             | 2030-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Columbia Pipelines Holding Co. LLC                   | Columbia Pipelines Holding Co. LLC                                              | CUSIP: 19828AAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $186324.99    | 0.03%             | 2031-10-01      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| AutoZone, Inc.                                       | AutoZone, Inc.                                                                  | CUSIP: 053332BA9<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |    565000 | PA      | $478705.71    | 0.07%             | 2031-01-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Carmax Auto Owner Trust                              | Carmax Auto Owner Trust, Series 2025-2, Class A3                                | CUSIP: 14320AAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    464000 | PA      | $465439.61    | 0.07%             | 2030-03-15      | Fixed         | 4.48%                 | No            |                  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        |     86125 | PA      | $86073.58     | 0.01%             | 2051-04-25      | Variable      | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Zimmer Biomet Holdings, Inc.                         | Zimmer Biomet Holdings, Inc.                                                    | CUSIP: 98956PBC5<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |    579000 | PA      | $584431.17    | 0.08%             | 2035-02-19      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Prologis LP                                          | Prologis LP                                                                     | CUSIP: 74340XCE9<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    707000 | PA      | $693385.82    | 0.10%             | 2033-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Baltimore Gas and Electric Co.                       | Baltimore Gas and Electric Co.                                                  | CUSIP: 059165ER7<br>LEI: 88V8C2WYSOD1SPSSLH72 | Long             | DBT              | CORP              | US        |    650000 | PA      | $655944.54    | 0.09%             | 2034-06-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Credit Agricole SA                                   | Credit Agricole SA                                                              | CUSIP: 22535WAG2<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   1500000 | PA      | $1498279.14   | 0.22%             | 2026-06-16      | Variable      | 1.91%                 | Yes           |                  2 | On Loan: No      |
| KLA Corp.                                            | KLA Corp.                                                                       | CUSIP: 482480AL4<br>LEI: 549300H0BF5JCG96TJ81 | Long             | DBT              | CORP              | US        |     62000 | PA      | $61596.91     | 0.01%             | 2032-07-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                     | CUSIP: 3140J8TU7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    123374 | PA      | $118642.27    | 0.02%             | 2029-10-01      | Variable      | 3.12%                 | No            |                  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        |    666033 | PA      | $651864.27    | 0.09%             | 2037-06-15      | Fixed         | 4.46%                 | Yes           |                  3 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                     | CUSIP: 3140LDHK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3400000 | PA      | $2732212.15   | 0.39%             | 2033-09-01      | Fixed         | 1.82%                 | No            |                  2 | On Loan: No      |
| Nationwide Building Society                          | Nationwide Building Society                                                     | CUSIP: 63861VAH0<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $503723.28    | 0.07%             | 2027-07-27      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3123, Class HT                                             | CUSIP: 31396JPK5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       766 | PA      | $764.59       | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3272, Class PA                                             | CUSIP: 31397FAG7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2897 | PA      | $3058.27      | 0.00%             | 2037-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bank NA                                  | Fifth Third Bank NA                                                             | CUSIP: 31677QBR9<br>LEI: QFROUN1UWUYU0DVIWD51 | Long             | DBT              | CORP              | US        |    250000 | PA      | $241157.42    | 0.03%             | 2027-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Sierra Timeshare Receivables Funding LLC             | Sierra Timeshare Receivables Funding LLC, Series 2022-2A, Class A               | CUSIP: 82650TAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     39045 | PA      | $38829.91     | 0.01%             | 2040-06-20      | Fixed         | 4.73%                 | Yes           |                  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        |    259000 | PA      | $258579.57    | 0.04%             | 2033-02-08      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                       | Morgan Stanley                                                                  | CUSIP: 61747YFK6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   3540000 | PA      | $3594393.23   | 0.52%             | 2030-01-16      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| JPMorgan Mortgage Trust                              | JPMorgan Mortgage Trust, Series 2007-A1, Class 5A5                              | CUSIP: 46630GAV7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     12055 | PA      | $12221.02     | 0.00%             | 2035-07-25      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                              | CUSIP: 3140QUBV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2280960 | PA      | $2261137.95   | 0.32%             | 2054-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Interstate Power and Light Co.                       | Interstate Power and Light Co.                                                  | CUSIP: 461070AP9<br>LEI: EF9UQIIO4KY2BWOK3P26 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29582.55     | 0.00%             | 2028-09-26      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| MVW LLC                                              | MVW LLC, Series 2025-1A, Class B                                                | CUSIP: 627924AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    372012 | PA      | $371847.06    | 0.05%             | 2042-09-22      | Fixed         | 5.21%                 | Yes           |                  2 | On Loan: No      |
| Oracle Corp.                                         | Oracle Corp.                                                                    | CUSIP: 68389XAE5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53233.63     | 0.01%             | 2038-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                               | Sequoia Mortgage Trust, Series 2004-11, Class A1                                | CUSIP: 81744FFJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     47341 | PA      | $42694.86     | 0.01%             | 2034-12-20      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| Kubota Credit Owner Trust                            | Kubota Credit Owner Trust, Series 2023-1A, Class A3                             | CUSIP: 50117KAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    912553 | PA      | $915027.88    | 0.13%             | 2027-06-15      | Fixed         | 5.02%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2007-65, Class KI                                           | CUSIP: 31396WLY0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3214 | PA      | $313.41       | 0.00%             | 2037-07-25      | Floating      | 2.18%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                    | Credit Acceptance Auto Loan Trust, Series 2024-2A, Class A                      | CUSIP: 22536VAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1014688.10   | 0.15%             | 2034-06-15      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2010-64, Class DM                                           | CUSIP: 31398RM85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1662 | PA      | $1672.14      | 0.00%             | 2040-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2768, Class PK                                             | CUSIP: 31394TAE5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    122036 | PA      | $122275.32    | 0.02%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                | Bank of America Corp.                                                           | CUSIP: 06051GJF7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3227000 | PA      | $2793531.55   | 0.40%             | 2031-07-23      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2015-M10, Class A2                                            | CUSIP: 3136AN6U6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    751779 | PA      | $735693.52    | 0.11%             | 2027-04-25      | Variable      | 3.09%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                 | American Express Co.                                                            | CUSIP: 025816DV8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    125000 | PA      | $126471.40    | 0.02%             | 2028-07-26      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2441, Class GF                                             | CUSIP: 3133TVJF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7173 | PA      | $7470.63      | 0.00%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Seasoned Credit Risk Transfer Trust            | FHLMC Seasoned Credit Risk Transfer Trust, Series 2019-3, Class M55D            | CUSIP: 35563PLQ0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    277079 | PA      | $258357.93    | 0.04%             | 2058-10-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                | United Mexican States                                                           | CUSIP: 91087BBB5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    700000 | PA      | $721000.00    | 0.10%             | 2030-05-13      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2001-81, Class HE                                           | CUSIP: 31392BQR0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     52360 | PA      | $54411.79     | 0.01%             | 2032-01-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Workday, Inc.                                        | Workday, Inc.                                                                   | CUSIP: 98138HAG6<br>LEI: 549300J0DYC0N31V7G13 | Long             | DBT              | CORP              | US        |    300000 | PA      | $294750.38    | 0.04%             | 2027-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2003-63, Class YB                                           | CUSIP: 31393DRM5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     50546 | PA      | $51035.66     | 0.01%             | 2033-07-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2525, Class AM                                             | CUSIP: 31392XUX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    221341 | PA      | $221188.54    | 0.03%             | 2032-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                     | Boeing Co. (The)                                                                | CUSIP: 097023CH6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    931000 | PA      | $917148.29    | 0.13%             | 2026-05-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                         | Oracle Corp.                                                                    | CUSIP: 68389XCE3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    502000 | PA      | $452571.18    | 0.06%             | 2031-03-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| US Bancorp                                           | US Bancorp                                                                      | CUSIP: 91159HJR2<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    127000 | PA      | $129378.83    | 0.02%             | 2035-01-23      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                           | AerCap Ireland Capital DAC                                                      | CUSIP: 00774MAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1835000 | PA      | $1732177.78   | 0.25%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2011-97, Class WA                                                  | CUSIP: 38376LK65<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    282871 | PA      | $287960.79    | 0.04%             | 2038-11-20      | Variable      | 6.09%                 | No            |                  2 | On Loan: No      |
| Uber Technologies, Inc.                              | Uber Technologies, Inc.                                                         | CUSIP: 90353TAP5<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |    134000 | PA      | $129306.68    | 0.02%             | 2034-09-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                       | BNP Paribas SA                                                                  | CUSIP: 09659W3A0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    450000 | PA      | $460931.06    | 0.07%             | 2033-01-13      | Variable      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| Williams Cos., Inc. (The)                            | Williams Cos., Inc. (The)                                                       | CUSIP: 969457CP3<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    575000 | PA      | $580332.08    | 0.08%             | 2035-03-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2009-19, Class PW                                           | CUSIP: 31397NUJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    136129 | PA      | $135589.81    | 0.02%             | 2036-10-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                | NextEra Energy Capital Holdings, Inc.                                           | CUSIP: 65339KDK3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    600000 | PA      | $610128.58    | 0.09%             | 2032-03-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA UMBS, 30 Year                                                              | CUSIP: 3138EGBP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     95959 | PA      | $99414.50     | 0.01%             | 2032-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bimbo Bakeries USA, Inc.                             | Bimbo Bakeries USA, Inc.                                                        | CUSIP: 09031WAC7<br>LEI: 549300HOXXHHT7926W92 | Long             | DBT              | CORP              | US        |    700000 | PA      | $726250.00    | 0.10%             | 2029-01-15      | Fixed         | 6.05%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2020-M50, Class A2                                            | CUSIP: 3136BCGS3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    352556 | PA      | $332282.42    | 0.05%             | 2030-10-25      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Duke Energy Carolinas LLC                            | Duke Energy Carolinas LLC                                                       | CUSIP: 264399ED4<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |     50000 | PA      | $54089.95     | 0.01%             | 2032-10-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| United States of America                             | U.S. Treasury Notes                                                             | CUSIP: 91282CMW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  29375000 | PA      | $29280908.35  | 4.20%             | 2028-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2013-104, Class CY                                          | CUSIP: 3136AGSP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2250000 | PA      | $2158103.03   | 0.31%             | 2043-10-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SLG Office Trust                                     | SLG Office Trust, Series 2021-OVA, Class A                                      | CUSIP: 78449RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1770000 | PA      | $1531960.49   | 0.22%             | 2041-07-15      | Fixed         | 2.59%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2005-102, Class PG                                          | CUSIP: 31394UKE1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    171891 | PA      | $174511.19    | 0.03%             | 2035-11-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UDR, Inc.                                            | UDR, Inc.                                                                       | CUSIP: 90265EAT7<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              | CORP              | US        |    266000 | PA      | $215561.97    | 0.03%             | 2032-08-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   8675000 | PA      | $6775.78      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investors Trust               | Merrill Lynch Mortgage Investors Trust, Series 2003-F, Class A1                 | CUSIP: 5899292M9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15574 | PA      | $14725.56     | 0.00%             | 2028-10-25      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co., Inc.                    | American Electric Power Co., Inc.                                               | CUSIP: 025537AX9<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102374.83    | 0.01%             | 2033-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| HERO Funding                                         | HERO Funding, Series 2017-3A, Class A2                                          | CUSIP: 42771AAB2<br>LEI: 549300Z5C0ID42MSJA91 | Long             | ABS-O            | CORP              | KY        |     95642 | PA      | $85056.12     | 0.01%             | 2048-09-20      | Fixed         | 3.95%                 | Yes           |                  3 | On Loan: No      |
| Potomac Electric Power Co.                           | Potomac Electric Power Co.                                                      | CUSIP: 737679DH0<br>LEI: 549300BXF2DWUNN57U06 | Long             | DBT              | CORP              | US        |    172000 | PA      | $171800.85    | 0.02%             | 2034-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 2575, Class PE                                             | CUSIP: 31393KTB1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     17198 | PA      | $17628.35     | 0.00%             | 2033-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3150, Class EQ                                             | CUSIP: 31396RBY2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3663 | PA      | $3654.01      | 0.00%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Seasoned Credit Risk Transfer Trust            | FHLMC Seasoned Credit Risk Transfer Trust, Series 2018-1, Class M60C            | CUSIP: 35563PEL9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1184634 | PA      | $1081832.59   | 0.16%             | 2057-05-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                          | Capital One Financial Corp.                                                     | CUSIP: 14040HDG7<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    500000 | PA      | $509100.86    | 0.07%             | 2030-07-26      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3688, Class GT                                             | CUSIP: 3137A0ML6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     12976 | PA      | $13812.17     | 0.00%             | 2046-11-15      | Variable      | 7.49%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                         | UBS Group AG                                                                    | CUSIP: 225401AT5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    900000 | PA      | $879179.40    | 0.13%             | 2027-02-02      | Variable      | 1.30%                 | Yes           |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust               | Santander Drive Auto Receivables Trust, Series 2024-2, Class C                  | CUSIP: 80286YAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    298000 | PA      | $303955.47    | 0.04%             | 2030-06-17      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| Marvell Technology, Inc.                             | Marvell Technology, Inc.                                                        | CUSIP: 573874AJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    622000 | PA      | $556169.18    | 0.08%             | 2031-04-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                    | Enterprise Products Operating LLC                                               | CUSIP: 29379VBL6<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    392000 | PA      | $389682.21    | 0.06%             | 2027-02-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                     | CUSIP: 3140JBPU4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3181744 | PA      | $2924671.88   | 0.42%             | 2059-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                    | Duke Energy Corp.                                                               | CUSIP: 26441CCE3<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    550000 | PA      | $555044.30    | 0.08%             | 2034-06-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2003-23, Class CH                                           | CUSIP: 31392J6V6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14384 | PA      | $14574.88     | 0.00%             | 2033-04-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC             | Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class A               | CUSIP: 05377RDU5<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    355000 | PA      | $353834.33    | 0.05%             | 2026-08-20      | Fixed         | 2.33%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2004-101, Class BE                                                 | CUSIP: 38374JB96<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    191870 | PA      | $191343.63    | 0.03%             | 2034-11-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BXP Trust                                            | BXP Trust, Series 2017-GM, Class A                                              | CUSIP: 056083AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1445993.40   | 0.21%             | 2039-06-13      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Nomura Holdings, Inc.                                | Nomura Holdings, Inc.                                                           | CUSIP: 65535HAZ2<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |   1000000 | PA      | $961389.15    | 0.14%             | 2027-01-22      | Fixed         | 2.33%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                  | Exeter Automobile Receivables Trust, Series 2024-3A, Class C                    | CUSIP: 30165AAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    284000 | PA      | $286847.53    | 0.04%             | 2029-07-16      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                         | Pacific Gas and Electric Co.                                                    | CUSIP: 694308KU0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    571000 | PA      | $561421.70    | 0.08%             | 2035-03-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Ontario Teachers' Cadillac Fairview Properties Trust | Ontario Teachers' Cadillac Fairview Properties Trust                            | CUSIP: 68327LAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    325000 | PA      | $320062.96    | 0.05%             | 2027-03-20      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| PHH Mortgage Trust                                   | PHH Mortgage Trust, Series 2008-CIM2, Class 5A1                                 | CUSIP: 69338AAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7082 | PA      | $7673.90      | 0.00%             | 2038-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2006-7, Class ND                                                   | CUSIP: 38374MXA2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     11472 | PA      | $11636.41     | 0.00%             | 2035-08-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bunge Ltd. Finance Corp.                             | Bunge Ltd. Finance Corp.                                                        | CUSIP: 120568BE9<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |    550000 | PA      | $542750.21    | 0.08%             | 2029-09-17      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                         | Drive Auto Receivables Trust, Series 2024-2, Class A3                           | CUSIP: 26207AAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    345000 | PA      | $344376.21    | 0.05%             | 2028-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust               | Santander Drive Auto Receivables Trust, Series 2024-4, Class B                  | CUSIP: 802919AD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    583000 | PA      | $585739.93    | 0.08%             | 2029-09-17      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Duquesne Light Holdings, Inc.                        | Duquesne Light Holdings, Inc.                                                   | CUSIP: 266233AJ4<br>LEI: 4CUJ1D8WDXK9X7QI6B93 | Long             | DBT              | CORP              | US        |    554000 | PA      | $472424.03    | 0.07%             | 2032-01-07      | Fixed         | 2.77%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                     | CUSIP: 3138LNRG8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3608132 | PA      | $3529468.26   | 0.51%             | 2028-06-01      | Fixed         | 3.57%                 | No            |                  2 | On Loan: No      |
| MASTR Adjustable Rate Mortgages Trust                | MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1                | CUSIP: 576433UE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     22932 | PA      | $22573.41     | 0.00%             | 2034-04-21      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | USCPI                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   1989000 | PA      | $5136.62      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2010-37, Class CY                                           | CUSIP: 31398MJ80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    500491 | PA      | $507729.45    | 0.07%             | 2040-04-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                | NextEra Energy Capital Holdings, Inc.                                           | CUSIP: 65339KBR0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    200000 | PA      | $177861.40    | 0.03%             | 2030-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2008-72, Class BX                                           | CUSIP: 31397MJJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8305 | PA      | $8527.73      | 0.00%             | 2038-08-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.                 | Mitsubishi UFJ Financial Group, Inc.                                            | CUSIP: 606822DK7<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $202761.66    | 0.03%             | 2031-04-24      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                                | Athene Global Funding                                                           | CUSIP: 04685A3G4<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   1054000 | PA      | $973384.80    | 0.14%             | 2029-01-07      | Fixed         | 2.72%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                    | Wells Fargo & Co.                                                               | CUSIP: 95000U2S1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    700000 | PA      | $669966.65    | 0.10%             | 2028-06-02      | Variable      | 2.39%                 | No            |                  2 | On Loan: No      |
| Dell International LLC                               | Dell International LLC                                                          | CUSIP: 24703TAN6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    382000 | PA      | $383715.67    | 0.06%             | 2032-04-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA II, 30 Year                                                                | CUSIP: 3617K1XV0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    221717 | PA      | $210180.89    | 0.03%             | 2049-07-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, Other                                                                     | CUSIP: 3138LLZH1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2307627 | PA      | $2241506.70   | 0.32%             | 2028-01-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                      | Citigroup, Inc.                                                                 | CUSIP: 17327CAQ6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    450000 | PA      | $395820.38    | 0.06%             | 2033-01-25      | Variable      | 3.06%                 | No            |                  2 | On Loan: No      |
| Fortis, Inc.                                         | Fortis, Inc.                                                                    | CUSIP: 349553AM9<br>LEI: 549300MQYQ9Y065XPR71 | Long             | DBT              | CORP              | CA        |   1021000 | PA      | $1000364.99   | 0.14%             | 2026-10-04      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| SCF Equipment Leasing LLC                            | SCF Equipment Leasing LLC, Series 2024-1A, Class A3                             | CUSIP: 783896AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    263000 | PA      | $269360.81    | 0.04%             | 2032-01-20      | Fixed         | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Comcast Corp.                                        | Comcast Corp.                                                                   | CUSIP: 20030NCT6<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |   1444000 | PA      | $1434489.20   | 0.21%             | 2028-10-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| UniCredit SpA                                        | UniCredit SpA                                                                   | CUSIP: 904678AW9<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |    835000 | PA      | $810852.78    | 0.12%             | 2027-06-03      | Variable      | 1.98%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                           | FHLMC UMBS, 30 Year                                                             | CUSIP: 3132DTFH8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2701777 | PA      | $2678927.08   | 0.38%             | 2054-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                           | FHLMC Gold Pools, Other                                                         | CUSIP: 3132XFJB5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $919751.72    | 0.13%             | 2028-11-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Suncor Energy, Inc.                                  | Suncor Energy, Inc.                                                             | CUSIP: 867229AD8<br>LEI: 549300W70ZOQDVLCHY06 | Long             | DBT              | CORP              | CA        |    216000 | PA      | $218703.16    | 0.03%             | 2034-12-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                   | Energy Transfer LP                                                              | CUSIP: 29273VAZ3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    362000 | PA      | $367931.27    | 0.05%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2018-M2, Class A2                                             | CUSIP: 3136B0YM2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2963193 | PA      | $2869886.06   | 0.41%             | 2028-01-25      | Variable      | 2.91%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                         | Oracle Corp.                                                                    | CUSIP: 68389XBM6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58742.89     | 0.01%             | 2026-07-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K083, Class A2 | CUSIP: 3137FJXV6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    594000 | PA      | $590291.48    | 0.08%             | 2028-09-25      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA ACES, Series 2018-M9, Class APT2                                           | CUSIP: 3136B2HC9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2336916 | PA      | $2266883.08   | 0.33%             | 2028-04-25      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                | FHLMC, REMIC, Series 3824, Class EY                                             | CUSIP: 3137A7SN1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     98451 | PA      | $96667.20     | 0.01%             | 2031-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                 | GNMA, Series 2014-H11, Class VA                                                 | CUSIP: 38375UKC3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    599623 | PA      | $601745.65    | 0.09%             | 2064-06-20      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| FNMA                                                 | FNMA, REMIC, Series 2012-139, Class JA                                          | CUSIP: 3136AALT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    237367 | PA      | $223837.39    | 0.03%             | 2042-12-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MVW LLC                                              | MVW LLC, Series 2021-1WA, Class A                                               | CUSIP: 55389TAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     67313 | PA      | $64223.35     | 0.01%             | 2041-01-22      | Fixed         | 1.14%                 | Yes           |                  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